How Not To Get Rid Of A Timeshare In A Pandemic
One thing about getting rid of a timeshare hasn’t changed. There are some ways you should not try to exit. The Federal Trade Commission issued a recent warning against timeshare resellers, noting that some of them prey on seniors by taking money up front and then failing to sell the timeshare.
“Never hire someone without checking out their background first and never pay an up-front payment before any services are provided,” says FTC spokesman Mitch Katz.
The situation has gotten worse in the last two months, according to Gordon Newton, author of The Consumer’s Guide to Timeshare Exit.
“Right now, it is critical that timeshare owners are aware that there are so many new entrants in the timeshare exit space,” he says. “I’ve counted over a dozen since the start of the pandemic. Many of these companies have no experience in the timeshare exit business and there is no regulation to stop anyone from opening a timeshare exit company.”
Only trust a company with a proven track record of helping timeshare owners, he says.
“There are so many scams out there in the timeshare exit space,” he adds.
How do you know if a timeshare exit company is legit? You should ask three questions about any company you’re thinking of hiring:
1. Has the company been in business for at least five years?
2. Does it have a history of positive reviews online?
3. What kind of guarantees does it offer and how can it back up the promise?
Should you stop paying your fees if you can’t?
What If I Don’t Want To Just Give It Away For Free
While the majority of Vistana/Sheraton/Westin have little to no resale value , some resorts do indeed have some residual value that could be offered up on the resale market to net some money to you as an owner if you chose to sell it vs give it back to Marriott! If you wish to investigate this route, we would suggest starting with our How to Sell your Timeshare Guide for more details on how to sell your Timeshare yourself without paying large upfront fees and without being scammed! This article however was expressly written to let more owners know about this program as a legitimate option to get out of a Vistana/Sheraton/Westin ownership!
How To Sell Vacation Village Timeshare
You could learn how to sell Vacation Village Timeshares. I mean, how hard could it be? Shockingly, its a lot more challenging than it seems. The resale market can cause you tons of headaches if youre not careful.
The market is full of resale platforms, with listing companies all pressuring you into upfront fees for their services. Others will lie and say they have buyers ready to take your timeshare off your hands now. We recommend never paying upfront fees to sell your timeshare. Numerous timeshares on eBay and Craigslist have revealed how desperate many timeshare owners have gotten to find a buyer. Timeshares that were once worth thousands are now being showcased on eBay for as low as $1.
That should be enough to show you just how difficult timeshare resale can be. Most properties drop 80%-90% almost immediately after purchase. If youre still wondering how to sell vacation village timeshares, youre better off alone than hiring an expensive listing company.
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Deed Back Contract Clause
If your contract has a deed back clause, you can relinquish all ownership rights to the resort if you meet the conditions. Most resorts wont accept a deed back if youre behind in your maintenance payments or have a mortgage on the property. Because youre essentially giving the property back, no money changes hands. Youll forfeit any equity youve built up in the property but have no further financial obligations either.
Want To Get Out Of Your Timeshare Buy More
Consider what happened to Kimberly Siegel when she tried to negotiate a responsible exit. She attended an owner update at her timeshare in Northern California last week to plead her case.
“I asked the salesperson to walk us through an honest exit strategy if my business did not resume to its normal level by July or August,” she recalls. “He presented us with a new contract and a $5,000 down payment so that we would have more equity when we wanted to sell it.”
Siegel insisted that she wanted to get out of the timeshare, not buy more timeshare points.
“The salesman said that there were a lot of wealthy people who are still buying timeshares even during the pandemic,” she says. “I was just dumbfounded.”
So how do you get out of a timeshare now?
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Should You Purchase A Timeshare From Vacation Village Resorts
However, it must be acknowledged that Vacation Village doesnt only sell timeshares at these locations. It also rents out the units as hotel rooms. And a quick search through the reviews on TripAdvisor would suggest that the vast majority of the vacationers are just renting out the rooms and do not actually own a timeshare with Vacation Village Resorts. That might explain why the TripAdvisor reviews starkly contrast with the 1 out of 5 rating that Vacation Village Resorts has with theBetter Business Bureau.
The reviews on Better Business Bureau are wrought with complaints that Vacation Village Resorts traps people into hours-long sales presentations until they agree to sign a timeshare contract. And though Vacation Village Resorts claims that their fees are generally lower than competitors due to less frequent in-unit upgrades, reviews also reveal that the maintenance fees of many timeshare owners have steeply increased despite the company stating that these rates would stay the same.
Unfortunately, like many other timeshare companies, Vacation Village Resorts seems to be guilty of misinforming and tricking customers into unwanted timeshare purchases. If youve been one of their victims, you may want to seek timeshare cancellation as soon as possible.
