Mexican Timeshare Stop Payment
On 12/9/2007 we signed a timeshare contract with Mayan Palace in Cancun Mexico. We were fraudulently told that we could not cancel the contract after it was signed however this was untrue since we cant wave that right. It has now been over 30 days since we signed the contract and where wondering what steps we could take.
1. Its been 30 days since we signed a timeshare contract with the Mayan Palace in Cancun Mexico. They are part of the Mayan group which has office in Mexico and Texas.
2. We made an initial deposit of 15000 on credit cards and have begun a fraud claim with Bank of America which issued the cards while there. I dont have much hope though as they did not include documents were we waived that right.
3. We currently still own aroun 28000 on the timeshare.
4. Mayan Resorts (Groupo Maya) Mayan Palace has offices in Mexico and one in Texas. In the contract it states that the contract falls under Mexican law and they will do anything to recover the money if defaulted on the contract
My question is if we simply dont pay the remaining balance what can happen to us here in the U.S. can they ruin our credit here or do they not have jurisdiction for this contract since it was signed in Mexico?
1 Answer from Attorneys
Re: Mexican Timeshare Stop Payment
To answer the question at the end of your message: Yes they can ruin your credit in the US. The thing is that they won´t do that. WORST CASE SCENARIO: They will sue for the remaining amount of the contract plus interest notifying you in the legal adress stated in the contract, will get a court order to embargo properties register under your name. This procedure takes at lesat two or three years, so the interest rate would be very high.
IN MY EXPERIENCE: They will probably not sue due to the administrative cost that it takes for them and settle with the money you already gave them without further court procedures.
The thing is that you can get back part of the amount you already gave if we can find a cause of clause violation by them (very common for this ressort).
To advice you better please tell me:
1) Why do you NOT want to comply with the agreement.
2) Why is there a fraud claim and what is it about.
3) When do you have to pay the 28k
4) Has the resort call you to collect or offer and agreement
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