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Do you currently own one or more shared vacation ownership products, or timeshares? If so, you’re not alone. The 2016 U.S. Shared Vacation Ownership Consolidated Owners Report indicated that 9.2 million households own one or more of these products. Currently, there are 1,547 timeshare resorts located in the United States alone. Since the average price of a new timeshare is $20,040.00, it’s not surprising that this is a $70 billion industry.

Many people that own one or more timeshares discover that they want to be released from their contracts. While there are several reasons for this, a 2016 survey showed that 66% of the participants stated that the maintenance fees were “too high.” While some of these timeshare owners may have continued to pay these high fees despite their claims, 46% of the participants indicated that this was their “most important” reason for wanting to get out of their timeshares.

Maintenance fees alone can potentially cause financial hardship for some timeshare owners, particularly when they increase on a regular basis. In addition to this, some timeshare owners may be experiencing other types of financial hardship, which is another reason why many individuals no longer want or can afford their timeshare.

In some instances, timeshare owners may be foreclosed upon when they can no longer make their payments. Foreclosures account for 56% of reclaimed timeshares, according to an industry study conducted by Ernst and Young. This means that the timeshare properties are returned to the developer. When this occurs, timeshare owners may be released from their contracts, but they will have a foreclosure listed on their financial records. This may lead to other ramifications, such as a lowered credit score.

If you’ve attempted to cancel your timeshare, you may have noticed that canceling a timeshare can be a daunting task. Furthermore, if you’ve also attempted to sell your timeshare to no avail, this, too, can be challenging. This is why it makes sense to work with a timeshare cancellation lawyer in order to obtain a contract release. Since timeshare lawyers have experience within this area of the law, they are able to guide and assist you through the process of legally canceling a timeshare contract.