Anyone that is dealing with a timeshare problem is probably looking to the help of a lawyer to get out of their timeshare. In every situation, this generally leads to the creation of a timeshare rescission letter, which is a cancellation letter. However, crafting and writing this letter is not as easy as you may think.
Across the United States, nearly 25% of all timeshare properties exist within Florida. This is because timeshare properties are often used as a vacation residence in a nice area, like Florida. After all, this is a state right by the ocean that is warm, lovely, and features plenty of beaches.
Recent data, numbers, and stats point to the fact that the timeshare industry is currently a $70 billion.
Financial Hardship Can Lead To A Timeshare Rescission Letter
One of the number one reasons why people want out of a timeshare comes from financial hardship. This is quite common, especially considering the fact that the economy is not at the heights as once before. Ernst and Young revealed that just about 56% of reclaimed timeshares come from foreclosure. Well, foreclosure only happens with payments are not made and that can be defined as financial hardships.
Another big reason for crafting a timeshare rescission letter comes from maintenance issues. According to a survey from 2016, nearly 66% of all timeshare owners stated that the maintenance fees were overwhelming. as a result, the inability to pay these costly maintenance fees will lead to them wanting out of their contract. As a matter of fact, almost 46% specifically mentioned said fees as their main reason for leaving!
Timeshares Are Becoming Less And Less Popular Over The Years
As people begin to be smart, efficient, and cost-effective with their money, timeshares are no longer as popular as before. As a result, selling a timeshare is hard and timeshare sales are really rough. There are more and more people trying to cancel a timeshare than ever before simply because they cannot afford it. With this in mind, it is easy to understand why fewer Americans want to invest in this type of property.
A recent study has revealed that the average price for a brand new timeshare is just about $20,000. Therefore, it is not hard to understand why fewer people want to get in on this type of property. Furthermore, it is even easier to understand why some people want a timeshare rescission letter to get out of this type of situation.
A recent survey was conducted to determine how many Americans own a timeshare. Only 3% of all households currently own a timeshare, which is really bleak and really low. Also, across the country, there are only a total of nearly 1,547 timeshare resorts. Therefore, it is wise for people to truly evaluate their situation before they end up needing to write a timeshare rescission letter to cancel timeshare.
Across the United States, the average age of timeshare owners is around 46 years old. Also, only 7% of all United States households own one or more types of shared vacation property. This information comes directly from the United States Shared Vacation Ownership Consolidated Owners Report conducted in 2016. Make sure that you really want to get involved with a timeshare before making a decision that you may regret.
Closing Words On Timeshare Rescission Letter
Every single year, people ask timeshare lawyers or a timeshare cancellation lawyer to help create a timeshare rescission letter. These letters are the only way to get out of a timeshare and the process involves is incredibly complicated. As a result, it is wise to get the help of someone that truly understands all of the laws surrounding timeshares.