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In Part 1, we defined the timeshare contract rescission period as that length of time in days allowed by statute, usually varying by state, that you have to act upon your buyer’s remorse. That is, you’ve determined that you made a mistake in purchasing your timeshare and now you want to cancel the contract within the defined rescission period without repercussion or penalty. But what if the rescission period in force for your timeshare purchase has elapsed before you could invoke your right to cancel? What if the timeshare developer took unfair advantage of you to prevent the rescission, or just flat-out ignored your revocation request?
Question 2: Can I still have my timeshare contract cancelled even though I am beyond the mandated rescission period for my timeshare?
The good news is that cancellation of your timeshare contract is still possible. You needn’t feel that you are hopelessly bound forever with your timeshare burden, unable to use it or afford it. Let’s examine the steps you might consider on your journey towards timeshare cancellation.
1. To start, it is useful to sit down with pen and paper and determine the pros and cons for cancelling your timeshare. Write PROS on one side of the sheet and CONS on the other side and fill each side to the best of your abilities. This will help you to be sure of your reasoning and be clear on your motivations when approaching the timeshare cancellation journey you are about to undertake.
2. Perhaps you are thinking about selling or renting out your timeshare to help with the financial side of timeshare ownership. However, neither option presents a viable solution to your timeshare ownership problem. For example, some simple research on the internet will show you that timeshares are not selling very well as a whole outside of developer presentations, and those that do sell are selling for huge losses for their owners. Timeshares are just not worth much as an investment or to sell with any kind of profit or investment realization. Another example: When you perform a quick study of timeshare auctions on ebay you will see that most are selling for around $1.00 just to allow the owners to simply divest themselves of the timeshare they own. They do not wish to pay the never-ending but ever-growing maintenance fees.
There are a many companies on the internet who will promise you that they can sell your timeshare. Be very careful and vet these companies thoroughly prior to signing with them. So many people have paid thousands up front to have their timeshares sold by what is known as a timeshare reseller only to have the contracted sales period end without results for them – but profit for the reseller. Timeshare reseller scams seem to be around every corner.
Renting your timeshare is not much easier. Again, a quick study of timeshare rental offers on the internet will reveal that most timeshares rent for much lower than what you would need to remain solvent with your timeshare – if they rent at all. First, note that your timeshare developer must allow you to rent your timeshare. Then, you must secure the dates and location as if you were going to use it, thus forcing you to experience the same availability issues that you’ve always had. After this, you must determine your list price after researching the timeshare rental market, fashion a rental agreement, create your payment types, determine the platforms you will use to list your timeshare and then followup with the appropriate advertisement. Or, foregoing all of that heavy, personal involvement with the process, you could have a timeshare rental company take care of it all for you. However, each instance discussed ensures that what you will net from the process will not be enough to offset what you will continue to pay into your timeshare.
3. By now you are probably wondering what you CAN do to get rid of your timeshare. One viable option to consider is the cancellation of your timeshare contract by contacting the appropriate cancellation service company. Let’s look at two separate methodologies for accomplishing this task.
a. There are many companies who bill themselves as timeshare cancellation professionals who will guarantee that they can deliver you from your timeshare cancellation ownership. Be very careful with those who offer guarantees. Vet the company very thoroughly because there are a great many scams that prey upon those who are eager to be rid of their timeshares. The internet abounds with stories of people who have been scammed out of thousands of dollars in the mistaken hope that a timeshare relief company could help them.
b. Consider retaining the services of a competent timeshare attorney who will help you cancel your timeshare. An attorney will work with you to discover the problems inherent with your timeshare purchase and bring the necessary legal pressure to bear on the timeshare developer – to the point of litigation if necessary. This is a service that non-attorney staffed timeshare relief companies cannot provide for you. With the power of an attorney behind you as your champion, you stand a very good chance of actually attaining your goal of timeshare contract rescission.
Part 3 of our discussion regarding the cancellation of your timeshare contract explores the information that a timeshare attorney will ask of you regarding your timeshare ownership and how this information will help the attorney evaluate, build and process your timeshare cancellation case.
Read Part 3 of Is It Possible For Me To Cancel My Timeshare Contract?
Concerned about your timeshare and how you can divest yourself of it? Has it become a major burden for your family to bear? The timeshare attorneys of the Aaronson Law Firm stand ready and able to provide you with the answers you need regarding your timeshare case. Contact them now for your free consultation – it’s not too late!
