Once someone has purchased a timeshare, they cannot simply stop paying the mortgage or lease without facing serious consequences.
Timeshares are bought as a convenient way for individuals and families to plan vacations. Despite how timeshares appear on the surface level, this industry is notorious for misleading consumers and leaving them with few options when they no longer are interested in paying for a timeshare that they may not even be using. There are also costs such as maintenance fees and taxes on the property that make timeshares a significant expense. Anyone who needs legal advice regarding how to cancel their timeshare obligation can contact an attorney in Tennessee who focuses on these issues.
The initial grace period
Tennessee and other states all have laws that allow a buyer to get rid of their timeshare right after the purchase was made, but this is a very short timeframe. A buyer who has already inspected the property will have a ten day grace period to cancel, while this period extends to fifteen days if the property was not previously inspected. There also needs to be a formal notice sent to the seller if the buyer chooses to use this method. If the timeshare was recently bought, the buyer should attempt to start this process immediately with the help of a Tennessee timeshare lawyer to utilize the most convenient way to cancel their obligations.
Deceptive and fraudulent sales practices
Some timeshare companies are very aggressive in their sales tactics. Many states have responded by regulating the timeshare industry and what kinds of ads and sales presentations they can use. If it gets to the point where the buyer was misled, offered false promises, the property was not described as it actually exists, or the company engaged in false advertising, it may be possible to have the timeshare contract rescinded.
Consequences for not paying for a timeshare
Once someone has purchased a timeshare, they cannot simply stop paying the mortgage or lease without facing serious consequences. There may be a foreclosure or repossession action against the person. This can affect their credit, or their ability to get mortgages or similar loans in the future. There can also be significant financial consequences. To avoid these problems, it is best for the buyer to contact a lawyer and get specific help as soon as possible. Even if they are behind on the payments, they may still have options to get rid of their timeshare.
More information from licensed attorneys
Legal help is available for people who need more information about timeshare cancellation laws and other related matters. Boukzam Law is a firm that provides these services to clients throughout the state of Tennessee.