Diamond Resorts

Louish25 · Mar 9, 2016

I've read many of the threads and found many differing opinions.
I'm looking for advice to my particular situation.

I purchased 3,000 points at Diamond in 2008. Since then we've used our points freeze to accumulate 16,000 points. In January we purchased 3,000 points and moved to the Hawaii collection. That's 19,000 points and we still owe $60,000.00 to Diamond.

Our financial situation changed and I can longer make the full payments. I can't imagine anyone paying $60,000 and not be a member of the club. With maintenance dues, it costs $15,000 a year. I'm looking for some solutions to get out of the timeshare as I cannot afford it anymore. I've looked into selling it, most companies want upfront fees. I also looked into the Finn Law Group as a possibility, as I can go to their office to drop off paperwork. Any assistance is greatly appreciated.

TUGBrian · Mar 9, 2016

wow, that is a tremendous amount of money for points.

unfortunately you have no options to sell as these points have little to no resale value, and you would have to pay off the loan before you could attempt to sell anyway.

I'm looking for some solutions to get out of the timeshare as I cannot afford it anymore.

but you can afford paying someone many thousands of dollars upfront?

Truly sorry you are in this bad situation, but throwing more money away is not likely a very good solution. Have you considered filing for bankrupcy or just letting it foreclose?

bosko40 · Mar 9, 2016

WOW! $60K. I certainly feel your pain. I know there is some great people here that can help you with this. I prefer no-commitment vacation clubs just for this reason. One never knows when their financial situation will change. I pray that you get this resolved quickly and easily.

Louish25 · Mar 9, 2016

TUGBrian said:
but you can afford paying someone many thousands of dollars upfront?

Truly sorry you are in this bad situation, but throwing more money away is not likely a very good solution. Have you considered filing for bankruptcy or just letting it foreclose?

I was curious, so I consulted a lawyer. $9,500.00 to get me out of it. I just don't have that kind of money. I contacted Diamond two months ago for a deed back and only received a standard email. I like the timeshare, I used it all the time. I should have stopped while I was ahead. There was shady verbiage in Hawaii and we weren't supposed to be at the meeting anyway. We were told it wasn't an update. I was so desperate to keep the price freeze I bought more.

Louish25 · Mar 9, 2016

bosko40 said:
WOW! $60K.

That is the balance. With interest it's more like $120,000.

Like I said, I was desperate to keep the point freeze.

TUGBrian · Mar 9, 2016

DRi isnt going to just take back your deed when you owe on the original loan unfortunately.

Louish25 · Mar 9, 2016

I never thought they would. Too much money to be lost. I'm not sure if hiring a lawyer is too early or should I wait.

bnoble · Mar 9, 2016

I consulted a lawyer. $9,500.00 to get me out of it.

Not quite: $9,500 to maybe get you out of it. I assume that that's not on a contingency basis...

The unfortunate fact is that you entered a binding contract for this purchase, and you owe on it. I think your only option is to stop paying on it and let them foreclose. This will put a dent on your credit, and possibly a substantial one given the debt, but you don't have much choice.

Once you've stopped making payments, you can write them a letter telling them that you will not give them any more money, and they are welcome to go through the full foreclosure process, or they can accept a deed in lieu of foreclosure.

Saintsfanfl · Mar 9, 2016

No way would I pay a lawyer $9,500 unless it is contingency based, and even then it depends. What kind of lawyer is? What is the method used to "get you out of it"? What are the drawbacks? Is this a fixed fee or a retainer? Those are questions that should be answered objectively before committing to any payments. I would be afraid of paying a retainer with little to no positive ending result.

Only if the scenario was $9,500 after the fact of being free and clear with no credit repercussions would I personally consider it. It's still alot of money so some may still weigh letting it go versus that kind of deal.

csxjohn · Mar 9, 2016

Louish25 said:
I never thought they would. Too much money to be lost. I'm not sure if hiring a lawyer is too early or should I wait.

They will lose nothing, they turn around and sell what you have for big money. People here don't like to hear it but one option you have is to walk away after telling them you can no longer pay another penny.

That way they will get it back one way or the other.

uscav8r · May 18, 2016

Louish25 said:
I've read many of the threads and found many differing opinions.

I'm looking for advice to my particular situation.

I purchased 3,000 points at Diamond in 2008. Since then we've used our points freeze to accumulate 16,000 points. In January we purchased 3,000 points and moved to the Hawaii collection. That's 19,000 points and we still owe $60,000.00 to Diamond.

Our financial situation changed and I can longer make the full payments. I can't imagine anyone paying $60,000 and not be a member of the club. With maintenance dues, it costs $15,000 a year. I'm looking for some solutions to get out of the timeshare as I cannot afford it anymore. I've looked into selling it, most companies want upfront fees. I also looked into the Finn Law Group as a possibility, as I can go to their office to drop off paperwork. Any assistance is greatly appreciated.

If your ultimate strategy is default, enjoy what you can before it all comes crashing down. Keep/get current. Use up the points in reservations. Go on vacations. Then start your exit strategy implementation.

Asl18940 · May 25, 2016

I am in the same boat with another company. I just came off of open heart surgery and cancer, and my legal practice is simply not where it was. I can't afford my payments so I did contact that same firm. Look, no lawyer is going to do this for free, and I'm experienced enough to know that you need counsel to go through this kind of process. The concept of contingency is only applicable to personal injury cases, so I have also concluded that paying fees is going to have to be the only way to get out. Having said that, it will still likely result in a deed in lieu ending or a foreclosure, but to not have representation through that process can greatly exacerbate the damage. You will have damaged credit -- I've simply had to accept that. But if I beat two terminal conditions within six months, I will survive damaged credit.

Diamond Resorts

Louish25

TUGBrian

bosko40

Louish25

Louish25

TUGBrian

Louish25

bnoble

Saintsfanfl

csxjohn

TUG Review Crew: Expert

uscav8r

TUG Review Crew: Expert

Asl18940