Hello everyone, just discovered this fruit of knowledge BBS call TUG and my God, what revelation you guys have revealed to me! Now I need guidance ASAP if possible; Here's my situation:
I purchased a floating 2 bedroom TS with Westgate back in May 2011 located in Westgate Town Center (FL) for $25,000. $399/month. 18% interest rate. ~$800 (total including tax) maintenance fee/yr.
I thought I made a good choice (I enjoy traveling and vacationing with family and do plan on doing it very often) but after coming home from the vacation, I thought about it and did the math and realized, I made a real bad choice. Figured I'd suck it up because this is for my future kids
I wish I would have found TUG then..
Well, just this past weekend (3/11/12), I went to Las Vegas and stayed at the WG Flamingo Resort and purchased an upgrade, 4 bedroom TS every even yr for $25,000 (same price), $401/month. 14.99% interest rate (decrease from original purchase), ~$1200 (total including tax) maintenance fee every other year (save more than original purchase).
After WG employee tried wooing me an offer about 3x more expensive for a 4 bedroom upgrade, this was the offer I accepted, as this offer would seem to help me save more and at the same time get more (or so it seems???).
I realize now there is a 10 day rescinding period. This is where I hope TUG expertise comes into play. I did ask them what would happen to the first TS mortgage and the employee said the new 4 bedroom loan is the total mortgage I would pay only (although I know I should be taking these sales ppl word for grain of salt). If I rescind this new purchase, would I be able to slip through the cracks and be free from this TS as a whole? Or would I have fallen back into the previous contract (the 2 bedroom TS)? I don't want to rescind and find out I have to take back the previous contract unless I can get out of this as a whole.
HELP TUG!
I purchased a floating 2 bedroom TS with Westgate back in May 2011 located in Westgate Town Center (FL) for $25,000. $399/month. 18% interest rate. ~$800 (total including tax) maintenance fee/yr.
Well, just this past weekend (3/11/12), I went to Las Vegas and stayed at the WG Flamingo Resort and purchased an upgrade, 4 bedroom TS every even yr for $25,000 (same price), $401/month. 14.99% interest rate (decrease from original purchase), ~$1200 (total including tax) maintenance fee every other year (save more than original purchase).
After WG employee tried wooing me an offer about 3x more expensive for a 4 bedroom upgrade, this was the offer I accepted, as this offer would seem to help me save more and at the same time get more (or so it seems???).
I realize now there is a 10 day rescinding period. This is where I hope TUG expertise comes into play. I did ask them what would happen to the first TS mortgage and the employee said the new 4 bedroom loan is the total mortgage I would pay only (although I know I should be taking these sales ppl word for grain of salt). If I rescind this new purchase, would I be able to slip through the cracks and be free from this TS as a whole? Or would I have fallen back into the previous contract (the 2 bedroom TS)? I don't want to rescind and find out I have to take back the previous contract unless I can get out of this as a whole.
