I have been pressured into purchasing a timeshare, and have lost $900.00 to date. After several lies and frustrations, I am ready to walk away. I know my credit will be jacked up for a while, but thats nothing new. I am concerned that it will actually show as a mortgage foreclosure as opposed to an installment loan.
2007-09-19 06:19:37 · 4 answers · asked by bigga6523 1 in Business & Finance ➔ Credit
The grace period is up. We cannot rent out the Timeshare. Usage is much more limited than we were told, and were given extremely bad customer service at a less than desirable "new member orientation", which was really an upgrade session thinly disguised as a welcome to the community. Without going into detail, do not buy a timeshare through Silverleaf Resorts. A 30 minute tour after signing up turned into a 5 / hour hard sell to get us to shell out an additional $12,000 to upgrade to a "useful" color week that allowed us to actually use what we purchased for overnight stays. My fault for falling for it, but I feel it would be stupid to continue paying for something that we cannot use. I know my credit will be hurt, but we already have a house, two cars, and more credit cards than we can use. I know how to play the credit game if I need to make a big purchase, but I am concerned about whether or not it will show as a home foreclosure, or a default on an installment loan.
2007-09-19 07:03:09 · update #1
That's hard to answer without knowing what you signed. If the papers include a loan agreement that is secured by a lien on your timeshare property, then it is probably a mortgage. However, I'm not sure that a mortgage foreclosure is any worse than a defaulted installment loan. Both are bad and the amount in default is probably more important than the type of loan involved.
Some states regulate timeshare sales located inside the state and you could contact the agency that does this. It's usually the consumer protection division of the State Attorney General. You could at least verify the forms used comply with all state laws.
2007-09-19 07:32:12 · answer #1 · answered by AnOrdinaryGuy 5 · 0⤊ 0⤋
Timeshares tend to be pretty tough to walk away from. I'm not sure if it's an actual mortgage or not but they will hound you for that payment and whatever other fees they have.
Unless your contract gave you a specific grace period to rescind, you are stuck with that contract. And the BBB won't be of any help. They are a private organization and have absolutely no authority, even over their own members.
2007-09-19 06:42:04 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
how long ago was this. I think there is a grace period of a few days where you can change your mind.
is it a timeshare that you could rent out?
if the sales person sold it to you based on misinformation I would talk to the bbb or whatver consumer affairs agency there is in your neck of the woods.
2007-09-19 06:35:41 · answer #3 · answered by D. J 2 · 0⤊ 0⤋
It depends on what type of timeshare it is. Usually, if you can get a deed from, then it is mortgage. Need look into your contract.
2007-09-19 06:39:22 · answer #4 · answered by paobay 4 · 0⤊ 0⤋