How Do I Get Out Of My Timeshare During a Pandemic?
COVID-19 has taken a financial toll on many Americans, causing them to cut back on everything but essential necessities. If you own a timeshare, then you may be looking for a way out during these unprecedented times. Fortunately, you have options. This article will inform you about how to get out of your timeshare during the pandemic and provide insight into which approach best fits your current situation.
Contact Your Timeshare Company
Timeshare companies are in the business of selling timeshares and vacation memberships. Up until the pandemic, most offered little if any clear and direct assistance to help owners cancel a timeshare. With the global health crisis continuing, some vacation clubs are now giving out temporary relief to cash-strapped members. Some examples of this relief are deferred payments and member fees. Other solutions may include a deed for fee or membership termination arrangement, where the member pays several years of various annual fees in exchange for a release of future indebtedness on a paid off promissory note. Either way, it is important that you not delay in contacting your timeshare company as any delay may exclude you from the options that could be available to you.
Look Over Your Timeshare Contract
Depending on what terms are written in your timeshare contract, you may have the ability to return your timeshare in the event of a natural disaster or unforeseeable event. These are often referred to as “material adverse conditions” in contracts.
The COVID-19 pandemic may entitle you to some form of release from your timeshare contract, especially if you have been unable to use it due to individual state or local restrictions. As a result, you should go over your timeshare contract carefully as there may be a clause which will allow you to legally walk away from your obligation.
Selling Your Timeshare
Even though you may not be able to afford your timeshare, it may have some reduced value in the secondary market. You can check out sale information from trusted sources online like RedWeek and eBay. This will allow you to see the market for your specific timeshare. As some timeshares are being sold in the active resale market for as little as $1 dollar, it is a good idea to understand what you own and what the timeshare unit can realistically be sold for. Working with a realtor who specializes in timeshare resales is also a good option as they may be familiar with the marketplace and developer restrictions on resales. An experienced licensed resale agent may be able to help position you to sell, even if it is at a significant loss.
Contact A Timeshare Lawyer
COVID-19 has altered many facets of the legal world. Changes to federal and state laws may affect how timeshare obligations are treated during and after the pandemic. Consulting with a lawyer who specializes in timeshares will enable you to get the guidance that you need concerning how the law treats timeshares during this time. Additionally, your lawyer will be able to ensure that any transfer of your timeshare interest complies with all state laws.
Remember that not all lawyers are familiar with how timeshares operate. Only an experienced timeshare lawyer will be able to review your contract and advise you on the option best suited for your situation. The Finn Law Group can help you determine if there is a feasible way to get you out of your timeshare. Our knowledgeable team of timeshare attorneys will present you with options and help ensure that you make the best decision for your circumstances. Reach out to us for a free consultation by calling 855-FINN-LAW or by contacting us online.