Hi Guys,
My family and I were in Virginia Beach, VA yesterday and were invited to a time share seminar by Ocean Front, Gold Key Resorts. Anyway, we gave in when they worked down a cheaper price and never told us anything about a loan. When wrapping the process up we completed lots of papers at rapid speed, the representative basically telling us what he thought we should know about each form, anyway one of the forms was a loan application which i noticed and outright asked if they were going to take a loan out on us which he firmly assured me they were not and they were only for filing purposed, naive of us i know but we trusted him. Now i get home and read that there is a semi hi interest rate attached so THERE MUST HAVE BEEN A LOAN DONE. Some of the paperwork we initialed made us sign off, without realizing it, that we understood everything when we signed. It was done yesterday, how many days to GET OUT AND HOW???????? HELP!!!!
2007-09-03 15:44:37 · 5 answers · asked by Hilary B 2 in Business & Finance ➔ Renting & Real Estate
Any timeshare purchase is considered a REAL ESTATE transaction in every state. Under the laws in every state, you have a THREE BUSINESS DAY right of recission--in other words, you have the RIGHT TO CANCEL the contract and owe nothing. Business days are Monday through Friday, NOT including legal holidays. If you bought this (for example) on Friday, August 31, 2007, you have the weekend, plus Labor Day, and Tuesday, Wednesday, and Thursday to WITHDRAW from your contract at NO PENALTY to you. You MUST notify the seller IN WRITING of your decision. Review your paperwork--somewhere in there is a document giving the name and address where your notice must be sent to back out of the deal. Make sure to keep a copy for yourself of what was sent, and send the notice CERTIFIED MAIL, RETURN RECEIPT REQUESTED at any Post Office counter. It is the date of MAILING that counts in this case, not when they get it. Demand in your letter a FULL REFUND of any downpayment and a CONFIRMED CANCELLATION of any mortgage note. Hope that helps.
2007-09-03 15:56:32 · answer #1 · answered by Mike 7 · 2⤊ 0⤋
sorry for what your going thru, timeshare is one of the biggest rip-offs out there..i wish more people would relize this..help get the word out..i have been for years..it's a scam as far as i'm concerned..they try to make you believe that your getting this Big savings but your not..people are getting suckered in to it..i went to a seminar in myrtle beach and seen right away that it was the dumbest thing i could have ever done..good luck to you
2007-09-03 16:00:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Wow! Sorry to hear that... Based on my past experience w/ loans, I think you have a "window of time to back out" perhaps 3 days. Although I am not sure, please consult an attorney or a fiancial advisor. I wish you luck and hope that all turns out in your favor.
2007-09-03 16:05:29 · answer #3 · answered by Alexa 2 · 0⤊ 0⤋
did he at least kiss you on the way out == look i would like to have a dollar for every time i told folks to read the find print == but they just keep blindly plugging along and get in trouble == yes call and gripe ***** and do what ever is necessary and i really hope you succeed -- but also be prepared to have serious fight on you hands!!!
2007-09-03 15:58:03 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
damn. these guys are shady. contact the timeshare company see if you can get it undone ASAP. If that doesnt work I would contact the BBB or consumer affairs in your area.
2007-09-03 15:52:51 · answer #5 · answered by D. J 2 · 0⤊ 0⤋