Buying into a timeshare can seem like a great opportunity, providing your family with a place to stay on vacations. However, over time, you may find that the arrangement isn't as appealing as you once thought. Before doing something that can sabotage your credit, consider the benefits of working with a service that helps people get out of their timeshare obligations.
There are many companies that offer help in getting out of a timeshare, but be careful to read the fine print. Some companies simply try to resell the timeshare opportunity, which is something you can do for yourself. Instead, look for companies that will help guide you through a timeshare termination process, which includes transferring the title out of your name.
The company will have attorneys, title companies, and real estate closing companies to help submit your timeshare through the proper steps. The process begins with a proposal submitted to you by the timeshare liquidation company. If you agree to the proposal, they'll usually offer you a money-back guarantee. This means they have committed to disposing of your timeshare for you, so you really have nothing to lose.
Before accepting any proposals, you should inquire about the business with the Better Business Bureau and other consumer action groups. This can help you identify past grievances against the business. If you're satisfied with their history, accepting the proposal may be in your best interests.
From this point, you'll leave everything in the hands of the disposal service. This means you won't have to notify the timeshare company that you're taking steps to get rid of the timeshare. The service will do that for you, as they transfer the title, cancel your membership, and perform the other necessary steps in the process.
As an investment, a timeshare becomes a part of your estate, when you die. This means your children may inherit the timeshare and the financial obligations associated with it, after your passing. The only way to prevent this is to get out of the timeshare now, while you're still able. The right liquidation service can help you resolve this situation and free you and your family from any further obligations.