How To Get Rid Of Timeshare Without Ruining Credit?
Currently, the average timeshare maintenance fee is $1,000, and it is estimated that it could go beyond $1500 within a decade.
Did You Know? Today, 9.2 million American households, or about 7.3 percent, that own timeshares are planning to consider the predicament of timeshare ownership. Don’t let your timeshare become a burden. Many people have lost their jobs or suffer from financial issues due to the Covid-19 outbreak. Timeshare owners are unable to pay their maintenance fees; they’re wondering: How to get rid of a timeshare without ruining credits?
In this article, we will explain how you can adequately leave your timeshare without ruining the credit. Without further ado, let’s dive in.
The key to getting rid of a timeshare without ruining credit
The key to getting rid of your timeshare while keeping your credit score is to continue paying regular annual maintenance fees or any other mortgage payments while going through the process of timeshare exit. Failure to pay these fees means that your credit score in the timeshare property can be foreclosed and make future purchases more difficult.
Keeping up to date with your payments ensures your credit score stays intact and improves the chances for success as you move on from your timeshare ownership.
Give Back Your Timeshare
In some instances, when you try to sell your timeshare, you can try & talk to your resort to buy back your timeshare. No matter which type of timeshare you purchased and your situation, it is always good to contact your resort first to see if there is a chance to return your timeshare.
Do you know, popular resorts and resort brands are willing to buy your timeshare ownership to sell to another owner if there is a huge demand. Indeed, this does not apply to every timeshare ownership, but it is worth trying.
Be aware of Timeshare scams
When looking for a timeshare cancellation company to get rid of your timeshare, it’s necessary to be aware of resale scams that will hurt you rather than help you. Countless companies are out there that will take your personal & financial details and never assist you with your timeshare. Companies that ask for an upfront fee or encourage you not to pay your annual maintenance fees; it’s a huge warning. These scams will create a negative toll on your credit score and leave you in debt without a solution for your undesired timeshare.
Therefore, it’s vital to do in-depth research before choosing a timeshare cancellation company.
Donate or Gift Your Timeshare To Charity or Friend
Those timeshare owners that are not looking for any cash in return can donate their timeshare to charity. It is the easiest and simple way to get rid of a timeshare. If the timeshare qualifies for donation, the transfer is 100% guaranteed. The potential benefits available to timeshare owners who donate online:
- No longer have to pay maintenance or any other fee.
- Potential tax benefits
You can also gift your timeshare to a friend or a family member if they are willing to take over your ownership. If they take ownership, that means you don’t need to pay the maintenance fee.
Sell Your Timeshare
Another great option is that you can try to sell it by yourself. Before you try to sell, there are several warnings that you should consider:
- There is no virtual resale market for timeshares. It might be possible that you face difficulty in finding a timeshare buyer.
- Timeshares often plunge in value, and it may be possible that you sell your unit just for pennies on the dollar.
- If you didn’t pay the maintenance fee, it would not be easy to sell your timeshare.
Consult with a timeshare exit company
Consulting with a timeshare exit company is one of the best and a logical next step to get out of your timeshare.
When choosing a timeshare exit company, we only recommend working with those that offer a low-cost set fees option and provide you total transparency.
Are you still wondering how to get rid of a timeshare without ruining credit? We at Easy Timeshare Relief have 15 years of experience in this field, and we know exactly how to handle such situations. Our expert understands that each case is unique and thus offers a unique approach to each client. Feel free to contact us and share your matter with us to help you exit your timeshare entirely and legally.