Mortgage Foreclosure in US. My rights?

Started by Ethereal_Gaz, March 24, 2009, 18:24:19

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Ethereal_Gaz

Hi, myself and my wife bought an RCI timeshare in Vegas with a "friend" a few years back. We agreed to split the payments 50-50. Unfortunaely this has never happened as up until the middle of last year I'd paid approximately 80%!

We had accepted this until then as we were both working but when we were due to have our first child I spoke to my friend about this and he agreed to take over payments until he'd caught up. After that we'd continue paying 50-50.

I'd been in contact with Eldorado resorts in January as they told me he was behind again but that he was in contact with them. He then also apologised and told me he was about to sort things out.

I've now received a bill for almost £2,000 dollars and a voicemail stating that unless I pay this immediately they will foreclose on the mortgage!!

What can I do about this. I'm unable to pay the outstanding amount. My wife was the primary signatory so I guess they'll try to recoup the full amount from us???

I live in the UK. Am I likely to be sued?


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