You have to hand it to those timeshare salespeople; they really know how to sell it. If you recently got roped into a long-term contract for a timeshare and then realized after the fact that there was no way you could keep up with the monthly payments, or even use the timeshare property, there is a way out. It may not be in the timeshare contract, but you can still hire a timeshare lawyer and extradite yourself from this mess.
Timing Is Everything
Most states have a "cooling off" period when you buy a timeshare. It can be as little as three days or as much as two weeks. However, you have to go by the cooling off period in the state in which the timeshare property resides, and not by the state in which you live. Make sure you know how much time you have before you can cancel the contract. If you cancel it on time and according to that state's regulations, and the timeshare company still says you owe payments, your lawyer can sue.
Purchase under a Mental Defect or Disease
Pressuring people who are unable to say no because they have cognitive impairments, mental disorders, mental diseases, or defects is, at the very least, an unethical sale. In many states, it is also an illegal sale. If you have dementia, Alzheimer's, mild to moderate mental retardation, schizophrenia, bipolar depression, etc., and you bought a timeshare under these conditions, you can get out of the contract. Your lawyer would have to argue that you are not in full capacity of your own faculties, but such reasons are allowed by law.
You Were Not Notified of Method or Timing of Payment and Repercussions in the Contract
While it is true that you should always read a contract before signing it, the seller still has an obligation to point out the payment schedule, methods of payment, and repercussions if payments are missed. Failing to do so, and/or preventing you from reading the contract in its entirety prior to getting you to sign it, is illegal. If a pressured sale included these above tactics, you can sue and get your contract cancelled.
You Were Not Supplied with Receipts, Bill of Sale, or a Copy of the Contract
By law, any major purchase you make should result in a bill of sale, a signed contract, a copy of same contract, and possibly some receipts for payments already made. If you were not supplied with any of these at the time you were coerced into buying a timeshare, and/or you did not receive them within seven days of buying the timeshare, that is also illegal. You are entitled to your money back and the cancellation of the contract.