Q: Is it true that failing to pay down payment on a timeshare loan will kill the contract?
I was advised by an attorney that if down payment was not paid to the timeshare company or developer, my contract would become a "dead deal" and my credit would be unharmed. The property is located in Nevada. I was made aware by this attorney that the company will attempt to intimidate me, and to remain calm. I received correspondence from the Florida-based company stating that they have rights that include, but are not limited to: a) the right to declare contract cancelled, b) Retain any and all deposits made by me (I have paid nothing), and c) enforce the Promissory Note (which my partner and I have signed). Your thoughts? Can they sue me or put this into collections?
A: This may be a moot point given the time that has passed since you asked this question, but I've seen it both ways. Resorts are increasingly reporting delinquencies to the credit bureaus. Was this your case? I'm interested in knowing.
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