Donating Refinancing or Cancelling Your Timeshare– Which Option is Best
After years of vacationing at the family timeshare, you’ve decided it’s time to get rid of it. Life changed, and you cannot travel as often as you used to and can no longer afford to pay the ever-increasing fees. So, what should you do with your timeshare? Donating, refinancing, or canceling your timeshare- which option is best? Fill out the short quiz below to see if you qualify for Linx Legal’s timeshare exit program.
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Donating Your Timeshare
What are your goals? If your goal is to make money while gaining a hefty tax credit, it will rarely make sense to donate a timeshare week. According to federal law, you can deduct a non-cash charity donation from your tax return if you itemize your taxes. Moreover, a right-to-use timeshare doesn’t qualify for this type of tax deduction. Only a deeded timeshare property is eligible. The deduction is equal to the timeshare’s fair market value.
Steps to Donate Timeshare
- Firstly, you must first determine the Fair Market Value of the timeshare. Understand that timeshares, even Club Wyndham and Hilton Grand Vacations, depreciate rapidly and immediately upon purchase.
- Secondly, you’ll need to hire an appraiser to prove the value of your deed. Get everything in writing, including a document stating the appraiser will testify to its value’s correctness. Insurance appraisals are not acceptable. An IRS acceptable appraisal list is public. By law, these are the only appraisers who can evaluate your timeshare.
- Lastly, your timeshare must be paid in full with the resort or resort’s lender. Also, If there is still a mortgage owed, a charity will not accept it as a gift.
The amount of paperwork needed to complete a timeshare donation is vast. This could be a lengthy process in which you will still be responsible for paying all maintenance fees, utility taxes, and other special assessments until, or if, the donation is accepted.
Refinance Your Timeshare
Are you struggling to make your mortgage or maintenance payments on your timeshare? You may have been told that refinancing is an option. A direct refinance of a timeshare rarely happens. Many people will take out a lower rate line of credit on their primary residence to pay off a timeshare. The better option is to simply cancel it completely.
Are you tired of paying your loan month after month only for all of your payments to go directly to the high-interest rate? Since there’s no equity in timeshares, refinancing will be tricky.
However, if you’re on the brink of foreclosure, refinancing may not be the best choice. Here’s why. If your lender were to foreclose your timeshare, your credit score would drop significantly.
Home Equity Loan
This type of loan could decrease your loan up to 40 points if you have enough equity in your home to qualify. The downside, your home will be at risk if you default.
- Because most banks won’t refinance a timeshare, the resale value is very low. Some companies are willing to refinance and give you slightly less payment. Beware, when that low-interest rate expires, hight interest rates become a possibility. Read your specific credit card rules and regulations.
Credit Card Balance Transfer
- If you try transferring the loan balance to a low-interest credit card, just know your interest rate could go up due to a missed payment.
- Borrowing against your 401K is never a good idea. You could jeopardize your future retirement funds.
- By the time you research and compare refinancing offers, you’ll be out months of your time. Of course, if your end goal is to get rid of your timeshare, you could forego refinancing and explore ways to offload it.
How to Cancel Your Timeshare or Vacation Club
Linx Legal is not a “resale” firm. We are an ethical timeshare exit company dedicated to getting you out of your timeshare contract, free and clear. We’re rated A+ with the Better Business Bureau. With over ten years of satisfied customers, Our team at Linx Legal knows the commitment it takes to free you from the chains that seem to bind you to your contract. In reality, it’s the only foolproof way to rid yourself of a timeshare contract legally.
Linx Legal Does It the Right Way
- Keeping you updated on your progress every week is our promise.
- We will never transfer your timeshare to some third-party, or sell your timeshare, rent your timeshare, or donate your timeshare.
- If you’re unsure of your state’s recession period, call us for advice. Do not contact the timeshare sales site or talk to the sales department. They cannot help you after you buy a timeshare; it’s out of their hands. Furthermore, the only thing the sales rep will do is try to talk you out of canceling your contract.
Linx Legal’s timeshare exit program is the only option that truly frees you from all payments and rising fees. Not to mention, it’s the fastest and easiest way to get your name off of your timeshare. When you qualify for our exit program, here’s what you can expect.
- You will no longer have payments coming out of your bank.
- You can use secondary market sites to book vacations, no strings attached.
- Mix it up! Discover new places to stay in unique resorts all over the world.
- Leave more of your money for your heirs instead of saddling them with the costly burden of timeshare ownership.
Get Out of Your Timeshare Contract For Good
At Linx Legal, we offer free consultations to discuss the best exit options for your situation. Our exit specialists will fully inform you of our services and the benefits of choosing Linx Legal. Furthermore, our true 100% money-back guarantee is pretty cool. If we aren’t able to help you out of your timeshare for some reason, you’ll get a full refund. Call to learn how to get rid of your timeshare from one of our timeshare experts. After all, knowledge is power.
- Take a few minutes to fill out this basic questionnaire
- Call us toll-free at 1-800-604-3989