Please help [we bought] HGV and [we were scammed]

[Maeris]

I believe i this is all i could find regarding payment and loan . Is anyone could help me translate this meaning to be easier english or any suggestions. Should i also terminate the loan ?

 

[iftravel]

oh no think you signed a loan doc, and worse it's a loan from an affliated company of HGV. If it's from a thrid party bank, they are slightly on your side because they don't want you to default on the loan immediately (so they might let you cancel). if it's from an affiliated company of the developer, they don't care if you don't pay. it costs nothing to them anyway. Still try to contact them and cancel the loan before closing! if it's closed, it's done and effective as the first page says!

 

[dioxide45]

would be curious to know how a letter stating you intend to "not follow through with closing" would work out even if it had not yet closed? I dont believe any additional communication or signatures are required for that vs what was already in the signed contract? Would the resort even act on such a letter or just keep on keepin on with completing the transaction per the signed contract?

suppose the actual date of closing would come up if it actually got to mediation or similar but id not expect something like that to get that far TBH.

now you have me curious as to the usual timeframe for resorts to "officially close" after the contract is signed at the sales presentation.

That's my thoughts. I wouldn't think a developer would let you out the door without having everything signed that they need signed in order to fully consummate the transaction. Closing is really just the developer signing the deeded interest over to the buyer. I wouldn't expect the developer to be coming back to the buyer for more signatures at closing. That would torpedo a lot more deals than right to cancel does.

 

[dioxide45]

oh no think you signed a loan doc, and worse it's a loan from an affliated company of HGV. If it's from a thrid party bank, they are slightly on your side because they don't want you to default on the loan immediately (so they might let you cancel). if it's from an affiliated company of the developer, they don't care if you don't pay. it costs nothing to them anyway. Still try to contact them and cancel the loan before closing! if it's closed, it's done and effective as the first page says!

It won't be from a third party bank. Timeshare developers mainly do developer/seller financing. In fact the note indicates that the creditor is US Collection Development LLC. AKA Diamond Resorts US Collection/Trust.