There Are Only A Handful Of Legitimate Timeshare Cancellation Companies In Existence
Most timeshare owners have a difficult time accepting the fact that a timeshare can have little to no tangible value, even though they spent hundreds or even thousands of dollars. When the timeshare becomes a financial burden, their first response would be to rent it or sell it. However, a lot of companies have come up over the past several years exploiting the misconception that timeshares can quickly be sold. These companies fall into two categories.
There are the sketchy types that claim that they can rent or sell your timeshare which they can’t. The second kind is the fraudulent type that claims to have a buyer waiting. Both these types are entirely aware that the odds of someone actually buying or renting the timeshare are extremely low.
This is because timeshares don’t have resale values at all. In fact, on eBay, they are hardly greater than a dollar. These timeshare resale companies will tell you that your timeshare has real value. People automatically believe this because they just cannot understand how a timeshare company would sell products to the public that are, for all purposes and intents, utterly worthless.
For example, a car might lose 20% of its value when you sign the contract, but you never expect it to lose 100% of its value. People understandably have a difficult time wrapping their heads around that fact.
You Are Responsible For Payment To The Timeshare Cancellation Company If The Buyer Stops Making Payments
Most timeshare companies construct their contracts in such a way that only the original owner can transfer the timeshare by means of a quitclaim deed. However, a quitclaim deed just transfers title; it does not transfer the legal obligation to pay the mortgage or the annual maintenance fee. So while the new owner has legal title, the original owner will still be responsible for any payments for the life of the timeshare.
The Only Way To Get Rid Of A Timeshare Is To Cancel The Contract Legally
This means that you need to negotiate with the timeshare company directly and convince them to prepare an official release. The companies do this by making the timeshares accountable for the salespeople’s problem, which includes omissions of fact, outright exaggerations and FDCPA and FTC violations.
Irrespective of the company’s reputation, make sure that their only method of access is to negotiate directly with your timeshare. An authentic company will ask the owner to sign a limited power of attorney, giving them the authority to speak to the timeshare on the owner’s behalf. They also keep the owner updated on the progress each and every month throughout the process.
