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Timeshare Financial Hardship

Getting Rid of Your Timeshare When Facing Financial Crisis

Timeshares are for the most part purchased by people with good jobs, a decent amount of spare money to play with, and a generally secure future ahead of them. More often than not, timeshares are purchased as something of an off-the-cuff purchase with little to no thought; couples decide to pick one up after having entered a particularly successful period in their lives or anticipating success ahead. In all such cases, those involved don’t think for one second that anything bad may happen that may throw them head first into a financial nightmare, but in reality it happens quite regularly.

The unfortunate truth is that hardship can strike anyone at any time – even those in the best positions and with the best intentions one cannot predict or control the future. From sudden unemployment to medical conditions, making work impossible and all other expenses suddenly making life difficult, one day you’re considering a long-term holiday investment and the next day you’re struggling to keep food on the table. And when this happens, the timeshare you signed up for still needs to be paid for, even though you can’t afford the payments and certainly can’t afford to use it.

After the timeshare rescission period in Florida ends, what can you do?

Well, the simple answer is getting rid of timeshare as quickly and painlessly as possible. In the case of the best timeshare companies in the business, there may well be clauses in place whereby those facing genuine financial hardship are given the opportunity to cancel their contracts, usually at a price.

By contrast, others really won’t care how bad your situation is and will continue to do their best to bleed you dry of every penny you have for the life of the contract. In the case of the former of the two, the deal is usually brought to an end by way of a deed in lieu of foreclosure or by a specific program set out by the provider and outlined in the initial contract. More often than not, they’ll ask for a certain lump sum of cash which may be worked out in accordance with the value and length of the timeshare contract, which once paid sees the deal brought to a close. Of course, coming up with what could be a large sum when already facing financial difficulties can in its own right prove impossible. Don’t fall into the trap of using one form of debt to pay off another as this is guaranteed to result in absolute financial disaster.

Regardless of your situation and the options available to you, it’s important to take the matter to an impartial third party with experience in the subject – ideally a lawyer; you may not fully understand all of the options and may also not be aware of any loopholes that could help you out of the contract. If you do not have any money to pay for your timeshare due to hardships, you need to get out of this contract in perpetuity and the safest way to explore your options is to speak to a timeshare attorney.

What is a timeshare?