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Re: Re: Re: Re: New Discussion Forums Launched (by Lance C.):

matthews675 wrote:

How does one "legally cancel out?"

That depends. Did you purchase from one of those timeshare sales presentations from the resort? If so, then you have a few days (usually anywhere from 3-10days), depending on where you purchased, to rescind your purchase. Follow the instructions that should have been given to you at the sales presentation how to rescind. It usually requires writing a letter and sending it to the address given.

If you have passed your rescission period, then you now own it unless you purchased it in Mexico and it is just a club membership. If you want to "legally cancel out", then you have a number of options.

First, try to sell it. If you realize that it has no resale value, perhaps even negative value, then your next two options would be to:

1) Ask the resort's Homeowners' Association if it will take your unit back. The HOA might charge you some fees to do so but it will be a clean, quick exit. 2) Try giving it away. Advertise here in RedWeek's Bargain section that you want to give your unit away. To make it more attractive, offer to pay the closing costs. 3) If all else fails, just stop paying membership or maintenance fees and let the unit go into foreclosure.

The biggest piece of advice is to not pay any exit company, charity, or law firm to allegedly help you to "cancel out".