The Terrible Timeshare Bested with Bankruptcy
Most timeshare buyers have a near immediate case of buyers remorse. Many of them know almost immediately that they’ve made a mistake and wish they could have a do others. Other owners try in vain for years to shoulder the monthly payments and ever-increasing annual fees until they finally become ready to kick the time-time share to the curb.
Timeshare Cancellation Period
Unfortunately few buyers cancel within the statutory recession period. Buyers can cancel a time-share purchase if they do so within the statutory rescission period. Here in Arizona, you may rescind a timeshare purchase agreement up until the 7th day after the date you agreed to the buy arrangement. But few buyers know about that right let alone take advantage of it. After that, for most owners, there’s no easy way to get rid of a timeshare.
Selling a Timeshare? – Don’t Make Me Laugh
When it comes time to buy a time-share, owners need to be wary — and realistic. Far more people want to sell timeshares than want to buy them. In the secondary market for timeshares at higher-end properties, such as Wyndham, Disney, Hilton or Marriott, timeshares generally, sell for far short of 20 percent of their original price. Sellers for lesser properties may have to pay someone to take them off their hands.
If you borrowed money from the time-share developer—and most buyers do—the debt obligation has to be paid off before you can sell or give away your timeshare The interest rates aren’t light and many timeshare buyers who thought they were buying a $15,000 time share end up with $30,000 in debt to pay off.
Most who contact you offering to sell your timeshare are scam artists so watch out. Only look at brokers through the Licensed Timeshare Resale Brokers Association. These brokers only get paid if they succeed in selling your time-share.
If you stop paying your loan, the timeshare becomes subject to foreclosure. While foreclosure is rare and perhaps even desirable in that there would at least be an end in sight, you can expect your credit score to rapidly decline as your account is handed over to collections. Ultimately you face litigation and garnishment.
Tackling Timeshares with Bankruptcy
A bankruptcy filing gives you the ability to walk away from a time-share and reject your contract. If you areIf you are considering walking away from a time-share, bankruptcy is probably an option that you should consider in that it will enable you to completely reject your time-share contract and make the seller take it back. If that’s all bankruptcy did it would be a great solution for a time-share problem, but when you consider that you will be able to eliminate most of your debts as well, making a consultation with an Arizona bankruptcy attorney should be a no braier.
The Timeshare Terminator
Phoenix Fresh Start Bankruptcy Attorneys so that we can assess whether bankruptcy is a good option for you. We have terminated hundreds of time-share obligations for borrowers so we have the experience that you need. Call us today.