Buying, Renting, and Selling Timeshares

New time share owner - want out!

Aug 05, 2008

gwendolynl2 states / asks in relevant part: >> So we are behind on payments and we have tried to call and talk to them, but all they want is money. So my question is what would happen if we just didn't pay it anymore? <<

Your post indicates (by the words "behind on payments") that you apparently financed the timeshare. If that's the case and you stop making loan payments you will, in essence, be defaulting on a loan. In such an event, interest will continue to accrue, increasing the payoff amount due. Depending on the loan source, the first thing likley to happen thereafter is that the matter would get turned over to a collection agency, which will then likely hound you day and night for payment. Depending on applicable state laws, liens could also be filed against other assets which you may own in the same name(s) as those appearing on the loan (e.g., house, boat, car, etc.). Defaulting on a loan will result in a "black mark" entry on the credit report(s) of any and all names appearing on the defaulted loan.

I know it's much easier said than done, but if you are young, finding a way to pay off the loan and then selling the week off, at whatever loss you have to sustain and moving on all the wiser, is certainly better than having a defaulted loan record hound your credit report for many years to come. ================================================

Re: >>We put it up for sale with "land ahoy" properties.<<

Bad move, as you now know. I believe these parasites have sufficiently crossed the line to since be put completely out of business --- and they may even manage to be prosecuted. That doesn't (and won't in the future) help you or your situation at all, however; color that money GONE. The unfortunate truth is that you can't often sell any timeshare which has attached debt --- there are just too many other timeshares available which are owned free and clear for buyers to want to touch one with debt attached (particularly when the debt may well exceed the resale market value of the week (almost certainly the case for ANY Westgate property).

Don't shoot the messenger --- I'm just answering your posted question. I wish I had better news for you...


KC

Last edited by ken1193 on Aug 05, 2008 03:07 PM

Aug 05, 2008

Ha! Yeah well, you live and you learn I guess! Thanks!


Gwendolyn L.
Aug 11, 2008

cathyv37 wrote:
Finally was able to speak with someone today and they claim they never received the opt out letter. The person I spoke with yesterday said they did. Who in the heck do you believe. So off I went to the UPS store to fax it to them again. What I am going to do is close my accounts at my credit union and start all over with new account numbers etc. This will be a pain in the ass since I will have to notify so many companies that I allow to debit payments every month. Oh well, at least they cannot access my account after this is done. I don't think this problem will go away unless I do. As far as recouping my 289.00 and 213.29 I doubt I ever will. Had to learn a lesson the hard way.

Just a note to anyone going to Orlando, DO NOT BUY A TIMESHARE!!!!!!!!!

Thanks everyone for your help.

HJV

I'm so sorry to hear of your troubles with Westgate. We recently purchased from them at Smoky MTN resort. We were barely out of the closing process when red flags went up all over the place. Our closing documents stated things entirely different than what we were told in person. The problem is, we were locked into the closing documents...not what was said to us, and certainly not to what they had jotted down on paper during their presentation. I immediately combed through the huge case of documents we were given. I found a photocopied document that had tiny (and smudged) print that was barely legible. After further investigation, I ended up finding 4 different addresses to send my rescission letter. I checked out the first one on USPS.com and found out that it was NOT a valid address. I then contacted the Tennessee Real Estate Commission by e-mail. They told me that I had 10 days to rescind, then Westgate has 30 days to refund my deposit money. I sent the rescission letter to one of the valid addresses, and kept all copies and date stamps from the post office as well as the postcard I got back once it was received by Westgate. The letter was sent by certified mail with return receipt requested. My advice to you is to check with the real estate commission in the state where you purchased the timeshare. You should be able to get your down payment back, but the real estate commission could advise you as to wether or not you can be compensated for the funds withdrawn from your bank. I found the Tennesse REC to be most helpful! I feel pretty stupid for the fact that I hadn't actually read every closing document I signed, but we were there with young children, and had been there in excess of 5 hours be then. BUYERS BEWARE! You will only receive what you have in writing-so read e-v-e-r-y-t-h-i-n-g before signing. Also, know your rights about timeshares BEFORE you go in.


Krystal W.
Aug 12, 2008

ken, thankyou very very much. We actually just worked out a good payment plan with them. They were very understanding and pliable. Appreciate your wisdom!


Gwendolyn L.

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