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What about foreclosure?

Discussion in 'Diamond Resorts International / Embarc Resorts' started by awa, Jul 2, 2019.

  1. Grammarhero

    Grammarhero TUG Member

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    Location:
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    Resorts Owned:
    Wyndham, EY 381k pts
    Williamsburg Plant, EY 4L/4
    DRI South Bend, EY 1/1

    Been to:
    Intl: Aruba, Aus, Bah, China, Jpn, HK, Macau, Mex
    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, WV
    True story. At work, I’m known as the Timeshare Shark for my $1 TS purchases. Two Co-workers both offered me to buy their timeshares, both having purchased for $10k.

    One has Marriott, so I offered $3k, as it’d be nice to splurge on a TS for once. The other has DRI Orlando, so I offered $1. I also directed him to transitions.
     
  2. SHG

    SHG Guest

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    HGVC Flamingo
    HGVC on Blvd
    chemteach, you make a point that DRI is difficult to give away. I just signed up for DRI Transitions yesterday. I have a Riviera Beach and Spa that it is time to get rid of. Do you think DRI will take this back??
     
  3. chemteach

    chemteach TUG Member

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    Transitions should work. I was saying that it's difficult to give DRI units away to other people for free. They should let you know pretty quickly if they will take it.
     
  4. SHG

    SHG Guest

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    HGVC Flamingo
    HGVC on Blvd
    Well, interestingly, they have responded already. I did not qualify because "All future reservations must be cancelled, or traveled on prior to submitting a request". I have a deposit sitting in Interval for April 2020. I was not sure they would count that..... Now I know.
    Not sure how to handle this now... If I wait until April of next year (after this reservation date), I will no longer be able to even make a reservation. This means that if they deny my request for some other reason, I will be unable to even get a week.... I need a better plan.
     
  5. Grammarhero

    Grammarhero TUG Member

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    Wyndham, EY 381k pts
    Williamsburg Plant, EY 4L/4
    DRI South Bend, EY 1/1

    Been to:
    Intl: Aruba, Aus, Bah, China, Jpn, HK, Macau, Mex
    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, WV
    Sorry. What DRI resort is it?
     
  6. SHG

    SHG Guest

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    HGVC Flamingo
    HGVC on Blvd
    Riviera Beach and Spa. With a guaranteed summer week....
     
    Grammarhero likes this.
  7. Grammarhero

    Grammarhero TUG Member

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    Wyndham, EY 381k pts
    Williamsburg Plant, EY 4L/4
    DRI South Bend, EY 1/1

    Been to:
    Intl: Aruba, Aus, Bah, China, Jpn, HK, Macau, Mex
    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, WV
    I have DRI South Bend. I mostly go there to visit SB and Chicago as a side trip.
     
  8. chemteach

    chemteach TUG Member

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    That one they should definitely take. You might have been able to actually sell that week. Not for much... YOu might want to put it up in the freebies section on TUG. Many people want SoCal summer weeks. It could save you the $1000 it now costs to do transitions.
     
  9. clifffaith

    clifffaith TUG Member

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    Don't know how that would work with an April exchange still pending.

    I have had only a few idle inquiries on Diàmond Facebook about taking on my free 10K Hawaii points, I'll pay transfer fee. I expect to have to offload it via Transitions and pay Diàmond $1K to take it back. I have two more 2019 vacations in October, and will apply for Transitions the first of that month.
     
  10. chemteach

    chemteach TUG Member

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    ?? I must have missed something about an exchange. I thought SHG just wanted to get rid of their summer Riviera Beach and Spa week. That week is worthwhile. Diamond Hawaii is difficult to get rid of because the maintenance fees are so high.
     
  11. clifffaith

    clifffaith TUG Member

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    We don't find the maintenance fees for HI all that high compared to US. However anyone who doesn't already own in the HI collection would have to now pay club fees for that collection on top of whatever other club base fees they pay for the collections they own.
     
  12. R.J.C.

    R.J.C. Guest

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    Therein lies the biggest problem. a 400% increase in the Transitions fee for no reason at all (other than to either make more profit or attempt to slow down the number of people applying for Transitions). It seems they are pushing owners who want out to just walk away because Diamond contracts seem to be hard to even give away.
     
    OldGuy likes this.
  13. R.J.C.

    R.J.C. Guest

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    It depends on the timeshare company and the collection within that company that determines how "easy" is is to give away a timeshare.
     
    OldGuy likes this.
  14. goaliedave

    goaliedave Guest

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    I own DRI HI and agree with you, the MF are similar to US Collection ($100 different at 30,000 points).

    Your issue is that paying tfr fee is not enough to entice. the successful ones offer a free week as well. in your case it might be best to use Transitions, but you are late in the year so they might not process it until after 2020 MF are paid.

