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How to Get Out of Your Timeshare

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.

  1. 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. get out of your timeshare
  2. Transfer–You may be able to transfer your timeshare to a third party, but here’s the catch: the third party won’t pay you for it; they’ll simply take ownership and start paying the maintenance fees.
  3. 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.

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  1. My relatives are interested in transferring RCI timeshares (both weeks & points) to me to be free of maintenance fees. I’m having trouble finding positive reviews on whether this is a gift I should refuse. My husband and I travel quite a bit but it sounds like in order to truly benefit from RCI, you need to be flexible in both time and preference. Any thoughts/comments/advice?

    1. There will always be maintenance fees at the timeshare and also fees to RCI membership. I regret buying our timeshares. RCI doesn’t offer resorts in the areas I wanted to go on several occasions. And the resort usually need some serious updating. We are paying RCI $79 yr to use the resort website, then our two timeshares are costing us $750 year and those are on the low side from what I have seen others paying. Some timeshares are $1000 or more a year for maintenance fees.
      I would not do it if I were you, and when they are gone, get a Disclaimer of Interest from an estate attorney asap so you are not stuck with those yearly fees. (Check with the timeshares they have and ask if it truly would be maintenance fee free) I just seen another post on a different site and they guy was told his kids would have no fees and he found out it was a lie. Save you money for traveling maintenance fees for a resort that has OLD decor.

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