“They told me there’s no way to get out of a timeshare in Arizona. Is that true?”
No, that’s not true. You do have a few options, but you will have to move quickly.
The law states that you have the right to cancel your timeshare purchase up until midnight of the seventh calendar day following the date you signed the purchase agreement.
To cancel, you must provide written notice to the address specified on the purchase agreement. Notice will be considered given on the date that you mailed it.
If you cancel within the legal time period, the timeshare developer must pay all money back with no penalty to the buyer.
WHAT HAPPENS IF I CAN’T MAKE MY PAYMENTS ANYMORE?
If you’ve taken out a loan to purchase the deeded timeshare and fail to make your monthly timeshare mortgage payments, you will likely face foreclosure. In Arizona, timeshare foreclosures are usually nonjudicial. This means the foreclosure takes place without court supervision and is handled by a trustee.
In addition to the monthly mortgage payments, timeshare owners are usually responsible for maintenance fees, special assessments, utilities, and taxes. These are often referred to as “assessments”. If you fall behind in any payments of these assessments or your monthly mortgage payments, you will face foreclosure. That will severely affect your credit rating in all areas of your life.
In Arizona, a timeshare owners’ association may conduct a nonjudicial foreclosure if the timeshare owner has not paid their assessments or mortgage payments for a period of one year. The timeshare owner has 30 days to fix the delinquency. If the delinquency is not fixed within 30 days, the association can ask the trustee to proceed with foreclosure.
WHAT OPTIONS DO I HAVE?
If you own a timeshare in Arizona and want to get out of the financial commitment but are past the seven calendar days, we can help! At FASTESTEXIT.COM, we can have your timeshare canceled legally, immediately halting all payments, without affecting your credit rating. FASTESTEXIT.COM has a proven track record and we guarantee our services. Contact us today at www.fastestexit.com and get rid of your timeshare debt forever!