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TS owner in desperate need of advise. Please (by Marty F):

richardd234 wrote:

Hi There

My wife and I purchased a 2bedroom lock-off for annual use at Planet Hollywood Towers by Westgate in Las Vegas. It was purchased in September 07 and was financed through the developer. it was purchased for, wait for it......$44,000.00! with a deposit of $5,500.00 ($38,000 financed). We live in the UK and are not familiar with the timeshare process or the US Real Estate Market. The problem is that we now have financial difficulties at home and can no longer afford the payments. I have tried to sell (like many others and have avoided the up-front fee companies like the plague!) but with no sucess as the resale figure, as can be expected, is much lower (circa $7,000.00). Please can someone advise me on the legal issues if I default and make no further payments on my mortgage? Is it a simple case of default and they will reposes the TS and that is the end of the matter? Or is there other issues that I should still be aware of? Can they chase me in the UK for further monies? Will I end up in court? I am happy (to a degree) to loose the funds already paid so long as I don't have to make any more payments and learn from my mistakes! PLEASE GIVE ANY ADVISE YOU CAN IT WILL BE MUCH APPRECIATED.

You might try selling or renting your timeshare here on RedWeek.com.

Best of luck!

Marty