How Not to Rush Into Entering a Timeshare Contract

by Legal S. Real Estate Attorneys in CA and NV

Timeshare memberships purchased by vacation lovers are usually completed with honorable intentions in mind -- providing a convenient resort destination for the whole family at affordable prices. But it may not be the average person's cup of tea. Owning a timeshare evolves into an expensive, money-hungry operation. The monthly or annual fees that have to be paid tends to put a drain on ones financial health.

Even when a timeshare owner is able to meet these obligations, there are also additional payments for traveling to and from the destination every year and all incidental expenses. Timeshares may also restrict you to the same resort location year after year unless there is a good exchange service which allows you to access different timeshare owned by the resort. Timeshares may not always be available when you try to book your week because often they have been booked by someone else in the general public. Owners therefore often want to cancel their timeshare contracts to get out from such hardships.

timeshare unit

Choosing a Timeshare Relief Company

There are many timeshare relief and exit companies who provide services to those timeshare owners that desire to cancel a timeshare contract. Since there are plenty of scammers vying to contact these vulnerable timeshare owners, one needs to be wary when picking a timeshare cancellation company. Owners should understand that timeshares cannot be legally cancelled by simply not paying their maintenance fees. This leads to a situation where the resort developer can foreclose on a timeshare membership, resulting in a potentially significant deterioration in ones credit rating. Timeshares can only be terminated legally by the resort company. The best advice for owners is to consult with a licensed timeshare law firm that manages of the entire exit process, legally and permanently.

Intervention of Lawyers to Assist Timeshare Owners

Timeshare owners who contemplate how to they can legally exit their timeshare contract need to realize that this is possible if they are within the 5 to 12 day cooling off, or rescission period. It has been noted by timeshare attorneys how many timeshare owners are in financial duress, when after signing the timeshare contract, they realize that they cannot cancel the contract, nor are they able to pay their fees that increase over time. Results-driven timeshare relief law firms can then intervene and help timeshare owners cancel their memberships after the rescission period to claim a full refund and termination of obligations from the resort developer. Most timeshare owners are unaware of the consumer protection statutes and complexities of contract law. The timeshare salesmen are also careful not to give consumers the termination information.

The Process of Legal Cancellation of Timeshare Contract

A timeshare owner recently told his timeshare attorney, "My girlfriend and I were recently on march 27th sold a timeshare interest in world mark by Wyndham through misrepresentation, lies, and illegal sales tactics. I've submitted my notice for cancellation as soon as I found out after trying to book a bonus time weekend getaway that the plan was nothing what I was sold it to be. I've submitted a 9 page letter to Worldmark requesting to be released and outlining the entire process of the multiple reasons why we should be let out. We were told not to worry and look at the contracts after we left until two weeks, when our benefits became active so we could experience what we purchased, and not suffer the buyers remorse the sale person told us we would have. We listened and the 10 day cancellation window passed.

I started the process immediately when I found out I had been scammed. I spoke with a family friend who is an attorney and he helped draft the cancellation notice and litigation hold notice so that they know to hold onto all correspondence etc., in the case they don't cancel and I have to proceed with a lawyer. It has been 2 weeks of the 3-8 weeks they told me it would take to do an investigation and let me know. I would like to talk about my options here. I'm 29 years old, my girlfriend is 25. We don't have money to pay for this, and we were sold this after being teamed up on by 4 sales agents, over 6 hours we spent there, hungover, tired and dehydrated. We didn't get a formal presentation. It was canceled and some young sales people cut corners and have us a presentation using nothing but a worksheet. He told us we could easily sell t back just like we've been sold it.

I need to know what my options of cancellation are. It was for 6,000 credits. Loan was 18,000. Payment loan for about 3,500 on a PayPal with 6 months interest free. So far I've paid one month of maintenance fees and tomorrow will have to make the first payment of 611 dollars and maintenance fee. I want to cancel this soon so I don't have to pay this.

Conclusion

Vacation consumers often are persuaded to sign a timeshare contract believing it is an "investment". When they realize this is untrue, they then try to find out how to legally cancel a timeshare contract. If the attempt to cancel the timeshare contract is within the rescission period, the owners are able to cancel in writing, providing details of your name as it appears in the contract as well as other details such as address, phone number, name of the timeshare resort, details and description of the timeshare, the date and location of purchase, and a statement indicating the intention to cancel the contract within the rescission period. This letter has to be sent by registered mail. All instructions regarding the exit has to be followed to ensure it is legal. If the rescission period is over, then timeshare owners need to hire a reputable timeshare lawyer in their state with the legal expertise to negotiate the release of the timeshare.