Legal Question in Credit and Debt Law in California

Real Estate

We put 44,000 down on a fractional ownership villa in Cabo, Mexico. We agreed to pay the balance of 48,000 in full at the end of this year. We changed our mind. They can keep the 44,000, but if we don't go through w/purchase, is ther any way to protect our credit rating - currently in the 700s?

Asked on 9/11/08, 1:20 pm

1 Answer from Attorneys

Bryan C. Becker Your Lawyer for Life.

Re: Real Estate

There are multiple avenues available to you; but the first place to start will be the purchase contract. With respect to your credit rating, it will depend upon if you are unsuccessful in working out of the contract and if they decide to pursue collection of the $44,000. I suggest you speak with an attorney as soon as possible as the longer you wait the less options you may have.

Feel free to contact me at your convenience if you would like to discuss further.




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Answered on 9/11/08, 1:51 pm

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