A lot of people have been in the position of considering a timeshare. And numerous people have bought into a timeshare with visions of grandeur and expectations of living the high life in an enticing and thrilling destination. What you often do not hear, however, is the fact that a solid 85% of those who buy timeshares end up regretting their purchases for a number of reasons. Finding timeshare lawyers who can help you navigate the process of getting free of your timeshare can greatly relieve the stress that was brought on by the initial purchase. Whether you end up filling out a warranty deed in lieu of foreclosure form or your lawyer helps you sort it out another way, taking those steps toward your financial freedom are critical.
Why many people want to be rid of their timeshares
Yes, the appeal of a timeshare can be quite strong and alluring. Picture yourself on vacation, relaxing in a location that is growing on you very quickly, when you are approached with a sales pitch that sounds absolutely perfect. Your defenses are down, as you are unwinding on vacation, and might even be feeling a bit impulsive and indulgent. Before you know it, you have been talked into buying a timeshare. It will likely be a while before you realize your mistake. The sad truth is that there are numerous scam artists selling timeshares to trusting souls such as yourself, and these purchases rarely turn out to be the wise and wonderful investment you originally thought it to be. What it will likely turn to is a warranty deed in lieu of foreclosure form.
Many people cite financial hardship as their reason for regretting their decision, but just as many, if not more also identify other reasons, including fear and confusion, as well as initial and ongoing intimidation and lack of trust in the individual or company who sold them the timeshare. Far too often, when a timeshare was purchased for what seemed like a great price, the owner is then hit with astronomical maintenance fees that they cannot keep up with. Recently, this was the case for as many as 66% of owners who were looking to get out of their timeshare contract. Almost half of timeshare owners said that these fees were indeed the most significant reason for wanting to get out.
Where the timeshare deed in lieu of foreclosure comes in
Around 56% of reclaimed timeshares come from foreclosures. But filling out a warranty deed in lieu of foreclosure form could give the timeshare owner the chance to escape the timeshare as well as the mortgage. At the same time, any remaining concerns about future liability or debt related to the timeshare are alleviated.
Finding the right lawyer to broach this sometimes delicate and often complex situation can help put your mind at ease as you deal with a regrettable purchase that has caused you more stress than relaxation. Your vacation should be free of those burdensome cares. Who needs a timeshare when there are plenty of other options for accommodation that do not require any long term commitment?