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Old July 28, 2011, 05:29 PM   #1
Miss Marty
 
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[2011] Diamond Resorts: Giving a Timeshare Back


What are The Steps for Deeding Back a Diamond Resorts
"Weeks" Timeshare Deed in Williamsburg, Virginia?

Last edited by Karen G; January 5, 2013 at 10:48 AM.
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Old July 28, 2011, 05:34 PM   #2
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Step One

Call - Diamond Resorts - Loss Mitigation Dept
to see if they will accept the timeshare back
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Old July 29, 2011, 03:44 PM   #3
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Quote:
Originally Posted by Miss Marty View Post
Call - Diamond Resorts - Loss Mitigation Dept
to see if they will accept the timeshare back
There is no way to reach the Loss Mitigation Department from their computerized phone tree or speaking to an agent. If you reached them, how did you do it?
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Old July 29, 2011, 11:36 PM   #4
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Originally Posted by pgnewarkboy View Post
There is no way to reach the Loss Mitigation Department from their computerized phone tree or speaking to an agent. If you reached them, how did you do it?


It's a points system, right? Just stop paying the maintenance.
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Old July 29, 2011, 11:59 PM   #5
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Quote:
Originally Posted by craigrow View Post
It's a points system, right? Just stop paying the maintenance.
Many ownerships with DRI are deed based. To just stop paying on your obligations could ding your credit.
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Old July 30, 2011, 05:45 AM   #6
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Someone mentions a "Loss Mitigation Department" at DRI in a post. I never heard of it. I haven't heard of many things. I would like to know how you can reach it. It is a matter of being informed. I like DRI and am not planning to ditch my deed or my points.
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Old July 30, 2011, 03:31 PM   #7
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Someone mentions a "Loss Mitigation Department" at DRI in a post. I never heard of it. I haven't heard of many things. I would like to know how you can reach it. It is a matter of being informed. I like DRI and am not planning to ditch my deed or my points.
I did some research on the
web and now believe the poster mistook Diamond Resorts International for another company called DRI that is an entirely separate and distinct company that handles assets in default. If anyone is curious this is their web site. http://www.dridefault.com/about/company/
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Old July 30, 2011, 05:16 PM   #8
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DRI, in the recent past, has taken timeshares back. Some of the qualifications seem to be, all fee's are current and any outstanding loan has been paid in full. I believe they have at times required next years MF's to be paid (might depend on the time of year you're wanting to deed back to DRI). I also think I've read where they collect a fee to process the deed back.
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Old July 31, 2011, 12:03 AM   #9
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Yes, under certain circumstances, you can surrender your vacation ownership interval. There cannot be any active loans on the account, the 2009 maintenance fees and dues for THEClub® must be paid in full and there can be no usage for this year on the account. For members of THE Club, this includes booked reservations, exchanges, or other redemption opportunities such as member benefits. If you are a deeded traditional owner, your deeded week cannot have been used or deposited for use with an exchange provider such as RCI® or Interval International® .

If you own a deeded property and fit the above described conditions of no loan and maintenance fees being paid for 2009, you may request to have a warranty deed sent to you for signature before a Notary Public. Once we receive the notarized document back in our office, it will be sent to the County Recorders office for recording. When the deed has been recorded, you will no longer be responsible for the interval.

However, if you own an interval in one of the three U.S. Collections, in addition to the conditions of paid in full loan and 2009 maintenance fees being paid up, there is an $250 cancellation fee. The Mutual Release Agreement (MRA) will be mailed to you for signature before a Notary Public. When we receive the notarized MRA and payment for the $250 cancelation fee, your account will be canceled and you will no longer have any responsibility for or benefit from your timeshare interval.

If you would like to pursue this, please call our Customer Service Representatives at 1.877.DRI.CLUB. They will verify your account to confirm you meet the criteria above and then conference your call to our Loss Mitigation team who will speak with you further regarding your request.
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Old July 31, 2011, 11:43 AM   #10
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Yes, under certain circumstances, you can surrender your vacation ownership interval. There cannot be any active loans on the account, the 2009 maintenance fees and dues for THEClub® must be paid in full and there can be no usage for this year on the account. For members of THE Club, this includes booked reservations, exchanges, or other redemption opportunities such as member benefits. If you are a deeded traditional owner, your deeded week cannot have been used or deposited for use with an exchange provider such as RCI® or Interval International® .

