You buy a timeshare with the best of intentions. No more renting hotel rooms for a vacation when you have a timeshare! You may even choose to go away for the weekend more frequently throughout the year since you now own a timeshare. However, your feelings may not always remain the same.
Getting out of your timeshare is complex and often lasts for a protracted amount of time. When you hear about how difficult and long the process may take, you could be tempted just to walk away from your timeshare and forget about it altogether. In fact, we are often asked if this is an option for many people.
As with any financial obligation, you can walk away from your timeshare as long as you are willing to face the consequences. If you are okay with the repercussions from a foreclosure and your credit score getting gutted, then that is your call to make. Remember though if your timeshare is a deeded property, then you have a permanent debt in maintenance fees and taxes attached to your estate. Bankruptcy laws have also changed and made it harder and harder for you to walk away from this debt.
Since those outcomes are less than desirable, why not get out of your timeshare the right way? To do this, you need an exit strategy. An exit strategy helps you avoid a bad credit score and too much debt–a far better outcome for you and your family! Here is where you can get started on your exit strategy.