Legal Question in Real Estate Law in Virginia

I purchased a time share in Virignia and made arrangements to pay the deposit in 3 monthly installments. After the 2nd installment, my financial situation was cut by 1/2 and I haven't been able to make the 3rd and final payment. Since the full deposit hasn't been made can I just cancel, or can they foreclose (having a foreclosure on my credit) on me?


Asked on 9/23/11, 8:28 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Of course, you cannot "just cancel" unless your purchase agreement

allows for such action under the circumstances described (not too likely).

Better have a local attorney who handles consumer affairs and contract

matters review your purchase agreement for this timeshare and who

should then be able to advise you as to any reasonable

recourse that might be available to you under the facts described.

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Answered on 9/23/11, 9:15 am


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