How to Cancel Timeshare after Grace Period?

A timeshare can start to feel like a burden after a certain amount of time. With the surge in associated charges and ever-increasing maintenance fees, many timeshare owners are eager to get out of timeshare contract.

Canceling a timeshare contract is not easy. The proper legal term for “canceling” is rescission, as in rescission of a contract.

One might consider reselling their timeshare contract but doing so without falling victim to timeshare scams is difficult, and there is usually no market for timeshares. Other owners at your resort may be offering to give their timeshare away for free. You can do a Google search to see the amounts for which timeshares are being sold online.

Getting legal help from an attorney or timeshare lawyer might give you a chance to legally cancel your timeshare.

But is it possible to cancel your timeshare after Grace Period?     

After your grace period, you are probably wondering if you still have a chance to cancel your timeshare. It is possible to obtain cancellation if you were a victim of fraud during the sales presentation.

Do not fall for reselling companies that guarantee to get you out of timeshare contract.

After the rescission period, there are only two ways to cancel, or rescind your contract. One, negotiate a settlement with the resort. Two, if the resort won’t negotiate a settlement, go to court (or arbitration if you signed an arbitration provision) and obtain an order of rescission from the judge or the arbitrator.

You can contact an attorney experienced in Timeshare law and try to cancel your timeshare, if you feel like you were lied to during timeshare presentations.get

Credit Blocking Does Not Cancel Your Timeshare Contract

There is a popular misconception going around these days.

A lot of people are saying that if a timeshare owner purchases a product called “credit block”, or something similar, then all of their timeshare related woes are cured.

So-called “credit blocking” does ABSOLUTELY NOTHING to cancel your timeshare contract.

While it can certainly be helpful to your credit score to contact the major credit reporting agencies and dispute inaccurate or false information or hire a timeshare attorney to do this for you, contacting the credit reporting agencies does not cancel your obligation to make the payments that you owe under your timeshare agreement.

Even if you have “credit block,” the resort can send you to collections and harass you with communications, foreclose upon you, sue you in court, issue a 1099 tax form to you which can cause you pay significant additional taxes, and even open an estate for you if you die and file a claim against your estate, or pursue payment from your heirs who inherit the timeshare.

Credit blocking is not a cure-all to your timeshare problems.

There are only two ways to cancel your timeshare contract:

  1. Negotiate a settlement agreement with the consent of the resort, or
  2. Go to court or arbitration and have the judge or arbitrator rescind or cancel your timeshare contract if you win.
 The choice of a lawyer is an important decision and should not be based solely upon advertisements.
 

Credit blocking does not cancel your timeshare contract

Top 22 Lies Frequently Told During Timeshare Sales Presentations

Timeshare Attorney points out the most common lies told during the timeshare sales presentation;

  1. A timeshare is a good investment.
  2. Your time is an investment that will increase in value.
  3. You can sell your timeshare if you don’t use it or don’t want it anymore.
  4. You can easily sell your timeshare and make a profit.
  5. Owning a timeshare is cheaper than paying for future vacations.
  6. You can rent your timeshare out to cover your maintenance fees.
  7. The resort will rent out your timeshare for you and you can make a profit.
  8. Your maintenance fees won’t increase, or they won’t go up very much.
  9. The sales presentation will only last 90 or 120 minutes.
  10. The resort will buy back your timeshare if you no longer want it.
  11. The resort will buy back your timeshare and you will make a profit.
  12. You can trade-in your old timeshare or travel club membership for this new and improved timeshare.
  13. If you buy a timeshare, it’s easy to make a reservation and you can stay there whenever you want.
  14. If you buy our timeshare, you can travel anywhere in the world whenever you want.
  15. It’s just an owner’s update meeting.
  16. A timeshare is a tax write off.
  17. You’ll be able to refinance your purchase later at a lower rate of interest.
  18. This presidential suite on the ground floor is the type of unit in which you will be staying if you buy this timeshare.
  19. We don’t rent units to non-owners or members of the public.
  20. Your family members can use your timeshare for free.
  21. Today is the only day when you can get this great price.
  22. If you get sick or have financial hardships, we will let you out of your timeshare contract.

If you were told any of these things, and they proved to be untrue, you may wish to contact an experienced timeshare attorney for a free consultation to see if you are entitled to cancel or rescind your timeshare contract, and/or to try to recover damages.

“The choice of a lawyer is an important decision that should not be based upon advertising alone.”

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What Will Happen To You If You Stop Paying Your Timeshare Fees?

What happens if i stop paying my timeshare.

Have you found that your maintenance fees are always increasing and that paying for your timeshare is increasingly difficult? So, what happens to you if you stop paying your timeshare fees?

Here are at least five things that can happen to you if you stop paying the fees called for in your timeshare contract, including the maintenance fees.

And they are all bad.

1. The resort can send you into collections and you may receive harassing phone calls, communications, and letters.

2. The resort can report you to the credit reporting agencies and ruin or damage your credit.

3. The resort can send you into foreclosure and you can lose the title to your timeshare, and get stuck with attorney fees and costs of publication of the foreclosure notice. The foreclosure can be placed on your credit report.

4. The resort can file a lawsuit against you for breach of contract and try to recover all of the fees that are owed under the contract by executing on your assets after it obtains a judgment against you. The judgment will likely appear on your credit report android or damage your credit.

5. Not even Death cancels timeshare fees. The person that inherits your timeshare owes the fees. As a creditor, the resort can file a claim against your estate in probate court.

timeshare fees inforgraphics

If you were lied to by the resort during your sales presentation, you may have the right to rescind or cancel your timeshare contract. Only a judge or arbitrator can cancel a timeshare contract without the Agreement of the resort.

If you believe that you were lied to you during your sales presentation, you may wish to contact a timeshare attorney experienced in timeshare law who can tell you whether or not you have a case for cancellation or rescission.

The choice of a lawyer is an important decision and should not be based solely upon advertisements.

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