I purchased a timeshare in Las Vegas through Westgate 06/15/12. I sent a letter of rescission for the timeshare on 06/18/12 evoking the Nevada law. After reading the Nevada law, its seems they have a cop out in the law. on 06/19/12, which is still within limit for regulation Z 3-day cancellation i sent a letter evoking my rescission right. Westgate claims they dont have to obey regulation Z for their financing. Does Regulation Z apply to financing due to loan assumption and modification of a timeshare? they apparently sold us a foreclosure with a loan assumption and modification. What do I do
Country relating to Question: United States
State (if USA): Texas
I sent them a Letter Evoking Nevada law NRS 119A.410 on 06/18/12
On 06/19/12 I sent them a letter evoking my right to rescind my contract based on Regulation Z 3-day rule
I have called my bank to contest the deposit charge on mt credit card.
Hello, I am a professional here to assist you. I appreciate your use of this service.
I see that you are seeking information about NV law in regards XX X right to rescind a timeshare contract when the timeshare was a resold foreclosure.
NRS 119A.170 Applicability of this chapter and chapter 645 of NRS.
1. The provisions of this chapter, except subsection 4, do not apply to:
(a) The sale of 12 or fewer time shares in a project or the sale of 12 or fewer time shares in the same subdivision;
(b) The sale or transfer of a time share by an owner who is not the developer, unless the time share is sold in the ordinary course of business of that owner;
(c) Any transfer of a time share:
(1) By deed in lieu of foreclosure;
(2) At a foreclosure sale; or
(3) By the resale of a time share that has been acquired by an association by deed in lieu of foreclosure or at a foreclosure sale;
The above section is the law.
So a timeshare resold after being acquired at a foreclosure sale is exempt from the rescission requirements unfortunately.
I am seeking the applicability of req Z to the financing
I see that you have joined me. Hello
The sales was based on alot of false misrepresentation. I am trying to cancel my financing through them and I have also called my bank to contest the charge. I am always aware that the federal government has a 3-day cooling off period.
No. There is no federal rescission period.
This is a state law matter as to timeshare regulation.
But i am invoking the cancellation of the contract based on req Z. However, I called westgate and they said they wont obey req Z
Are you speaking of the financing aspect?
I see. The contract for purchase would stand and the seller could file a civil suit.
the sales agreement i have was based on my wife getting financing
so if i cancel financing it will void the contract
I wont mind them filing civil charges because I have evidence of misrepresentation
No. Unfortunately, a contract contingent on financing requires a party to use a reasonable effot to obtain financing.
A buyer who intentionally does not seek financing would be in breach.
its is a loan assumption and modification agreement
she was decieved into signing it
I see. It is a defense to a contract if a seller misrepresented material issues or failed to disclose material issues.
Fraud in the inducement as well is a defense
yes, thats why i want to cancel my finance contract and wait for them to file civil charges because i have evidence against them
so my question is under req z, can i legally cancel the loan assumption and modification contract
within 3-day period stipulated by Regulation Z § 226.23
I appreciate your patience.
They are not exempted Here:
I saw that, thats why I am shocked when they said they wont obey req z
So, how do I approcach non-compliance of req z
I am still looking at this issue.
Federal law does require specified notice and waiver of a waiting period for a mortgage secured by a timeshare under 226.19(a) at:http://www.fdic.gov/regulations/laws/rules/6500-2340.html
what does that mean
i didnot waive my waiting period
its requires a written letter of emergency
Assumptions are covered.
So I can legally decline my financing
It appears that there is a limitation in Reg Z as to the right to cancel.
The regulation is the Truth in Lending Act, or Reg z, and has many notice and other requirements.
One of those is the right to cancel financing, but only as to certain loans.
To be more precise, that is financing secured by one's primary residence.
how does that affect timeshare
Here is a link with commentary by the agency. A timeshare loan would need to be secured by one's primary residence.
where is the link?
Reg z is a complex law with many aspects beyond the cancellation provisions.
I hope the information I provided answered your questions. In addition, I hope that you will be so kind as to leave me a positive rating for my efforts.
does that mean I cant rescind using req z
Reg Z rescissions do not apply to timeshare assumption and modification unless secured by a primary home.
meaning we are stuck with it
Please can you advise on the best line of action based on the information I provided
Well I cannot state that.
I can only provide information.
I appreiate your patience while I looked into this unique question.
It would probably be best to have an attorney review the matter in a comprehensive manner. There could be multiple basis on which to attack the contract.
These situations depend on the language in the contract.
Do you have a practice, and can you represent me outside this environment
you have been very helpful
i have a scanned copy of the agreement
Unfortunately, site terms prohibit contact outside of the site. We are limited to providing information here.
Reviewing the contract would go beyond the scope of what we can do here.
Thank you again
Wide experience in consumer rights law.
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