Here at Forza, we are often asked if it is possible to get out of timeshare ownership for free. You can only get out of your contract free of charge if you communicate with the timeshare yourself. We always recommend our clients try to get out themselves.
If you successfully negotiate an exit with the timeshare resort, you will save some money. However, let me lay this out right now: it is unlikely for the resort to let you go. Timeshare Attorney, Michael Molfetta, explains further in the video above.
As Attorney Molfetta stated in the video, some resorts will allow you to exit your contract without making a big deal about it. However, if your resort denies you from ending your contract, they are probably looking for their own interest.
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Resort companies often process the mortgage application for the timeshares. They also sometimes sell the timeshare mortgage to hedge funds and other investment firms. When you try to cancel your contract and stop making mortgage payments, the resorts are answerable to the banks and these investment companies.
After selling the mortgages to third-party investment firms, the resorts can only make money from the fees you pay. If they allow you to walk away from your timeshare, they stop making money. If enough people stop paying these fees, there is a risk that the resort company will go out of business. This is another motivation for them to keep timeshare owners from leaving.
While some resorts allow their fully paid members to exit a timeshare contract, others find reasons not to let this happen.
Your timeshare resort may make it difficult for you to end your contract commitments. In that case, it may be time to hire an exit company like the Forza Consumer Group.
Forza is partnered with Molfetta Law. Together, we will negotiate with the resorts to facilitate an agreement that is fair to all parties.
A cancellation team like Forza will communicate with the resorts on your behalf. Their fees vary depending on the conditions surrounding the contract. Among the factors considered when calculating the costs are:
If your goal is to avoid foreclosure that may damage your credit score, then hiring an exit company may just be worth it. An excellent way to approach this decision is to compare the cost of 10 years of maintenance fees and mortgage payments to the cost of the exit company.
You may also consider the cost passed on to your heirs when they receive the timeshare as an inheritance. It’s always better to work on exiting your contract as soon as possible to prevent the timeshare fees from draining your bank account.
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