That lengthy document that you signed but didnít read at the end of your marathon like, high-pressure times share sales presentation was a legally binding contract that very likely has no expiration date. It was meant to last forever, even after you are gone. It is also very likely that there is no cap on the fees you signed up to pay and that those fees can and will increase at the whim of the resort.
You were told that if you bought that timeshare, you could go anywhere in the world whenever you wanted, right? How is that working out? Are you able to book anything anywhere at a time thatís convenient for you?
You were probably not told that the resort rents out its accommodations to the general public and that the general public wants to go there the most at the same time you want to go.
You wonder what happens if I quit paying my fees before my contract is legally rescinded. You can be subjected to the harassment of the collections process, your credit can be damaged or ruined, you can be foreclosed upon and incur all of those costs, you can be sued in court, and the resort, your creditor, can even open an estate for you in probate court after you are dead and file a claim against it. The resort can sue whomever inherits the timeshare if they donít pay the fees. The resort can even report you to the IRS using a 1099 form and you can liable for payment of substantial, additional income taxes.
If you are fed up with your timeshare, what are your options? How to dispose of a timeshare legally? It is really possible to cancel a timeshare?
Depending upon your circumstances, there may be an option for you.
First, you may try the do it yourself option. Contact your resort and see if they have an exit program. Try to negotiate a complete release from your contract. Odds are good that you will be told that the only way to cure your timeshare troubles is to buy more timeshare, or points. Beware of any so-called "exit program" where the resort employee tries to sell more points to you and to take more of your hard-earned money to solve a problem that the resort caused in the first place. Be sure that any release that is signed is a complete release of any and all claims that the resort may possibly have against you.
If you are not successful in your negotiations with a billion-dollar resort, you may seek legal counsel. Look for an attorney who has two qualifications: 1 ) experience with timeshare law and resorts and 2) litigation experience. Litigation means that your attorney with actually file a lawsuit for you if necessary. Ask your prospective attorney to send copies of the petitions or complaints that she has filed against timeshare resorts on behalf of owners to you. If the firm has never sued a resort, itís probably time to seek a different firm.
Many resorts are more willing to negotiate with attorneys because they know that most timeshare owners have no experience negotiating with billion-dollar companies and most owners donít know how to file and handle lawsuits or initiate an arbitration.
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