If I exit my timeshare, what happens to the loan attached to it?
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Dear Maddy58,
Unfortunately, canceling a timeshare loan is not the best option to get rid of an unwanted timeshare, as the process is long and most of the time unsuccessful, and even if you try to sell or transfer the debt to someone else It is highly unlikely that you will find someone who is willing to take over your timeshare, if not almost impossible.
Canceling a timeshare is the best way to get out of a timeshare properly. Once your timeshare is successfully canceled, there will be no more financial obligations associated with the resort and, also, no more maintenance fees.
Once your timeshare contract is declared void by the Judge, normally all accessory contracts also become void. In this way, as the loan contract is one of them, it would become null and, therefore, you should not continue paying the installments. However, until then, we recommend you to keep paying the fees.
If you need a lawyer to cancel your timeshare contract as well as all its accessories, do not hesitate and contact us. Please do so by completing the contact form in this website and we will respond once we have reviewed your question.