How to Get Out of a Timeshare Mortgage From Legally Cancelled Contracts to Deeds in Lieu of Foreclosure
Vacations are a time when individuals and families can enjoy themselves. A recent survey showed that 37% of families are the happiest when they are on vacation. Within the next 12 months, 52% of the worldwide survey participants responded that they expected to take a vacation at the beach. Many of these vacationers may be staying at timeshares.
A Brief Overview of United States’ Timeshares
There are both timeshare resorts and timeshare units located throughout the United States. Since many of these timeshares are located on or close to the beach, this is one of the reasons why they have appealed to vacationers. Currently, there are 1,547 timeshare resorts and 200,720 timeshare units. On average, new timeshares will cost $20,040.00. In addition to the actual cost of a timeshare, there are also maintenance fees which often increase over time.
Three percent of households within the United States, for example, own at least one timeshare. Unfortunately, many owners are unhappy with their timeshares for a variety of reasons. Given this, they are interested in learning how to get out of their timeshare contracts.
Common Reasons for Wanting to Get Out of a Timeshare Mortgage
There are several common reasons why buyers regret their decision to purchase a timeshare. According to a recent survey, 85% of the timeshare buyers cited these main reasons:
As previously mentioned, timeshare owners also need to pay ongoing maintenance fees. A 2016 survey conducted with timeshare owners revealed that 66% indicated they wanted to get out of their contract because the maintenance fees were “too high.” Furthermore, 46% of the survey participants stated that this was their “most important” reason for wanting to get out of their timeshare contract.
How to Cancel a Timeshare Contract Legally
In some cases, timeshare contracts can be cancelled. This is referred to as rescission, and it is a way to cancel a timeshare contract legally. Timeshares have an average rescission rate of 15%, however. It’s important to realize that there are strict time restrictions and other factors that will determine whether or not someone will be able to have their contract cancelled.
How Long Does Deed in Lieu Take?
Some timeshare owners may find that they are facing foreclosure, which can have an adverse effect on their financial situation as well as their overall credit rating. If you’re asking the question, “How long does deed in lieu take?” it’s important to consult with an attorney that specializes in timeshare law and in handling deeds in lieu of foreclosure. Since you want to know how to get out of a timeshare contract and avoid foreclosure, your attorney will know how to best proceed.
The time it takes to handle these types of cases will vary and may depend on several factors. Your attorney will be able to explain these to you in detail. In addition to asking, “How long does deed in lieu take?” you may have other questions for your attorney. If this is the case, then it is a good practice to prepare a list of questions prior to consulting with your attorney for the first time.