How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tina Your Own Question
Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
4460311
Type Your Real Estate Law Question Here...
Tina is online now
A new question is answered every 9 seconds

My husband and I were pressured to buy a timeshare in las

Customer Question

my husband and I were pressured to buy a timeshare in las vegas. we thought we would be able to pay for it and we did for the first few years. the first time we took a vacation we had to attaend an owner presentation where they told us the contract we had was changed and we had to sign a new agreement. we didn't want to but they would not let us leave until we did. our financial situation changed and we could no longer afford the timeshare.we asked t o give the timeshare back to them but they refused. now we have received a notice of foreclosure. what is the impact of this to us? is there anything we can do?
JA: Since laws vary from place to place, what state is this in? And has any paperwork been filed?
Customer: the timeshare is in the state of Nevada. it seems paperwork has been filed notice of default and election to sell under deed of trust
JA: Has any paperwork been filed?
Customer: I received a notice of default and election to sell under deed of trust
JA: Anything else you want the lawyer to know before I connect you?
Customer: what does this mean to us
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 8 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  RealEstateAnswer replied 8 months ago.

Good morning. What resort is this with? Also, have you recently contacted them and spoke with them about this? I know you shared that you ask them to take it back in the past, so I am curious how long ago this was and if it was prior to the default

Customer: replied 8 months ago.
Eldorado Resorts. No we have not contacted them. We were in default and agreed to pay what was owed so they could take it back. We made the payment but they said they couldn't take it back.
Customer: replied 8 months ago.
This was a few years ago
Expert:  RealEstateAnswer replied 8 months ago.

Thank you for the reply and lease allow me a moment

Expert:  RealEstateAnswer replied 8 months ago.

At this time, if the timeshare subject to being foreclosed on, you can speak with the loss mitigation department for the resort and see if they would agreed to accept a deed in lieu of foreclosure. This way, they do not have to go through the actual foreclosure process and can save the money, time and effort and get the property back, with the same result. In addition, if you reside in Canada and this is in the States, they may not want to deal with having to serve you and find you, since you reside out of the country.

Expert:  RealEstateAnswer replied 8 months ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

Related Real Estate Law Questions