Posted on: 28th Mar, 2009 02:54 pm
Hello,
I recently entered into a transaction to but a timeshare with a 0% mortgage. The company did not put the unit number on any of the documents. Now it is a few months later and they are telling me that I need to amend the contract by inserting a unit number which I don't think corresponds with what we originally purchased. We are contesting the contract but they are saying we are now in default and threaten to ruin our credit. Are there any laws that protect us from a mortgage obligation where no property is listed? Any other ideas would be appreciated.
Thanks
I recently entered into a transaction to but a timeshare with a 0% mortgage. The company did not put the unit number on any of the documents. Now it is a few months later and they are telling me that I need to amend the contract by inserting a unit number which I don't think corresponds with what we originally purchased. We are contesting the contract but they are saying we are now in default and threaten to ruin our credit. Are there any laws that protect us from a mortgage obligation where no property is listed? Any other ideas would be appreciated.
Thanks
Welcome danodelia,
It is quite surprising to me that the documents don't have the unit number on it. You should definitely amend the documents so that the unit number is included on it. However, in my opinion, the contract should be the same. I guess, you have consulted an attorney in this regard. Your attorney will be best person to tell you what you need to do.
Have you really defaulted on any payments? If you have defaulted on your payments, then your credit can get ruined.
It is quite surprising to me that the documents don't have the unit number on it. You should definitely amend the documents so that the unit number is included on it. However, in my opinion, the contract should be the same. I guess, you have consulted an attorney in this regard. Your attorney will be best person to tell you what you need to do.
Have you really defaulted on any payments? If you have defaulted on your payments, then your credit can get ruined.
Adonis,
Thanks for your reply. We have cancelled the contract because it is incomplete. The developer is saying it is not complete. The fact that there is no unit number and they want to amend the contract makes the contract incomplete. What do you think?
Thanks
Thanks for your reply. We have cancelled the contract because it is incomplete. The developer is saying it is not complete. The fact that there is no unit number and they want to amend the contract makes the contract incomplete. What do you think?
Thanks
Welcome back danodelia,
Yes, as the unit number is not included in the contract, it makes the contract incomplete.
Yes, as the unit number is not included in the contract, it makes the contract incomplete.