Consumer Protection Law
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Hi! LegalGems here. I have extensive consumer law experience and will use this to assist you with your issue today. What state is this in regards to?
And what would the basis for attempting to cancel the contract?
We're in New Mexico, but the company is Westgate in Nevada
And where was the contract signed (if physical signing)?
I'm not sure we have a basis, but they're trying to renegotiate a new, lower payment contract that goes on for years.
Signed in NV
I'd just like her to get out of it somehow so her not so good credit doesn't negatively impact me....
If they are trying to renegotiate, you would not need to consent to that. Are they refusing to honor the original contract, or do you just want out, so to speak?
I'd like her out of it.
Let me see if I can find anything. Some states have very extensive consumer protection laws. Generally you need some kind of justifiable reason however.
We're in no hurry, I'm just starting to look into this.
There is something called an WDIL Warranty Deed in Leiu of Foreclosure that sounds interesting.
OK. I'll be a few minutes. Do you know why they are trying to renegotiate? Just to lock her in for longer? And are they still willing to honor the terms of the original contract?
I see. I think I get where you are coming from.
You may want to have her look into donating it to charity. Then she will at least have a write off, versus walking away with nothing. There are certain organizations that will take timeshares.
They are adhering to everything. She was trying to renegotiate a smaller monthly payment, this is the plan they came up with. It's horrific.
Listen, my goal is credit report protection, period. The money is gone, I just want her extricated from these guys without a foreclosure on her credit
Did you see my above post about charity?
I did, and it sounds fine, but will it get us away from Westgate without major credit dings?
We don't want any money
Yes, as the charity takes over the obligations. Most people aren't aware of this option, and favor it because of the tax write off.
So the charity pays Westgate?
1) no credit badness
2) we don't need a writeoff or money
As long as the charity is willing to assume it and the timeshare permits it, yes. It depends on the value of the timeshare.
Is there a plan B?
another option to get out?
let me check one option - not sure if its applicable to timeshares.
it sounds like they won't take it if they can't sell it, and I'm unsure if it's sellable....I have to assume not....
You can try a quit claim deed to the timeshare company. It is within their discretion to accept it (keeping in mind that they can then resell it for 100% profit) and doesn't negatively affect a credit rating like a DILF.
what's a DILF
Deed in Lieu of Foreclosure -(sorry!)
Do you know what filing a DILF will do on a credit report? Will is show a foreclosure?
No, it shows as the actual "deed in lieu of foreclosure" and it generally affects the score by 80-150 points so it is substantial - that's why the quitclaim deed, if accepted, would be preferred as this simply transfers any ownership interest back to the company.
Got it. I have lot more info than when I started. Thanks!