    Sent from my SM-J327W using Tapatalk
     
  15. clifffaith

    clifffaith TUG Member

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    If we're late, we're late, but I plan to let them know in about 30 days that we want to transition, that will give us time to finish two timeshare stays in October. I'm already figuring they could be pissy about it because only 14K of 24K points are left in 2020, and they might claim we've used our points, even though they could take us down to a balance of 4K and still stake their 10. Cliff had another inquiry via PM from Facebook today. Since now she has to "ask her husband" (the death knell to a sale in my old line of work), I honestly don't expect that to go anywhere.
     
  16. goaliedave

    goaliedave Guest

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    Elsewhere on TUG you will have read that (1) the estoppel letter from DR takes up to 10 weeks (so you should request it asap) and that your Transitions application will be denied until all bookings are completed (so you must wait to apply more than your planned 30 days from now).

    In your case as you have used some 2020 points you must pay the 2020 MF before àny application for transfer or Transitions.

    it's normal business practice not DR being "pissy". I would recommend you call DR to understand fully the consequences.


    Sent from my SM-J327W using Tapatalk
     
  17. clifffaith

    clifffaith TUG Member

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    Well, when we got rid of our US points three years ago they sent us paperwork in April and told us to send it back notarized and with payment when we were done with our vacations. So we walked out of Villas de Santa Fe and dropped our paperwork off at the post office at the end of July. The timing may be different these days, we'll find out. We'd of course still expect to be paying maintenance fees on 14,500 points (from our remaining two contracts 10K+4K), even though we would only have 4500 left to use after they took back the third contract, and if they want some or all of the fees early, so be it. And we already plan to pay off the rest of our 2019 maintenance fees next month (this month we have my darn dental implant to pay for). If it turns out we have a live one who really does want our points, but a transfer is going to take too long, we'll figure out what to do at that point. If it doesn't work out this year, we'll take our usual Sedona-Santa Fe-Scottsdale trip to use up our 2020 points, leaving 2021 points intact. There is very little time and effort I'd expend to give someone 10K points, when for $1,000 I can just be done with it. Cliff may feel differently.
     
  18. goaliedave

    goaliedave Guest

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    I understand. there are many follow your train of thought. those that offer best incentives perhaps understand the demographics and timeshare trends best.

    I predict the ts companies will continue to reduce their 'takebacks' ; so hopefully that option will still be available to you when required. Best of luck!

    Sent from my SM-J327W using Tapatalk
     
    clifffaith likes this.
  19. clifffaith

    clifffaith TUG Member

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    What is new now compared to before is the Transitions page which when clicked shows our three accounts 10K, 3K, 11.5K (mis-spoke above about contract allotments) with a little check box next to each. Figured it won't hurt to click on the 10K account now. It gives a message saying the account will be reviewed, or something. That ought to give us a running jump at seeing if they have any issues, and/or telling us what all needs to be paid before they deign to allow us to pay them $1,000 for the pleasure of taking it back.
     
  20. Fredflintstone

    Fredflintstone TUG Member

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    Actually, I think the TS will increase their take backs and here is why:

    1. More and more states are moving toward anti deficiency laws where all the resort can do is get the TS back. This means they can either take it back or eat it through foreclosure. Even though many states have non judicial foreclosure that makes the process cheap and quick, it’s still cheaper to take back the TS.

    2. Some resorts are seeing increased profits from resales. If they don’t need to pay for foreclosure and even get a check for taking it back, they are much farther ahead.




    Sent from my iPad using Tapatalk
     
  21. goaliedave

    goaliedave Guest

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    some ts companies have already stopped. some are only taking Hawaii. they are raising their fees to restrict demand... classic economics and demographics.

    Sent from my SM-J327W using Tapatalk
     
  22. goaliedave

    goaliedave Guest

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    Great idea! here on social media you'll see lots of unsupported theories and varied experiences ... best to check them out wrt your personal situation. Ask them forcthe estoppel letter while you are at it, it's free (for now) and will be needed if you sell.

    Sent from my SM-J327W using Tapatalk
     
    clifffaith likes this.
  23. Grammarhero

    Grammarhero TUG Member

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    Location:
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    Resorts Owned:
    Wyndham, EY 381k pts
    Williamsburg Plant, EY 4L/4
    DRI South Bend, EY 1/1

    Been to:
    Intl: Aruba, Aus, Bah, China, Jpn, HK, Macau, Mex
    US: AZ, CA, DC, DE, IL, IN, KY, MD, NC, NJ, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, WV
    @SHG we hope you are doing well. Would you kindly update us with what you decided to do? Was there an affect on your credit score?
     
    Last edited: Sep 18, 2019 at 12:11 PM

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