Mark
Pride,#2Consumer Comment
Thu, August 07, 2008
I have the same problem. We were coersed in to buying a timeshare at Westgate Lakes by a smooth-talking salesman. I am now being threatened with defaulting my mortgage and turning over to a collection agency. I paid my payments every month for the first 2 years. Ater 2 years passed my financial situation changed drastically and I am unable to afford the payments. Now I have no way out. Sure, they told me they would help me downgrade to a 1-bedroom unit and all I have to do is come up with $1,000 for a down payment (mainly because I only had $800 equity after 2 years) and it will reduce my monthly payment by $150/mo. Some deal huh? I have talked to them numerous times abvout my financial situation and they will not let me out. If anyone can provide some suggestions it would be greatly appreciated. Thanks, Mark
Friendly Help
Anderson,#3Consumer Comment
Mon, July 07, 2008
It may cost you $200 but you should gain a better perspective. Check the yellow pages and ask your bank's mortgage department for the names of some lawyers. I do not know that you have a "deeded property" per se since you do not have title to a specifiec piece of real estate. Banks take a very dim view of people who walk away from a mortgaged house or who have a mortgage forclosed, but I doubt this applies to you. I think you have a glorified rental agreement. Next time, remember: Act in haste, repent in liesure. And skip the "free trips". Nothing is free because noboby can stay in business if they give away free trips.
I3r4d
Knoxville,#4Consumer Suggestion
Mon, July 07, 2008
First off - "misleading and pressuring sales" isn't a crime. Correct me if i'm wrong, but werent you the one doing the buying? I believe you should have thought about what you were signing befure you just jumped right in. Also, that "deeded piece of property" thing that apperantly doesn't mean much to you, is kind of the biggest aspect in your whole issue. Thats like buying a house and 3 years into the loan, you just tell the mortgage company to buy it back. Not happening. Its deeded through the county and state. Its a deed almost exactly like the one on a home, so it will effect your credit just as much as it would letting a home forclose. My suggestion would be to READ WHAT YOU SIGN BEFORE YOU GET ALL INK CRAZY.