TS owner in desperate need of advise. Please

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.

Planet Hollywood Towers is in the building stage .... definitely nowhere near completion. I don't know how Westgate would handle something like this since you bought preconstruction, but I think it would be handled the same way as any other timeshare developer purchase. I believe I read that the first tower is to be completed sometime in 2009.

My suggestion would be to talk to Westgate, but it will probably be to no avail as it's much too late to rescind (read the rescission clause in your contract), but it wouldn't hurt to give it a try. If they choose to repossess and foreclose then yes, their finance department can find you in the UK (or anywhere else in the world as the world is becoming a smaller place, especially in this time of instant communication).

If you aren't successful in getting out from under your contract (and it's doubtful that you can), you may consider renting your unit(s) to recoup some of your payments and fees. If it's a lock-off, then that would be two separate rental incomes to you. If you own in a desired time, say New Years, then that would be even better as New Years Eve is very popular in Vegas.

Good luck in your endeavor.

Another thing, it would be almost impossible to resale your lock-offs with a $38,000 balance on your contract and don't let ANY UPFRONT FEE TIMESHARE RESALE COMPANY let you think it would be easy in order to get your upfront fee .... it won't happen.

Hi Richard! I posted on your Tugg post and thought I would give you another idea to sell!

I have not used them but have heard some good things about a Lake Tahoe Timeshare resale company that also sells top name resorts too. They have listings in Hawaii and Las Vegas and state no upfront fee's so it wouldn't hurt to call.

Paradise Timeshare Resales Lake Tahoe, 800-996-2001

Good Luck ,PHIL

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

marty8084 wrote:

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

Best of luck!

Marty

Marty from my understanding his resort won't even open until mid 2009 and not taking owner reservations until 2010 so renting really not a option.

I just wonder since Richard bought a resort not even open yet if this wouldn't help him do a deed back. Really he is now paying for nothing but a promise that his resort will open in the future.

phill12 wrote:

marty8084 wrote:

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

Best of luck!

Marty

Marty from my understanding his resort won't even open until mid 2009 and not taking owner reservations until 2010 so renting really not a option.

I just wonder since Richard bought a resort not even open yet if this wouldn't help him do a deed back. Really he is now paying for nothing but a promise that his resort will open in the future.

Wow, I didn't realize that the resort was so far from being complete. You're right, there isn't anything to rent out and will be extremely difficult to recoup that kind of money that he paid for it. It does appear that we have two resale postings for this resort on RedWeek already. I don't really have any answers on how he can legally get out of this except trying to sell it. What a tough situation.

Thanks, Marty

Marty, please read my posts above dated March 13, 2008. It fully explains the situation concerning Planet Hollywood Towers.