If you own a timeshare, you may want to consider exiting. It’s a great way to take advantage of the benefits of owning a timeshare while also saving money on maintenance fees. There are several ways to go about this, but the best choice is working with a reputable timeshare cancellation company.
Timeshare owners enjoy their timeshares for years, but financial circumstances can change. Some decide to rent out the property, while others simply pass it on to another owner. Exit companies can help you negotiate your options, remove the maintenance fees, and more. However, it is important to understand what the process entails and which one is best for you.
When you first hear about exit/cancellation companies, you probably think of those in the TV commercials. These companies are so eager to help you that they will charge hundreds of dollars to do it. You might not even realize how much these companies charge because they don’t mention it in their ads.
A good way to get an idea of how much these companies charge is to contact the companies themselves and ask about their rates. Most of these companies work with a preferred closing company. They charge higher fees because of the wait time involved, but you can usually save money by working with a closing company. The fee for these services is typically lower than the amount of timeshare you’re currently paying, though.
Aside from removing your timeshare, exit/cancellation companies will also offer you a free consultation. This is a chance for you to learn more about the process, and potentially save money along the way.
One of the most effective timeshare exit companies is a third-party escrow company. These companies verify the ownership of the seller and the buyer, and hold the money until the process is completed. Using escrow for your timeshare exit makes it easier to avoid scams, as well as provide you with peace of mind. Escrow is a more secure option, but it’s also more expensive than other options.
Some of these companies will charge you thousands of dollars in order to exit your timeshare. This is a huge expense, and can be quite stressful. In addition, you might be surprised to learn that the process will leave a permanent mark on your credit report. Not only does it remain on your report for seven years, but it could also affect your mortgage eligibility.
In the past, these companies were a reliable resource for mainstream audiences unfamiliar with timeshares. However, they’ve gotten a bad rap in recent years. Wyndham Vacation Ownership filed a lawsuit against one of these firms, alleging that it urged its clients to discontinue paying their timeshares. As a result, the company is now suing the firm, and has recently been banned from referring its clients to other exit firms.
Another reputable timeshare exit company is Timeshare Legal. Founded by Christian Highlander, an industry veteran with over 20 years of experience, this company offers a wide array of services. From post-termination negotiations to legal representation, this company will give you all the tools you need to successfully exit your timeshare.