You’ve likely heard all about timeshares. There are certainly many timeshares in America. In fact, statistics show that there are 200,720 timeshare units located throughout the United States. While these properties can seem appealing, many find themselves wishing they never gave a second thought to purchasing a timeshare. Considering that, many timeshare owners look to obtain a deed in order to avoid timeshare foreclosure. In this post, you’ll learn how to do a deed in lieu of having your timeshare foreclosed upon.
Why Many Want Out of Timeshare Contracts
One survey from 2016 found that 66% of timeshare owners wanted out of their contracts due to costly maintenance fees. Whether or not you use your timeshare rarely or frequently, you’ll still have to pay these costs. Understandably, many people find that these fees become a burden on their personal finances. In addition, many timeshare owners find that their changing finances make owning these properties a bad decision.
Obtaining a Deed in Lieu of Foreclosure
Statistics show that 85% of those who have bought a timeshare regret making this purchase. Therefore, many people look for ways to cancel a timeshare contract. Being that purchasing these properties often involves signing a contract, it’s important to consider your options. Many who are looking to accomplish this goal wonder how to get a deed in lieu of foreclosure.
You’ll want to ensure that you have a legal professional on your side while trying to get out of a timeshare contract. A deed in lieu of foreclosure helps to ensure you’re absolved of any timeshare debts. That being said, the timeshare company might try and prevent this from happening. During these situations, it’s important to contact someone that can help you get out of a timeshare contract. A legal professional can help your case by working with timeshare companies to try and obtain a deed in lieu of foreclosure.
In closing, timeshares often end up being burdens for their owners. If you’re trying to get out of your timeshare contract, consider learning how to do a deed in lieu of foreclosure. With that in mind, you’ll likely want to have a professional on your side during this process. These professionals look closely at the details of your timeshare contract. If possible, obtaining a deed in lieu of foreclosure can help ensure you’re out of your timeshare contract without paying large amounts of debt.
