One of our users posted this comment in response to our “Timeshare Rescission Period” article:
“And what can you do to rescind the contract or mortgage AFTER that cooling-off period?? In my case, me and my family were on vacation in Orlando, FL and we unfortunately bought a timeshare from westgate resorts.. when we went back to Brazil we started paying the mortgage but due to the bad economic crisis going on in the country we cannot afford it anymore and we need to cancel or rescind the contract, but we signed it on April this year.. PLEASE, DOES ANYBODY KNOW HOW TO SOLVE THIS PROBLEM????”
The easiest way to get out of your timeshare is during the rescission period, but if you missed the deadline, you still have several options.
- Sell–This can be difficult to do, but it’s worth a shot. Try to sell the timeshare yourself by listing it on sites like Craigslist or eBay. You can also list it through the developer or through a timeshare resale broker.
- Transfer–You may be able to transfer your timeshare to a third party, but here’s the catch: the third party won’t pay for you it; they’ll simply take ownership and start paying the maintenance fees.
- Donate–There are a number of organizations and charities that will accept timeshares if they are paid in full and up to date with annual fees. Charities can use the timeshare weeks to generate revenue, and you may even get a tax deduction.
Unfortunately, none of these options will be hassle-free, but they are all legal and will ensure that you don’t run into any legal and/or financial consequences.