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Re: VILLA 15 (by Lisa G.):

You mention still making payments on the $86,000 you borrowed. Did you cash out Pueblo Bonito with funds you borrowed from someone else, or were you using the PB financing?

I looked at our original documents. If yours are similar, at the time you bought the villa one of the documents you signed was a promissory note which gave Pueblo Bonito a "security interest" in your villa. If you did not cash out Pueblo Bonito, and that note is not paid in full, Pueblo Bonito still has a security interest in the villa. The Note says that they can take the villa back by judicial or non-judicial foreclosure if you are in default. It is to be interpreted under Mexican law. You would need to talk to an attorney who practices law in Mexico to get details on how their system works, and what notices they are required to give you if they foreclose on your fractional ownership. It would not surprise me if they tie all the agreements together, so that a default on maintenance payments triggers the default clause in the promissory note.

If you did cash out Pueblo Bonito, I don't see anywhere in our documents where they can take the villa back - only deny you the use of the villa. However, it is Mexico, and only an attorney familiar with their system can tell you how things really work down there.