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How to Get Rid of a Timeshare Without Ruining Credit

Owning a timeshare can bring many beautiful and pleasant experiences. Your home away from home, some might say. But in some cases, many timeshare owners begin to get a bad case of what we call “buyer’s remorse”—a sensational feeling of regret which could cause owners to want to exit almost immediately.

If you find yourself one of the many unsatisfied owners wishing to get rid of this burden, don’t worry. We got you covered. Our team has composed this article for one reason. To tell you everything, you need to know about how to get rid of a timeshare without ruining your credit. This article will explain a few legal alternatives on how you can adequately leave your timeshare.

Does a Timeshare Go On Your Credit?

Purchasing a timeshare is a straightforward process. When you buy a timeshare, the timeshare company may give you a presentation to explain the timeshare value. Some presentations will include snacks and drinks to pamper you up and close their sales pitch.

A luxurious life with endless and memorable vacations will be the primary topic discussed. Their goal is to have you believe this timeshare is an excellent option to save, trade, and enjoy a mesmerizing vacation trip.

As some time passes, however, you begin to realize that all the promises they made during the presentation are not true at all. If you believe you are in a similar situation, we recommend filling out our free consultation form on the right. Or initiate a Live Chat with us immediately!

Most sales teams are known for their high-pressure sales tactics and false advertisement. These are the tools they use when persuading naive guests into purchasing their first timeshare. If you attend one of these presentations soon, be very cautious of their tactics.

Already purchased a timeshare? If you wish to exit your agreement, the smart thing to do is call your timeshare developer. Unfortunately, timeshare developers rescinding your contract willingly is rare and not likely to happen. If you are legally bound to pay the company monthly fees, why would they want to let you go from this agreement? Overall, you are a source of income for them.

When you call your timeshare developer, do not feel surprised if they tell you that you have limited options. And if you choose to pursue other options instead of what they’re offering, the company may threaten you. They may even try to take legal actions against you, which could also ruin your credit score.

Exploring alternatives can help you find numerous ways on how to get rid of timeshare without ruining your credit score. You can select any one of them and can walk away from your ownership legally.

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How to Get Rid of a Timeshare Without Ruining Credit

Timeshares are vacation properties that people buy together, so everyone shares the costs of maintenance fees and mortgages. Each person can use these properties during a specific period, usually assigned every week according to their timeshare contract.

People once considered timeshares a great investment, but they are becoming a burden day by day. As yearly maintenance fees have increased every year, timeshares are turning into a nightmare for many owners.

These situations range anywhere from:

  1. If you don’t pay for a timeshare you borrowed, the company can inform credit agencies.
  2. In case you keep missing your timeshare payments, your timeshare will enter default.
  3. If you default on your timeshare, the developer’s last option is to pursue foreclosure.
  4. If your timeshare falls into foreclosure, it will badly affect your credit score and it might affect it for over ten years.
  5. If you purchase a timeshare using a loan, it will increase your overall debt.

As a result, your debt-to-income ratio will gradually rise. Banks check this ratio before giving loans, like car loans. If the ratio is high, it’s hard to get other loans. A timeshare foreclosure on a credit report can truly ruin several financial opportunities.

The good news is that our team has compiled this guide to give you perspective into timeshares and your credit score. You can continue reading to learn more, or you can start a live chat with one of our representatives. Our team is dedicated to guiding timeshare owners in the right direction! Don’t hesitate, take action right away!

Does a Timeshare Go On Your Credit?

Does your timeshare go on your credit? Most resorts don’t give credit bureaus an owner’s payment history unless they’re late or facing foreclosure.

There are a few ways to protect your credit score from the bad effects of your timeshare;

  1. The first and foremost thing is to research before buying a timeshare.
  2. You should know everything about the thing you are about to invest your precious money in.
  3. Next, research developers, popular locations, and other factors like legal procedures, terms, and conditions, etc.
  4. Think about your future finances to avoid missing or being late on payments, which can harm your credit.
  5. If you can’t pay for your timeshare, contact the developer right away to discuss the mortgage and fees.

The developer can help you in identifying the most suitable solutions to address the problems you are facing. They possess a deep understanding of your timeshare ownership and can propose effective strategies.

You will also receive guidance and support throughout the entire process. But we can understand If you don’t have it In you to contact the people who got you into this mess in the first place!

The most important thing is avoiding a timeshare exit scam.

