7 Things You Need To Know about Timeshare Cancellation
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You heard it right. Most timeshare companies structure their contracts so the original owner can only transfer the timeshare by way of a quitclaim deed. But a quitclaim deed merely transfers title; it doesn’t transfer the legal obligation to pay a monthly mortgage or an annual maintenance fee. So while the new owner will have legal title, the original owner will still be on the hook for any payments due for the life of the timeshare.
In other words, if you are the original owner, you will always be ultimately responsible for payments. So if you do sell your timeshare for a dollar, make doubly sure the person to which it is transferred is someone you can trust to make timely payments for the rest of your life, not theirs. And remember, those pesky maintenance fees increase an average of 8% per year, so there’s a high likelihood that your buyer will eventually tire of making payments. When that happens, your timeshare company will find you and demand payment in arrears.
Cancel timeshares are fully aware that cancellation companies like Sapphire Cancellation are just a google search away from every customer they have. So they know that a certain percentage of customers will eventually figure out how to have their contracts canceled. This is why they encourage you to open up a new credit card. To fund your down payment (often a Barclays or PayPal). Once you do that, the timeshare is guaranteed to receive that money immediately. Before you realize your mistake and decide to contact a cancellation company. You can also expect a very high-interest rate. And regardless of your good credit. In the hope that you will secure a home equity loan at a lower rate. Which pays them off before you figure out how to cancel the timeshare.