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Sent new contract with different week - help!

camiam

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We purchased a time share at Massanutten Woodbridge while on a tour for $8K, week 2 (during ski season & MLK school holiday) and the company agreed to do a promissory note for our downpayment giving us from Nov to March to pay the full down payment. Hubby lost job, didn't make any payments until Jan when paid whole down payment off (prior to March deadline). They took payment over phone, then called back to say our week had already been sold since we didn't make any payment for 60 days, but they could give us an alternative week during Easter break. Now, they've sent brand new contract, deed, all paperwork for us to re-sign for new week. What is our obligation to sign new paperwork? Are we in a new rescind period since we are signing a new deed? Due to all the changes/change in week/ we're having 2nd thoughts and wanting to know if we can now cancel since what we signed said week 2 not 14?
 

DeniseM

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Do NOT sign it. You dodged a bullet.

It doesn't sound like you are in any position to buy a timeshare right now, and when you are, you can buy on the resale market for pennies on the dollar.
 

dioxide45

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I would send them a revision letter and see what happens. They have your down payment, so they should refund that. It is possible that they may balk at it and try to hold you to your initial contract. Stand firm and you should prevail. Though, I am not offering legal advice and my advice may be worth what you are paying for it ;)
 

vacationhopeful

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Not a Lawyer ...

Write a demand letter requesting YOUR FULL DEPOSIT to be returned immediately (within 10 days) as they can not provide the Week/Unit you brought.

Refuse to sign ANYTHING ... they are the ones who DID NOT PERFORM.

That is a TOTALLY new deal which is WHY they need your signature agreeing to it. There is NO contract .. hence, no rescind period of time. They did NOT perform for the week and unit YOU DID sign for.

And do NOT accept less than 100% of your deposit back ... they offered you a partial payment, you paid, they accepted your payment and now, they don't have the "goods".

Good luck ... might need a lawyer to write a 2nd letter if they do NOT pay back your monies.

AND stop talking to them (as that is WHY caller-id exists). It was not a good deal.
 

tschwa2

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The only problem that I see with what others posted is they are likely to be able to find another week 2 without that much difficulty.

Also was it a no interest loan, with minimum payments due and if the entire amount wasn't paid off by the grace period then the principle plus interest would be due? If that is the case then it was you that defaulted by not making at least the minimum payment.

How much was the down payment?
 

Harry

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...

Also was it a no interest loan, with minimum payments due and if the entire amount wasn't paid off by the grace period then the principle plus interest would be due? If that is the case then it was you that defaulted by not making at least the minimum payment...

Correct. This is an essential fact. It appears from OP that this may be the case.
The new April agreement is non-obligatory.

Harry

(The foregoing should not be considered legal advice since this poster may not be licensed to practice law in jurisdictions referred).
 

camiam

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loan

It wasn't really a loan so much as it was a payment plan for our down payment. There was no interest to be charged regardless. It was to split our down payment up into smaller payments.
my question really is why would we have to re-sign all the documents again and if we do, doesn't that give us a new rescind period?
 

camiam

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The only problem that I see with what others posted is they are likely to be able to find another week 2 without that much difficulty.

Also was it a no interest loan, with minimum payments due and if the entire amount wasn't paid off by the grace period then the principle plus interest would be due? If that is the case then it was you that defaulted by not making at least the minimum payment.

How much was the down payment?

No, interest would be added regardless. They told us none of the contract was even valid until that down payment had been completed and we could pay any amount we wanted as long as it was paid in full by march.
 

tschwa2

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It doesn't matter what they told you. It matters what the contract says. You need to take a very close look at both the TS contract and the small print on the loan.
 
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