Thinking of working with an EXIT COMPANY?
Ask yourself these 3 questions:
Who Is the Company?
Have I heard of them? Can I trust them? Did they contact me unsolicited? Do they have a physical address, or is it a PO Box or virtual office?
What Do They Want Me To Do?
Do they want me to: Pay upfront money before action? Stop paying my mortgage or fees? Get foreclosed on? Pay money in order to get money?
What Evidence Supports Their Message?
Use independent sources to verify claims or debunk them, then ask yourself if their claims still seem accurate? Do they still get paid if I get forclosed on and suffer negative credit ratings?
Checklist to Exit
A Helpful Checklist for Exiting Your Timeshare
If you decide to exit your timeshare, this checklist will help make sure you have all the necessary information ready.
- Name, address and phone number of your timeshare resort.
- The deed and/or contract or membership agreement which clearly identifies the timeshare you own.
- The financing agreement (if you are still paying for the property) –remember you’ll have to pay this off before you can transfer your timeshare to a new owner.
- Any title insurance information.
- Any other information to identify clearly your membership.
- The exchange company affiliated with your timeshare resort.
- The amount and due date of your maintenance fee and whether it has been paid for the current year.
- If billed separately, the amount of real estate taxes owed on your timeshare, the due date and whether they have been paid for the current year.
- The date your timeshare will next become available for use by a new owner or when a new owner can first make a reservation.
- Is your timeshare a fixed week or floating week unit and/or does it require an advanced reservation?
- Gather copies of the documents governing the resort owner’s association, if any, the resort’s rules and regulations, reservation rules and any other information that would be helpful to a new owner, such as area attractions.
- Know whether or not your timeshare is legally classified as real estate or personal property as this will make a difference in how it is conveyed to a new owner.
- Check with your owners’ association or resort manager to determine if there is any documentation they need in order to complete any sale.