FIRST AMERICA
SETTLEMENTS
SETTLEMENT AND RELEASE SERVICES
Our dedicated lawyers based in the U.S. and legal partners in Mexico will advocate accordingly to your case.
Buying a membership can seem like a sensible and affordable way to vacation with friends and family. But what happens if your finances tighten and your timeshare costs are no longer within your budget?
With a contractual obligation to pay for the shared property, canceling a membership agreement is not as simple as making a few phone calls. Once the salesperson succeeds in convincing a buyer to obtain a membership, it is in the operator’s interest to keep the buyer on board as long as possible.
If you entered into a financing arrangement to acquire the membership, your contract would require that regular payments be made to the bank or loan provider. Similarly, a buyer might be required to pay recurring fees for property maintenance and for access to amenities.
However, if you can no longer afford to make the required payments, it might be possible to negotiate a settlement for a release of further obligations with the membership in exchange for payment. If you are able to successfully settle your timeshare debt, you can potentially avoid serious collection activity such as a lawsuit to collect the arrears or even a foreclosure action. If you want to learn more about breaking your membership contract due to financial hardship, contact our debt relief firm today.
WHAT WE DO?
Settling Your Membership Debt
In some situations, timeshare debts can be reduced through strategic negotiations. Although the timeshare creditor may reserve the right to bring a lawsuit, sometimes they’d rather get what they can outside of court.
Canceling Your Membership
If you wish to cancel your resort membership purchase, you generally have a period of 5-15 days after purchase wherein you may legally rescind the contract. After the rescission period has expired, you can no longer cancel your purchase without penalty.
How do memberships work?
In a resort membership arrangement, the owner of a piece of property will rent or lease their property for use in a specified period of time. The person renting the property is called a “membership holder”. The membership holder purchases rights to use the property during a set time period. The time period for use is usually a certain week of the year, over a specified number of years.
The property usually involves seasonal lodging at a resort such as a summer condominium or a winter cabin. Sometimes multiple parties will alternate use of the building, with new persons using the property each week. In essence, they are purchasing slots of time in which they can use the facilities. Thus, the arrangement is called a “membership”, because the purchaser is purchasing shares of time much as they would purchase shares of stock.
FIRST AMERICA SETTLEMENTS
Can I cancel my resort membership purchase?
Canceling a membership purchase is not as simple as in other types of transactions. Essentially, you are signing a contract with the property owner. This creates an obligation on your part to adhere to the provisions stated in the written agreement. Membership contracts can sometimes last for many years.
What should I do in order to cancel my resort membership?
The first and most important step you should take is to review your resort membership contract to determine what the Rescission Period is. Be sure that you are still within the specified period for cancellation. You may not be able to rescind if the rescission period has expired.
DO YOU FEEL AS THOUGH YOU WERE MISREPRESENTED ?
FIRST AMERICA SETTLEMENTS
We can assist you with a membership exit strategy and legally cancel your membership contract.
Proven membership exit strategy
When choosing a membership exit company to help you with a legal membership resolution, just remember that experience matters. We have demonstrated to be a reliable and trustworthy timeshare exit advocacy partner. Our proven legal membership resolution process has helped many membership owners put an end to their unwanted membership contract liabilities.
Thousands of successful resolutions
Attaining this level of success requires knowledge, trust, communication, time and a thorough understanding of one’s contract liabilities.
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