What is the name of your state? West Virginia
I foolishly caved into sales pressure 2 years ago and signed a contract to buy a timeshare in Florida late one Saturday afternoon. My sister already owned a timeshare through this same company and told me to lie about my income so they would let me into the sales presentation. She would get extra points on her timeshare by referring a potential buyer to them. After 5 hours of high pressure sales from 2 salesmen I finally signed the contract just to get out of there. During the sales pitch they told my sister that if I signed they would pay the taxes and maintenance fees on her property for one year. They also said if I backed out during the "cooling off period" that she would not get these things paid or the extra points. I left Florida that day and kept waiting for them to call me and say they were cancelling the contract themselves, when they verified my information on the next business day (Monday) and realized I was not eligible for the sale. I had a bancruptcy disharged 8 months before signing this contract and my income was less than 1/2 of what they required to be eligible to purchase from them. I later found out that they never contacted my company to verify employment status or income. They also waited 5 weeks after I signed to run the credit check. I thought it was a federal law that any mortgage lender or other financial institute MUST get this information BEFORE a borrower is allowed to sign. This is supposed to be done to prevent the borrower from incurring more debt than they can handle (it's called the income to debt ratio). It is also supposed to help the lender by not giving a loan to someone that they are at a high risk of not collecting from. Can I sue them for causing me to incur more debt than I could handle by not following these lending procedures and get out of this contract? By the way, they only gave her a small portion of the extra points they promised and they paid less than 1/3 of her taxes and maintenance fees. She had to fight with them for 3 months to get them to honor even that much.
I foolishly caved into sales pressure 2 years ago and signed a contract to buy a timeshare in Florida late one Saturday afternoon. My sister already owned a timeshare through this same company and told me to lie about my income so they would let me into the sales presentation. She would get extra points on her timeshare by referring a potential buyer to them. After 5 hours of high pressure sales from 2 salesmen I finally signed the contract just to get out of there. During the sales pitch they told my sister that if I signed they would pay the taxes and maintenance fees on her property for one year. They also said if I backed out during the "cooling off period" that she would not get these things paid or the extra points. I left Florida that day and kept waiting for them to call me and say they were cancelling the contract themselves, when they verified my information on the next business day (Monday) and realized I was not eligible for the sale. I had a bancruptcy disharged 8 months before signing this contract and my income was less than 1/2 of what they required to be eligible to purchase from them. I later found out that they never contacted my company to verify employment status or income. They also waited 5 weeks after I signed to run the credit check. I thought it was a federal law that any mortgage lender or other financial institute MUST get this information BEFORE a borrower is allowed to sign. This is supposed to be done to prevent the borrower from incurring more debt than they can handle (it's called the income to debt ratio). It is also supposed to help the lender by not giving a loan to someone that they are at a high risk of not collecting from. Can I sue them for causing me to incur more debt than I could handle by not following these lending procedures and get out of this contract? By the way, they only gave her a small portion of the extra points they promised and they paid less than 1/3 of her taxes and maintenance fees. She had to fight with them for 3 months to get them to honor even that much.
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