How to get out of a timeshare contract

Consumer Reports

TAMPA, Fla. (WFLA) – More than 9 million households in the United States own some type of timeshare. But what if you want to get out of that timeshare?

“I think I ended up paying them about $12,000 to try to get me out of this timeshare,” said Solomon Choi.

You may consider a timeshare release company, but some may not deliver what they promise.

Here are things to watch out for:

  • Demanding a large fee in advance is a red flag
  • Be wary if a company claims to be a law firm or if they say they work closely with lawyers but don’t identify them

“More timeshare companies now have ‘deed back’ programs to make it easier for owners to leave their timeshare,” said Margot Gilman with Consumer Reports. “You can also hire a realtor who specializes in timeshares. But remember, timeshares are often a depreciating asset, so you should be prepared to take a loss.”

Some people also turn to places like E-Bay to sell their timeshares. Make sure to have a lawyer to prepare or review all paperwork for that type of transaction.

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