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CALawyer
CALawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 1655
Experience:  Practicing Real Estate Attorney
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How can you legally terminate a timeshare purchase that is ...

Customer Question

How can you legally terminate a timeshare purchase that is currently 40 days past due ?
I lost my job and cannot afford to pay the monthly payments of $362.00 plus maintainace fees of $600.00 per year.I do not wish to hurt my credit if I can terminate this contract without paying any additional money. I am willing to forfeit what has already been paid!
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  CALawyer replied 6 years ago.
You will have to look at your purchase agreement to determine what the cancellation procedures are.

Some timeshare purchase agreements provide for cancellation via specified methods in certain situations. Others do not.

If cancellation is not provided for in your purchase agreement, the most effective way to terminate your agreement would be to sell the time share. You should be able to contact the time share company to determine the procedures for such a sale and whether they might have prospective buyers. If they don't have prospective buyers, it would be up to you to sell it.

If this information was helpful, please click ACCEPT to give me credit for answering.
CALawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 1655
Experience: Practicing Real Estate Attorney
CALawyer and 11 other Real Estate Law Specialists are ready to help you
Customer: replied 6 years ago.
Hi   You answered the obvious....I was looking for something more.... such as a protection law that exists or a legal right to terminate without recourse from the timeshare that would protect me as an unhappy buyer.... I have been in a rather heated dispute and had hoped there is some remedy without major legal complications with a hostile timeshare co. My timeshare Tahiti Village is in Las Vegas Nv and I reside in Pennsylvania. The geography of the matter can and probably will make this matter very expensive...Do I have a right to terminate under any legal statue (Timeshare says No!!)I can't believe there isn't some kind of consumeer protection availabe to me ??? That is a more detailed question...I am accepting your answer and paying as requested... I hope you would perhaps reconsider a different method to resovle this matter!!!   Thank you
Expert:  CALawyer replied 6 years ago.
There have been a few class action lawsuits arising out of timeshare sales arrangements.
How did you purchase the timeshare? Were you pressured into purchasing it at an event?


I don't believe there is any statutory protection.
Expert:  CALawyer replied 6 years ago.
By the way... don't accept the answer if you're not completely satisfied.

Why don't you give me the following information and I will see what I can come up with:


Was your financial situation such that you couldn't purchase the timeshare before you bought it?

Were you coerced into purchasing it?

What is the interest rate on your loan?

Who is the lender, or do you pay the timeshare company directly?
Customer: replied 6 years ago.
Reply to CALawyer's Post: Thank you !!!! Yes I attended an event with about 2 dozen other parties and yes I was pressured.. No time to think about my decision needed to be immediate as well as promoted with phony trips as a gift!! I made a bad decision and have regretted it ever since !!!
Expert:  CALawyer replied 6 years ago.
It will take me a little while (an hour or so) but I will get back to you with a class action lawsuit that occured in California. It may, at very least, give you some leverage. I will also see if I can find any similar cases in your state.
Customer: replied 6 years ago.
Reply to CALawyer's Post: Thank you!!!I am going to accept your answer whether you reply any more or not...I was capable of buying this timeshare at the time !! I worked for a medical company(Dade Behring)at the time my income was very sufficent for my lifestyle and I could afford the purchase ... since that time Dade-Behring sold to Siemans and my job as well as several others with the same position in the company ..lost our jobs... our positions where out sourced to a company named MTA in Michigan.. It was at that time (October of 2007)that I chose to terminate my timeshare because my income had been reduced by over 50% of what I was making...I have also had some major lifestyle changes... my mother passed away and I incurred the majority of the related funeral expenses ... after a month in the hospital from pneumonia..my father now lives in an assisted living center swallowing 20+ pills a day ...most have been covered by some sort of health care programs buy I still pay the deductibles and excess expenses related to his just staying alive!I have lost more in the last six months than I saved in the last 40 years and the possibly of serious credit problems related to the timeshare is doing damage to my spirit... I had enough cash in the stock market to pay for my timeshare I am getting ready to retire and on advise from a tax person I took the mortage( paid to Concord Services @19%int payable in full at any time without a prepayment penalty) that was offered to me instead of paying a huge tax penalty and should have been better off...I am Not better off!!! All I want at this point is to be free of this timeshare... most everything else in my life is managable    Thank you for any and all of your advise!! Glenn
Expert:  CALawyer replied 6 years ago.

http://en.allexperts.com/q/Time-Shares-1843/Tahiti-Village-Consolidated-Resorts-1.htm

You might try writing the person that wrote the above post and seeing what his qualifications/recomendations are.

There also may be pending class action litigation regarding Tahiti Village:

http://www.reviewjournal.com/lvrj_home/2004/Jul-11-Sun-2004/business/24229596.html

Here are some links for case information involving Tahiti Village's parent company. You will have to contact the court to find out what actually happened.

http://courtgate.coca.co.clark.nv.us/DistrictCourt/asp/CaseNoEdit.asp?CaseNo=01A443298

 

http://courtgate.coca.co.clark.nv.us/DistrictCourt/asp/CaseNoEdit.asp?CaseNo=07A539786

 

http://courtgate.coca.co.clark.nv.us/DistrictCourt/asp/CaseNoEdit.asp?CaseNo=02A459027

 

Finally... Here is a pretty well laid out list of various time sharing cases and scams... Maybe you can look into the cases to see if any applies to your particular situation.

http://www.classactionlitigation.com/library/TIMESHARING.htm

Expert:  CALawyer replied 6 years ago.

Another thing I want to make clear is... there are certain legal grounds to rescind a contract.

The primary ground for rescission is fraud. If they fraudulently induced you to buy the contract with misrepresentations about the resaleability, terms, the property itself, the value, etc., then there would be a case to get out of the contract.

Another ground, which is less likely to win is that of mistake. If you were mistaken about the nature of the contract or some material aspect or other fact and that may be a ground for rescission. This argument typically only wins if the other party knew of your mistaken impression and took advantage of it.

 

Other than that, good luck!

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