Getting out of any timeshare can be a difficult process, and it often becomes even more difficult if there is a mortgage balance left on the account. If you are still in debt and want to find a way out, you may have few options, but it’s not hopeless; we’ll go over some general strategies below that you might want to consider as you figure out how to overcome this obstacle. Not all of the strategies listed below will apply to you, but take a moment to read through everything and consider how the advice applies to you. With a little perseverance and the right assistance, you might be able to find a way out of your timeshare.
Understanding the Challenge
Unfortunately, the problem here is fairly significant: you have a timeshare that you no longer want, but the mortgage debt is still outstanding. Your timeshare is really a negative asset because you still owe money on it, so you can’t simply give it away. The idea of receiving an offer large enough to settle your mortgage and then transferring the timeshare to a new owner is unlikely to succeed because timeshares rarely sell for much on the open market.
You will undoubtedly be in a difficult situation if your mortgage rate is high, you still owe a lot on the mortgage, and no one wants to buy the timeshare for a substantial sum of money. Another issue is that many timeshare mortgages have extremely high interest rates, which are significantly higher than what would be seen for a typical real estate purchase. One possible solution to this problem is to begin saving money as soon as possible in order to pay down the mortgage and get rid of the balance owed as soon as possible; you are not required to wait for the full term of the mortgage to repay what you owe.
Some Possible Grounds for Cancellation
I’ll admit straight away in this section that it’s not very probable that you’ll be able to get out of your timeshare mortgage by using one of the following problems. Actually, there’s probably little chance that anything in this part will be profitable for you. Having said that, you might think about if any of these points might apply to you and allow you to effectively cancel the timeshare right away without having to pay anything extra on the mortgage if you are in a difficult financial situation and need something to look for as a means to get back on track.
The timeshare you are buying from may occasionally offer to acquire your previous timeshare during a sales presentation, allowing you to purchase this new one. They might have broken your contract, and it could be your way out if that doesn’t work out in the end.
It’s possible that not all of the costs associated with owning a timeshare were explained to you. It may also be possible to terminate the agreement and get rid of the mortgage if such costs were not appropriately disclosed at the time of sale.