See If The Company Will Take It Back For Free
Some companies wont buy timeshares back. However, they will take them for free. Yes, this is a colossal loss of cash.
However, remember that the goal is to stop paying fees. Annual fees on timeshares can add up fast. Some cost several hundred dollars a year to maintain.
You may lose thousands by giving your timeshare back. Thats hard to swallow. But dont lose thousands more by keeping it if you dont want it.
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How Do I Get Rid Of My Timeshare In A Pandemic
Many Americans are wondering how to get rid of their timeshare in a pandemic. It’s not easy.
If you think this is a bad summer for travel, then consider the predicament of timeshare owners. Many have lost their jobs after the COVID-19 outbreak. Unable to pay their monthly maintenance fees or mortgage, they’re wondering: How do I get rid of my timeshare in a pandemic?
With the unemployment rate over 13% and large parts of the U.S. economy reeling from a shutdown and now the prospect of another shutdown that promises to be one of the summer’s most frequently asked questions.
So what are your options?
You can’t just walk away from a timeshare. That’s because they often come with an obligation to pay maintenance fees for as long as you own them. If you don’t stay current on your maintenance fees or your loan payment, the timeshare company or timeshare association could report you to a collection agency and ding your credit score.
“If owners are having financial troubles paying their timeshare mortgage, they should reach out to their developer for help,” says Jason Gamel, CEO of the American Resort Development Association , a trade association representing the timeshare and vacation ownership industry. “Many of them are offering different types of relief, including loan deferrals until people get back on their feet. These same developers also have hardship programs that offer different types of relief for people who have medical emergencies or lose their jobs.”
Unwanted Timeshare With Vacation Village
Did a 90-minute presentation with Vacation Village turn into financial ruin for you and your family? Have you been a victim of unethical, high-pressure sales tactics? Did Vacation Village not give you everything the promised? We can help. Each month, hundreds of timeshare owners like you eliminate all their ownership obligations. Even if you owe money or are behind on your maintenance fees, Fastest Exit has timeshare ownership solutions for you. Get a no-obligation consultation now.
Fastest Exit makes the timeshare release process with Vacation Village simple and affordable. Were not interested in wasting anyones time or money. We will get you out of your timeshare obligations safely and permanently. When youre ready to get rid of your timeshare, contact us and well help you cancel your timeshare or vacation membership for good.
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The Final Word On Giving Your Timeshare Back
The resorts can operate in a way to alleviate the huge load of unwanted timeshares by creating a market for their own intervals, and by more actively renting and utilizing excess inventory. .Deedbacks are a real and useful tool for both resorts and owners, and just a few years ago many existing “official” programs to take back unwanted inventory did not even exist! Now many major developers have official deedback programs that allow owners to surrender unwanted weeks and points back to them, at the updating of this article in 2018 these include: Diamond, Wyndham, Worldmark, Welk, Westgate, Holiday Inn Club Vacations As mentioned above, many owners simply call up and ask “I don’t want this anymore, will you take it back?” and not surprisingly the answer they hear is “no”. In many cases it will require you to explain your situation to convince the powers that be that it would be better for both parties to work together to give the ownership back, vs have to suffer thru default and foreclosure which hurts both the owner and the resort!
Many deedback/surrender programs are discussed and explained on the TUGBBS online forums, so if you are curious if your resort has one please check on the forums!
Get Out Of A Hilton Timeshare Cancel Hgvc Linx Legal
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Aug 25, 2020 To cancel Hilton timeshare contract, you need to call the HGVC reservations phone number. The Hilton Club Counsellors usually assist people with
How Do I Sell My Hilton Grand Vacation Timeshare? Another option to get rid of a Hilton Grand Vacations timeshare is the resale route.Hilton Grand Vacations Club · How Do I Sell My Hilton Grand Vacation Timeshare?
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Want To Get Out Don’t Take No For An Answer
So how do you get rid of your timeshare? Derek Potts, the managing partner of The Potts Law Firm, has represented several clients in matters related to timeshares. He says the best way to get out is to do so as soon as you have doubts about your purchase.
Timeshare contracts offer anywhere between 3 to 15 days to cancel a contract. You also may have some recourse under your state’s consumer protection laws. But if you’ve owned the timeshare for longer, you still have options.
“Outside of that window, state consumer protection laws usually quote a statute of limitations of less than three years to tackle misrepresentation claims and other deceptive trade practices issues involved in timeshare litigation,” he says.
What if you’re falling behind on your mortgage payments or maintenance fees? Potts and other experts say you should contact your resort’s owner or member services and ask for relief.
“In no case should you speak with anyone in the sales department,” adds Schreier. “They have one job and that job is not to help you figure out your finances.”
For some timeshare owners, there may be no way out.
