If you are thinking that it is a very bad summer for travel, you need to consider the predicament of every single timeshare owner out there. A lot of people have lost their jobs after the COVID-19 pandemic. A lot of people were unable to pay their monthly maintenance fees or mortgage, and it also ended up leaving people wondering how they were going to pay the maintenance fees for their timeshares. A lot of people were looking to words the internet for a solution. They wanted to get rid of their timeshare in the pandemic.
The unemployment rate actually rose up by 13% in the United States of America and the economy took a huge hit, because of shutdowns and lockdowns. Well, you cannot exactly walk away from a timeshare. That would be because they come with a lot of obligations for you to pay maintenance fees, as long as you own them. If you are not exactly staying current on the maintenance fees or the loan payment, the timeshare company and association could actually report you to an agency, and it will end up hitting your credit score.
I am sure you are wondering how you can get rid of it.
Well, there are some ways that you can try.
You can sell it or even give it back. You can connect with a timeshare developer, and you can carry on with the selling it or getting rid of it. Make sure that you set your expectations low. The market does not exactly empathise with what you have paid for. The tourism market is usually much lower than what somebody has paid for. You should always keep that in mind.
You need to always keep in mind that selling a timeshare can be incredibly tricky, especially in the COVID-19 pandemic. You need to try and negotiate your way out of it. Most of the timeshare companies do not want you to be unhappy. You can actually engage with Timeshare companies, and you can ask about exit options. Exiting will definitely end up costing you quite a bit of money. A lot of people have said that it has cost them thousands of dollars.
For example, a person tried to get rid of his timeshare in Orlando, and the company let him off the hook for a price. He said that the company offered him a one-time termination fee of $5000, to terminate the contract. He said that he accepted the offer, because he didn’t want to pay the maintenance fees anymore.
You need to also keep in mind that you should be ready to hire an attorney, because you may need legal help.