If you own a deeded property and fit the above described conditions of no loan and maintenance fees being paid for 2009, you may request to have a warranty deed sent to you for signature before a Notary Public. Once we receive the notarized document back in our office, it will be sent to the County Recorders office for recording. When the deed has been recorded, you will no longer be responsible for the interval.

However, if you own an interval in one of the three U.S. Collections, in addition to the conditions of paid in full loan and 2009 maintenance fees being paid up, there is an $250 cancellation fee. The Mutual Release Agreement (MRA) will be mailed to you for signature before a Notary Public. When we receive the notarized MRA and payment for the $250 cancelation fee, your account will be canceled and you will no longer have any responsibility for or benefit from your timeshare interval.

If you would like to pursue this, please call our Customer Service Representatives at 1.877.DRI.CLUB. They will verify your account to confirm you meet the criteria above and then conference your call to our Loss Mitigation team who will speak with you further regarding your request.
Are you quoting something from Diamond or do you work for Diamond?
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Old July 31, 2011, 04:50 PM   #11
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Are you quoting something from Diamond or do you work for Diamond?
Since the date is 2009, I'd say it's a quote from a previous conversation.
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Old July 31, 2011, 08:12 PM   #12
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I would have thought that the words--please call our Customer Service would have given the source away - - direct quote from one of the moderators of the Diamond Owners Forum (2009) - may not be working there anymore!! Owners can log in and, with a little luck, find this topic discussed on one of the North America forums. Not saying it's still true but I think it answered the OP question - of course, I have had someone tell me it's not true but, then again; I have heard from someone who allegedly did this within the past 12 months.
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Old July 31, 2011, 08:28 PM   #13
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Hey, all OP can do is try. Just by asking and a little persistance I was able to deed 3 Weeks back to HOAs.

George
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Old July 31, 2011, 09:48 PM   #14
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I deeded mine back last summer for $85 (and I got to keep my 2010 week). The direct number to Loss Mitigation is 1-800-279-7764. I just mentioned I saw Celia D's post on Diamond's Forums about deedback possibilities and explained my situation (basically I'd been trying to give it away for 7 months, I was currently paid up, but future maint fees would be a problem and I couldn't afford an (extra) vacation anyway), and they happily told me I could deed it back.

Previously, in fall 2009, I had asked about a deedback and they wanted $250 plus paid 2010 maint fees with NO USE to deed it back. Celia had mentioned there are different "packages" each year. I don't know what 2011's is.
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Old August 1, 2011, 06:38 AM   #15
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I deeded mine back last summer for $85 (and I got to keep my 2010 week). The direct number to Loss Mitigation is 1-800-279-7764. I just mentioned I saw Celia D's post on Diamond's Forums about deedback possibilities and explained my situation (basically I'd been trying to give it away for 7 months, I was currently paid up, but future maint fees would be a problem and I couldn't afford an (extra) vacation anyway), and they happily told me I could deed it back.

Previously, in fall 2009, I had asked about a deedback and they wanted $250 plus paid 2010 maint fees with NO USE to deed it back. Celia had mentioned there are different "packages" each year. I don't know what 2011's is.
Thanks. Good to know. I will try the number. Once again, I am happy with DRI but feel having all the information is important.
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Old January 4, 2013, 11:32 PM   #16
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Any updates about this process?
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Old January 5, 2013, 04:02 AM   #17
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I just logged into the Diamond Resorts website and sent an email asking this question. We'll see if/when/what we get for a response. Always good info to know.
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Old January 24, 2013, 12:00 PM   #18
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Just got off the phone with DRI and not currently taking deedbacks. I was directed however to try writing a letter to DRI Hospitality Mgmt with circumstances and see what happens. He did mention that a few years ago they were taking them. Time to sharpen the letter writing skills.
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Old January 24, 2013, 01:46 PM   #19
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@Mr.Man - I Got The Same Response When I Called Also. I Tell Ya What...At This Point I Don't Even Care About The Ruined Credit Part Anymore, I Just Don't Want To Deal With It Anymore!!! They Promised Me The Moon When I Bought It & Then They Went Belly Up & Changed All The Rules, Was Not A Point System When I Bought It, They Said It Would Not Go To A Point System, Raised The Maintenance Fees When They Said They Would Never Go Up, I'm Just Sick Of The Lies. I Don't Even Care About The Bad Credit Anymore, If I Stop Paying Maintenance Fees & What Is Left On My Loan, Will They Automaticly Take It Back?? Any Help Here Would Be Greatly Appreciated, Thanx In Advance!!
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Old January 24, 2013, 01:48 PM   #20
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By The Way, I Bought Mine In Sedona, Az. 2009, Got 3-Day Free & Seminar Speech (High Pressure Salesman).
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Old March 28, 2013, 07:17 PM   #21
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Is it true that you can walk away from points? I am retired and can no longer afford the extremely high MF and besides, mainly travel in my Rv.
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Old March 29, 2013, 11:27 AM   #22
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Quote:
Originally Posted by Mr.Man View Post
Just got off the phone with DRI and not currently taking deedbacks. I was directed however to try writing a letter to DRI Hospitality Mgmt with circumstances and see what happens. He did mention that a few years ago they were taking them. Time to sharpen the letter writing skills.
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Is it true that you can walk away from points? I am retired and can no longer afford the extremely high MF and besides, mainly travel in my Rv.
NO As Mr Man posted, they are not currently taking back any of the TSs (including points)

