Perhaps you got a call from a nice lady on the phone
who told you that you won a three-day weekend at a nice resort. All you had to
do was enjoy yourself and sit through a "short presentation" about
opportunities to own a piece of the resort. Excited to be able to get out of
town for a weekend, perhaps you gladly accepted, only to find yourself at the
end of the weekend a proud owner of a timeshare you don't want and maybe can't
afford.
STEP 1
Read your contract carefully. Most timeshare mortgages
have a right to rescind within a certain period of time. Your salesperson may
or may not tell you about that clause.
STEP 2
Follow the guidelines and procedure for rescinding
your contract exactly. You may have only a certain number of days after the
purchase to cancel. You must submit all of the proper paperwork within that
time period in order to negate the contract.
STEP 3
Send your rescission notice by certified mail. Some
contracts may say that they accept fax, email or hand delivery, but certified
mail is the only way to guarantee that the receiving party has received the
notice. This gives you a paper trail, meaning that a government agency (the
U.S. Postal Service) certifies when you mailed the rescission notice and a
government agency gets the recipient to sign for it.
STEP 4
Send a certified letter to the timeshare company if
you are outside of the rescission period and follow it up with a friendly phone
call. State the reasons why you need to get out of the agreement. They may
agree to it if you agree to pay a penalty. However, remember that a timeshare
mortgage is just as binding as a home mortgage, so make sure you keep all of
your related paperwork.
STEP 5
See a lawyer. He may be able to find a loophole or
find out if any of your rights were violated when you signed your contract. If
not, he may be able to recommend another course of action to help you get out
of the contract.
STEP 6
Contact the Better Business Bureau and your state's
attorneys general office if you believe you were coerced or taken advantage of
in any way.
You need to opt out of the time share contract when
needed and this would be a help from the timeshare contract termination company.
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