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Diamond International/MGV Timeshare Question (paid-off).

evelia8

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Hi, Does anyone have any experience in dealing with Diamond International/Monarch Grand Vacations (MGV)? I have a timeshare that is PAID-OFF and I just want to get rid of it! I can't pay the Maint. Fees any longer. I wrote them 2 letters regarding financial hardship and they declined me stating that I would have to Sell or Transfer it to someone and that I'm still responsible for paying the maintenance fees.

Also, does anyone know what happens after one stops paying the Maintenance Fees, then goes into Collections, then Foreclosure, then I guess they just cancel it -- BUT my question is "Does it get reported to the 3 Credit Agencies?" (Experian, etc.) Or not? Please let me know as I can't even sell or give it away. I've had it since the 90's and it's a lifetime timeshare.

Thank you all. evelia8
 
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Bill4728

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If you owe them no money right now, DRI will take back your TS from you for a small fee $250

Here is a thread which tell you all about it. http://tugbbs.com/forums/showthread.php?t=224859

I gave them back my MGV TS last year and more than 90% of those people who tried were able to give back their TS IF THEY OWE NO MONEY TO DRI/MGV
 

Bill4728

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If I had to guess why you had no luck when you contacted DRI, I believe that all letters with "I need to give you back my TS" all get the same standard reply " WE do not take back our TS, you must find someone to buy it from you"

The special people at loss mitigation are the only people at DRI that can and do take back TS.

Good Luck
 

vmpt

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I recently helped my mother deed back her MGV/Diamond Resort timeshare. We finished the whole process in less than 8 weeks. It took multiple phone calls to loss mitigation, an email to describe the hardship circumstances and several follow-up phone calls and emails to get the deed paperwork sent to us and processed. She did have to pay up all her quarterly dues for this year, the additional $250 processing fee and forfeit her points she had left. Overall, it wasn't that painful of a process. I recently checked online and her account is now closed. The key was dealing with Loss Mitigation only.
 

Ty1on

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Yes, it gets reported to the credit agencies.
 

evelia8

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Thank you for all the great advice you smart people! I e-mailed Loss Mitigation and they stated that I need to pay the remainder of my maintenance fees and the $250.00 and they will begin the process to Deed-back my DRI/MGV Timeshare that I've owned since the mid-90's! The fees have gone up so much since then that I cannot afford it and due to some hardships I've had.

I'm so glad I joined TUG and should have joined a long time ago!

Also, you're all correct. In order for them to deed-back, the loan has to be paid-off, all maintenance fees paid and the $250.00 fee, otherwise, they will decline.

Thank you!:whoopie:
 
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TUGBrian

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very happy to have another owner find us before falling victim to the upfront fee scam artists who try to extract thousands of dollars from DRI owners to "help" them give their intervals back!
 

Ndjsg

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Hi, Does anyone have any experience in dealing with Diamond International/Monarch Grand Vacations (MGV)? I have a timeshare that is PAID-OFF and I just want to get rid of it! I can't pay the Maint. Fees any longer. I wrote them 2 letters regarding financial hardship and they declined me stating that I would have to Sell or Transfer it to someone and that I'm still responsible for paying the maintenance fees.

Also, does anyone know what happens after one stops paying the Maintenance Fees, then goes into Collections, then Foreclosure, then I guess they just cancel it -- BUT my question is "Does it get reported to the 3 Credit Agencies?" (Experian, etc.) Or not? Please let me know as I can't even sell or give it away. I've had it since the 90's and it's a lifetime timeshare.

Thank you all. evelia8


I would be interested in learning more about what you have? I too am a MGV owner and might consider taking your over your points.
Thanks
Neal
 

pedro47

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Tug members helping other Tug members. This is what this website is all about.:thumbup:
 

TUGBrian

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I would be interested in learning more about what you have? I too am a MGV owner and might consider taking your over your points.
Thanks
Neal

Hi Ndjsg, there is one MGV points ad in the marketplace for relatively cheap (266 pts) if you were still interested!
 
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