BUT that doesn't mean that you can't try and write them and give them a sob story and maybe they will. BUT they only may take it back if it is fully paid off. No way will they take back anything you still owe on.

Good Luck
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Old March 29, 2013, 01:04 PM   #23
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If they will not take it back and I am current on my MF, have no loans, if I "walk away" from the MF what will be the consequences? I am 73, retired and cannot afford the MF. I do not think a sting on my credit report would be something to worry about. You mentioned "donating" the points. How?
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Old March 29, 2013, 01:20 PM   #24
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Quote:
Originally Posted by sheinzen View Post
If they will not take it back and I am current on my MF, have no loans, if I "walk away" from the MF what will be the consequences? I am 73, retired and cannot afford the MF. I do not think a sting on my credit report would be something to worry about. You mentioned "donating" the points. How?
No one accepts the donation of timeshares any more - there are too many people who want to "dump" them.

There are companies that you can pay (you pay them) to take the timeshare off your hands - many of these companies are just scammers, but for a company that would actually do the job, you'd expect to pay $1,800 or more.

The best option is to try to give it away privately, to someone who wants it for their personal use:

Why?
-You can give it away yourself for nearly no cost.
-You can control the transfer process to make sure it is truly transferred out of your name.
-You won't have to deal with companies that may or may not be Legit.
-You can transfer it to a private individual who will be happy to have it for their own use.
-You will have the satisfaction of knowing that you ended your ownership legally and ethically.

There are TWO places on TUG where you can give away your TS's for free (no charge for the Ads.) THEY ARE COMPLETELY DIFFERENT - SO YOU SHOULD POST IN BOTH AREAS. There are other cheap and free sites on the internet, as well.

TUG Marketplace - the only cost is your TUG membership - $15 (List it for $1 and it will automatically go in the Bargain Basement Ads.)

Bargain Deals - Totally FREE! - just write a simple post with all the pertinent info. In your post, include the following info.:
-resort name
-unit size
-season owned
-maintenance fee
-current reservations
To make it more attractive I would:
1) Pay the 2012/2013 maintenance fees and don't ask for reimbursement.

2) Pay for the title transfer (you can get a simple title transfer with no escrow or title search for about $100.) Many Tuggers (including me) have been using Legal Timeshare Transfers, a no frills document preparation company, and they are receiving good reviews on TUG.:

Legal Timeshare Transfers/Ready Legal
Lisa Short and Mary Pless
http://legaltimesharetransfers.com/
1.706.219.2709

3) Reserve a popular holiday week in 2012/13 for the new owner

4) Instead of paying a fee to a rescue company - consider offering a cash incentive to the new owner.

5) Here is the very important step that most people miss: Come back to TUG once a week and add more info. to your thread - this will bump it to the top of the page.


Good luck!
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Last edited by DeniseM; March 29, 2013 at 01:47 PM.
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Old March 29, 2013, 01:24 PM   #25
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If they will not take it back and I am current on my MF, have no loans, if I "walk away" from the MF what will be the consequences? I am 73, retired and cannot afford the MF. I do not think a sting on my credit report would be something to worry about. You mentioned "donating" the points. How?
In theory with a judgment they could attach funds not in a retirement account to satisfy any unpaid maintenance fees as they take their time foreclosing. Subject to state garnishment regulations which vary from being almost 100% in favor of the creditor to 100% in favor of the debtor. IE, your social security check is exempt from garnishment, even though it's comingled in your bank account

Just make sure that you communicate with whomever will be your executor, that the timeshare should be abandoned as worthless, and not transferred to your heirs. (unless they want it) That will stop the never ending money grab by Cloobeck
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