Facts On a Timeshare Rescission Letter

When people buy timeshare sales they imagine that their lives are going to be filled happiness and joy. Unfortunately, that is not always the case as sometimes timeshare situations can get ugly really quickly. As a result, it is important for people to make sure they have a timeshare lawyer on their side to help them properly craft a timeshare rescission letter.

The United States Shared Vacation Ownership Consolidated Owners Report is a report that comes out annually and reveals information about the people that own timeshare houses for instance. In the year of 2016, this report revealed that just about 7% of all households own one or more types of a shared vacation ownership product. This seems incredibly small at first, however, this does equate to 9.2 million people.

Right now just about 3% of all United States households own a timeshare. Anyone that owns a timeshare needs to make sure they know everything about timeshare resales, timeshare valuation, or at least talented timeshare lawyers to help them. Things can sour quickly resulting in the crafting of a solid timeshare rescission letter.

A timeshare rescission letter basically means that the person who has purchased the timeshare portion wants to rescind and cancel their transactions. This can happen often and people seem unhappy with their timeshares more often than not. There are plenty of reasons as to why someone will want to craft and put together a timeshare rescission letter.

There are a total of 1,547 timeshare resorts in the country. The average age of timeshare owners in the United States is 46 years old. Since they are older in age more often than not, people that buy these types of things have the right people around them to help write a solid timeshare rescission letter.

As of right now, the timeshare industry is a 70 billion dollar industry. Furthermore, the average price of a new timeshare is $20,040. So this price could be one of the common reasons why people want to write a timeshare rescission letter to get out of their timeshare situation.

In a 2016 survey, 66% of timeshare owners cited too high maintenance fees as a reason for wanting to get out of their timeshare contract. Nearly half, just about 46%, identified maintenance fees as their most important reason for leaving. So once these timeshares become pricy and obnoxious, a consumer will want to put together a timeshare rescission letter to help get out of their timeshare scenario and to stay on the safe legal side of this situation.

Financial hardship is one reason people want to write a timeshare rescission letter to get out of their timeshare portion. An industry study has revealed that 56% of reclaimed timeshares, which are properties that revert to the developer, stem from foreclosure. So make sure you know how to put together a well-written timeshare rescission letter if you want out of your contract situation. If not, you may face serious legal repercussions and that is the worse case scenario.

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