Do Timeshare Presentations Run Credit?

Yes, sometimes timeshare presentations run your credit if you were wondering. Our team has read past reviews in which owners were furious about having their credit run! Others mention they saw the effects of this in their next credit report.

If you decide to cancel your timeshare after the rescission period, if successful you can improve your credit score. Here are different tips when it comes to timeshare cancellation:

  1. Your Rescission Period is the timeframe when you can cancel your timeshare and receive a full refund.
  2. The timeframe typically runs 3-10 calendar days depending on the State Rescission Laws.
  3. If you are still within time, your next step is submitting a written cancellation letter.
  4. We recommend purchasing overnight mail so you do not risk a tardy submittal.
  5. Any documents received after the rescission period automatically disqualifies you from this option.

A successful rescission period can help improve your credit score! You just removed a huge liability from your name, of course, this will give you a boost. But if you aren’t eligible for a timeshare rescission, do not make any rational decisions.

There have been cases of scams regarding timeshare reselling and renting as well. Each year, scammers target timeshare owners, causing them to suffer financial losses. These financial issues can also lead to late or missed payments and this will badly influence your credit.

Legal problems with your timeshare can lead to various legal fees, negatively impacting your credit score. These are some of the numerous negative impacts a timeshare can exert on your credit score.

Timeshares are worthless in today’s economy and market. If someone sold you a timeshare by making you believe that you would own real estate, they might have scammed you. If this happens, please use Live Chat to reach out to us. We can assist you with finding a way to cancel your timeshare contract by informing you of your legal rights.

How to Remove Timeshare Foreclosure from Credit Report

There are many ways you can remove timeshare foreclosure from a credit report. Stopping a timeshare foreclosure requires a high level of concentration and quick action.

If you think your timeshare is going into foreclosure, you need to take these steps to avoid the foreclosure:

  • If you have missed your payments and you are going toward foreclosure, the first thing you need to do is contact your lender. They will brief you on the solutions to your problems which may include modifications of terms or repayment plans.
  • Try and negotiate with the developer to modify the terms of your timeshare contract for a small period. We can change the conditions to provide you with more time to pay. We can also temporarily lower your payment amount.
  • Additionally, we can reduce the interest rates slightly. Developers all offer hardship programs for owners who are having difficulty paying their dues.
  • If the lender won’t cooperate, you can sell your timeshare to someone else. Involve a resale companyor register your timeshare on online resale websites. The resale company will help you find potential buyers and also help you in getting a good price for your timeshare.
  • Be careful of scams with resale companies. Do research before dealing with any resale company to stay safe.
  • When you are looking for a timeshare exit company, make sure to look for one that provides the option of These companies take up the responsibility of getting 100% of your money back.

Another option is to rent it out. If selling does not work out for you, you can give your timeshare for rent. Renting it out will at least help you with the expenses like maintenance fees etc.

If you are having issues choosing the best option, you should consult an attorney to help you out. They can understand your contract terms and clauses way better than anyone else. They can even help you negotiate with the lender and inform you about all the benefits and consequences of your actions regarding your timeshare according to the contract.

You can also request a loan modification. If your timeshare contract allows it, you can ask for a loan modification. This means you can change the terms of the loan to suit your needs and the developer’s requirements. This can make the payments more manageable temporarily or even permanently.

If you have run out of all the options, filing for bankruptcy may be the last one you have now. It will harm your credit, but it will give you time to find a solution and temporarily stop the timeshare foreclosure. 

Final Thoughts

It is very important to be communicative throughout this whole procedure. When talking to a lawyer, be clear and honest about everything from when you signed the contract until now. Before selecting an exit company, it is important to thoroughly research them. It is crucial to be completely confident in their legitimacy to avoid becoming a victim of scams or fraud. 

Visit our website for any questions about timeshares. Fill out the form or chat with us for a free consultation. Our team will connect you with a timeshare exit company that does not charge up-front fees until they cancel your timeshare contract. We will try our best to help you with whatever hardships you are facing regarding your timeshares. 

You can also contact us by calling (833)-931-6555. Our team is here to assist you in obtaining information and advice on protecting yourself from timeshares. Timeshares can have a detrimental effect on your credit and other aspects of your life.

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By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to info@www.mytimeshareexitreviews.com.

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By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to info@www.mytimeshareexitreviews.com.

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