Giving Your Timeshare Away
Another idea comes from good-hearted people like your sweet Aunt Mary who just dont understand how timeshares work. They say you should give it to charity or a loved one. Sounds good, right?
The thing is, most charities arent as receptive as you might imagine. Theyre too busy doing good works to take a vacation. And they dont want those never-ending costs, either!
The ones that do have retreats or off-site gatherings might accept it if you agree to pay the fees for several years. Ouchno thank you!
As far as giving it away, thats not a good answer either. If owning a timeshare has been so miserable for you, why put that hardship on a loved one?
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Continue Paying Your Fees
You should continue paying the fees until the timeshare exit has been finalized. Always remember that you still have to meet your financial obligation until you get out of your timeshare legally. You have to settle the fees as expected to avoid credit damage, additional charges, and the hassle of dealing with a collection company, or worse facing a lawsuit.
Frequently Asked Questions About Timeshare Cancellation
How can I detect fraudulent activity when attempting to sell or cancel my timeshare?
There are many fraudulent timeshare exit companies in the marketplace who constantly solicit timeshare owners with false information. Here are a few red flags that reflect techniques they typically use:
- Attempting to discredit your timeshare product
- Requests to complete fill-in-the-blank questionnaires that presume negative allegations against your resort
- Invitations to off-property meetings
- Scare tactics about legal claims against your resort
- Warnings of forced payment of maintenance fees through inheritance
Be aware that third-party companies promising to get you out of your obligations rarely, if ever, have any legal basis to do so. Rather, they write baseless complaints on behalf of owners in an effort to put pressure on developers. In the end, the developers foreclose on those owners, who then end up with damaged credit.Despite the harm to owners, many third-party scammers count such foreclosures as successful exits from timeshare. And they craft owner agreements that allow them to retain their upfront fees despite the foreclosure results.Horizons can accomplish the same results promised by the exit company scammers, and without the danger to your credit.
What promises should I be aware of when I look for companies to get me out of my timeshare?
What guarantees should I be cautious about when Im confronted by another company promising to cancel my timeshare?
Can I sell my timeshare?
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Preparing To Sell Vacation Village Timeshare
It’s helpful to have the following information on hand when preparing to sell your timeshare:
- Your deed
- Your most recent maintenance fee bill
- Details of your unit/ownership
While these items can help make the selling process go more smoothly, there is no need to worry if you can’t locate all the information right now. SellMyTimeshareNow.com’s independent timeshare resale specialists will assist you in finding what you need.
What Is The Best Place To Buy A Timeshare: Rci Weeks Program
The RCI Weeks Program is the timeshare exchange I use when not renting or using my 2 bedroom unit. In this program, I receive 23 Trading Power Units for each week deposited with RCI. When I bought these fixed weeks 15 years ago, I didnt use value as the #1 purchase driver, but Im pleased with the trading power we receive at $28.74 per TPU.
Lets take a look at how that value compares to other resorts and answer: Is a Grandview Resale Purchase also the best value for money for the RCI Week option?
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What Is A Timeshare Deedback
Essentially, the definition of a Timeshare Deedback is exactly as it sounds, it is the process of you willingly signing the Deed for your Timeshare back to the resort. While this sounds very simple , it is important to note that the Resort/HOA/BOD must WILLINGLY ACCEPT the deedback. Just because you want to give it back, does not mean the resort is obligated to take it back, and in many cases they simply do not .There also may be certain transfer and closing fees associated with “giving” your unit back to the resort, these of course vary from resort to resort, as well as by state/country. So to repeat, while the concept of the deedback is very simple, there is no guarantee that the actual process will be as such.
This Seems Too Good To Be True Whats The Catch
While there is no “catch”, there are two requirements for an owner to be eligible to use this program
- Your ownership must be paid off
- You cannot be delinquent in your maintenance fees
Thats it! no special fees, no secrets, no hidden agendas! If you have a Vistana/Sheraton/Westin Timeshare or points you wish to get rid of, you can simply call the number on the website above and begin the quick and easy process of giving your Timeshare back to Marriott
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Some Statistics On Timeshares
Despite their oft-bad rap, timeshares are still selling in the U.S.
Some facts regarding timeshare sales:
- There were $10.5 billion in timeshare sales
- The average price for a timeshare was $22,942
- Annual maintenance fees averaged roughly $1,112 on timeshares
As you can see, timeshare sales are booming. However, that doesnt necessarily mean youll want to keep one if you buy it.
People get lured in by the sales pitch. Its like the honeymoon period of a relationship. Everything seems wonderful at first. Then real life sets in and the romance is gone.
You realize how much money you spent on the deal. And you think about other ways you could have used it.
Now youre thinking about getting out of the deal. Or maybe youve had your timeshare for a long time. You realize its time to move on.