Timeshare cancellation can entail utilizing one’s right to rescission or giving permission to foreclose on the property. Because you are not the owner, being released from a timeshare contract after the recession period can be a difficult process.
Every timeshare has a particular rescission period. This period exists because buyers often feel regret after sitting through an exciting sales presentation and expecting high financial benefits from them.
Selling your timeshare is the least viable option; a quick search on eBay will show hundreds of timeshares for sale for just $1. The reality is, there is no resell value in timeshares. If you’re interested in donating your timeshare, you should know that any charity willing to accept the donation will be very specific about the nature of the property. If it isn’t a high-end property likely to benefit them, they will not accept your donation, as they would be responsible for the maintenance fees moving forward. A deed in lieu is also potentially an option; this process gives the rights to the timeshare contract back to the timeshare company releases you from financial obligation. This is a foreclosure prevention tactic but has very little impact on the company, which gains the right to sell the timeshare again for the same value.
If you are unsuccessful in getting rid of your timeshare contract on your own, your best option is most certainly consulting with a timeshare attorney. They can devise solutions to help you choose the best course of action when it comes to being released from your timeshare contract and make sure that you don’t get scammed.