A timeshare exit is an option available to some people who own a timeshare. This is a great way to avoid the pitfalls of reselling a timeshare. It can also help you avoid the burden of maintenance fees. By working with a reputable company, you can avoid costly mistakes and avoid damaging your credit.
One of the most important things to look for in a timeshare exit company is their money back guarantee. Ideally, you will choose a company that offers a no-money-upfront policy. If the company does not offer one, you may want to find another. Some companies charge thousands of dollars for their service and take years to make a refund.
Timeshare exit companies usually offer three options for you. You can opt to gift your timeshare, sell your timeshare, or surrender your timeshare to the developer. Each option is tailored to your individual needs. The cost of each depends on your specific situation.
Some timeshare exit companies will also recommend you stop paying your maintenance fee. However, you may find that the maintenance fee adds up to more than you can afford. In addition, you will have to deal with the damage that stopping your maintenance payment can cause to your credit. Many timeshare contracts do not allow you to cancel your timeshare in this manner.
Another important feature of a good timeshare exit company is that they work with a reputable escrow company. An escrow company ensures that the seller does not steal funds. Escrows are particularly useful in large transactions, because it holds the money until the service has been completed.
While a timeshare exit company can be a good resource, if you are dealing with a scam, you may end up paying more than you need. There are shady businesses out there that prey on timeshare owners, stealing thousands of dollars. To avoid this, you must take your time to research your options. Look for positive testimonials and check the company’s history. Having the right knowledge and tools can make all the difference.
As for how long it takes to get the job done, it depends on the type of ownership, your resort, and your communication with the exit team. In general, you should be free from obligation within six months to three years. Depending on the complexity of the ownership and how responsive your exit team is to your questions, it can take even longer.
While it is important to find a legitimate exit company, you should also look for a reputable review site. These sites can give you a broad picture of the company’s reputation and services. They can also help you determine whether or not the company is a good match for your needs.
Several exit/cancellation companies have been in business for decades. Their goal is to assist timeshare owners in avoiding foreclosure, saving their credit, and getting out of timeshare contracts. For example, Wesley Financial Group, LLC was founded by Chuck McDowell in 2011. They have over 16,000 timeshares cancelled and saved more than $300 million in timeshare mortgage debt.