default, foreclosure?

[nance]

What is the name of your state? NJ. I live in NY but was persuaded by a high pressured salesperson, who lied about some facts to buy a deeded timeshare in Atlantic City NJ. I had 7 days to cancell but i took 8 days called them and i started to get the run around. Not only did they lie to us about several things but we absolutly can not afford to pay for this. I wrote them two letters and spoke with them via way of telephone and they denied our request. As of now we only payed our down payment of $2,200.00. First payment due 1/19/06 what happens if we don't make any other payments?

[Ohiogal]

Originally Posted by nance

What is the name of your state? NJ. I live in NY but was persuaded by a high pressured salesperson, who lied about some facts to buy a deeded timeshare in Atlantic City NJ. I had 7 days to cancell but i took 8 days called them and i started to get the run around. Not only did they lie to us about several things but we absolutly can not afford to pay for this. I wrote them two letters and spoke with them via way of telephone and they denied our request. As of now we only payed our down payment of $2,200.00. First payment due 1/19/06 what happens if we don't make any other payments?

Well your credit takes a hit. Foreclosure maybe. You may find your wages garnished or a lien placed against your bank accounts if your timeshare can be sold to someone else at a loss -- if at all. Yep. Why do people sign up for things they can't afford?