If you’re tired of your timeshare and can’t seem to unload it, you may have considered a radical solution: Why not just stop making payments? If this type of thing has crossed your mind, you’ll be left with something else to consider. Could you ever get away with such a thing?
In the first place, don’t think that the timeshare resort will let you walk away scot-free. Once they stop receiving your monthly fees or maintenance payments, management will begin sending you letters one after the other, informing you in no uncertain times that you are now in default of the payments to which your contract has bound you so tightly.
You can expect these letters to keep arriving. You can also plan on losing access to your unit when your allotted time comes due. You can make the trip if you want, but don’t expect them to let you in once you arrive, and forget about any hopes of renting out your unit to someone else or depositing your allotted time with an exchange company. Once you’re in default, you’re in default, and you no longer have any rights.
It shouldn’t be too long before the timeshare management company considers its legal options. Depending on how much you owe, the type of timeshare involved and whether you carry a mortgage, the company could:
Although just stopping payments is never a good idea, there are other ways of getting out from under with your timeshare. You could always try:
The attorneys at O’Grady Law Group can help you get free of your timeshare contract once and for all. Many people believe that this type of contract can never be cancelled. This is rarely the case, particularly if your salesperson acted in a coercive manner, subjected you to an overlong sales pitch, made false claims about the timeshare’s future value or behaved in a fraudulent manner.
At O’Grady Law, we focus on providing the legal counsel you need to get out of your timeshare for good. Don’t be stuck with an unwanted timeshare. Call O’Grady Law Group today.