Owning a timeshare can be a great way to enjoy luxurious vacations year after year, but what happens when you can no longer afford your ownership? Timeshare default can be a stressful and overwhelming situation, but there are steps you can take to address the issue and find a solution.
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Recognize the Problem
The first step in addressing timeshare default is recognizing the problem. If you find yourself struggling to make your timeshare payments or facing other financial difficulties, it’s important to take action early on. Ignoring the problem will only make it worse, so it’s important to be honest with yourself about your financial situation.
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Contact Your Timeshare Company
The next step is to contact your timeshare company and explain your situation. They may be willing to work with you to find a solution that allows you to keep your ownership. For example, they may be willing to lower your monthly payments or offer a payment plan.
It’s important to remember that the timeshare company has a vested interest in keeping you as a customer, so they may be more willing to work with you than you think. -
Consider Selling or Renting Your Ownership
If your timeshare company is unable or unwilling to work with you, another option is to sell or rent out your ownership. There are many online marketplaces and real estate agents that specialize in timeshare sales and rentals.
Selling your ownership can be a good option if you no longer use your timeshare or if you simply can’t afford it anymore. Keep in mind that timeshares typically depreciate in value over time, so you may not recoup your initial investment. Also, watch out for shady resale companies should you choose to sell. Many companies don’t have your vested interest as their top priority, and you could fall prey to another scam you weren’t looking out for.
Renting out your ownership can be a good option if you still want to use your timeshare but can’t afford the ongoing costs. You can typically rent out your ownership for a portion of the year, which can help offset your costs.
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Work with a Timeshare Exit Company
No matter how your situation started, the only way fully ensure you’ll be free from your legally binding timeshare contract is by working with a timeshare exit company. RFA Corporation specializes in helping timeshare owners get out of their timeshare ownership. Our professional legal and financial team will be able to negotiate with your timeshare company and find a way to legally cancel the terms of your binding agreement.
Your Path to Freedom
Timeshare default can be a stressful and overwhelming situation, but it’s important to take action early on to address the issue. Contacting your timeshare company, selling or renting out your ownership, and ultimately working with a timeshare exit company are all options to consider. If you find yourself struggling with timeshare default, don’t hesitate to seek help. RFA Corporation is always available to help you navigate this difficult situation and find a solution that works for you.
