# I am finally free of my timeshare



## Free at last (May 27, 2010)

Just wanted to let others know that if your timeshare is owned by Diamond Resorts, they will let you "forfeit" your timeshare for $85.  We did it in January (you must have your maintenance fee paid in full).  We had a deeded property in Powhatan Plantation, Williamsburg, VA.  I just called today to verify that we no longer own it and am so happy to let you know that you do not have to pay some scam artist company thousands of dollars to sell/donate your timeshare.  We found this out when we called to pay our maintenance fee and told them we didn't use it anymore and was there anything we could do.  The word "forfeit" never sounded so sweet and for only $85.  I sincerely hope this helps others trapped like we were.


----------



## ace2000 (May 27, 2010)

Thank you for sharing this information. We're considering the same path this fall.

Just curious, who picks up the maintenance fees for this year?  2010.

I assume you haven't used it yet this year.


----------



## svoboda (May 28, 2010)

This is good information to post.  Would you mind sharing the DRI contact information as well?  Who did you speak with regarding Powhatan and how would one contact them? Thanks.


----------



## Timeshare Von (May 28, 2010)

That is an interesting resort in that it seems easy to get an inexpensive rental at, pretty much year round.  I haven't seen or tried during the highest seasons (Christmas, Grand Illumination, etc) but do know my sister's been able to get good deals.  No wonder I can't convince her that owning timeshares can be a good deal.


----------



## Timeshare Von (May 28, 2010)

*Not to Hijack but . . .*

Other POAs are also doing similar.  We did a deedback via quit claim with our Wyndham Flagstaff earlier this year effective for 2011.  We were current with our MF's and did use (spacebank) this year's week before doing the transaction.


----------



## Patri (May 28, 2010)

Wouldn't it be great if all timeshares allowed this? Even if they made you wait until they had a buyer.
They could put a note in every welcome pack for people staying for the week, whether owners or traders. Ask if they would like to be on a list to purchase a week if an owner ever defaulted. The week would be free of incumbrances. And list the prices on the notice. Rock bottom.
This wouldn't work for a resort still under development, but for the well-established and older ones, it could. Especially if the visitors had a great vacation. At checkout they just might sign up.
And the maintenance fees wouldn't skip a beat. The resort wouldn't have to eat them.
Blue weeks may even go if the people stayed there off-season and enjoyed the peace.


----------



## 1950bing (May 28, 2010)

Great !!!!!
I remember how happy I was the day I unloaded mine back in 04.
Now as each year passes I count up all the money I have saved.
Now I vacation when I want, where I want and don't have to pay for pools or a roof. No fear of that " SA "
I'm glad you are free too !


----------



## timeos2 (May 29, 2010)

*The truck stops here*



Free at last said:


> Just wanted to let others know that if your timeshare is owned by Diamond Resorts, they will let you "forfeit" your timeshare for $85.  We did it in January (you must have your maintenance fee paid in full).  We had a deeded property in Powhatan Plantation, Williamsburg, VA.  I just called today to verify that we no longer own it and am so happy to let you know that you do not have to pay some scam artist company thousands of dollars to sell/donate your timeshare.  We found this out when we called to pay our maintenance fee and told them we didn't use it anymore and was there anything we could do.  The word "forfeit" never sounded so sweet and for only $85.  I sincerely hope this helps others trapped like we were.



So apparently this truck has had a recent incident [IMGL]http://goodmorningkeywest.com/wp-content/uploads/2008/02/turnip-truck.thumbnail.jpg[/IMGL] and someone thinks a bunch of turnips got released!


----------



## ace2000 (May 29, 2010)

timeos2 said:


> So apparently this truck has had a recent incident [imgl]http://goodmorningkeywest.com/wp-content/uploads/2008/02/turnip-truck.thumbnail.jpg[/imgl] and someone thinks a bunch of turnips got released!


 
Ok... do you want to explain your point further? Are you saying that you don't believe the OP?  I don't get your point...


----------



## pianodinosaur (May 29, 2010)

Free at last said:


> Just wanted to let others know that if your timeshare is owned by Diamond Resorts, they will let you "forfeit" your timeshare for $85.  We did it in January (you must have your maintenance fee paid in full).  We had a deeded property in Powhatan Plantation, Williamsburg, VA.  I just called today to verify that we no longer own it and am so happy to let you know that you do not have to pay some scam artist company thousands of dollars to sell/donate your timeshare.  We found this out when we called to pay our maintenance fee and told them we didn't use it anymore and was there anything we could do.  The word "forfeit" never sounded so sweet and for only $85.  I sincerely hope this helps others trapped like we were.




I am glad that you were able to unload your TS since that is what you wanted.  I love my timeshares and would never have taken real vacations without them.  Timesharing is definitely not for everyone.  However, I think the majority of TUGGERs use their timeshares and enjoy them.  I wish you good health, wealth, and happiness.


----------



## timeos2 (May 29, 2010)

*Not DRI offer - the one from a third party reseller*



ace2000 said:


> Ok... do you want to explain your point further? Are you saying that you don't believe the OP?  I don't get your point...



No, but that the companies mentioned that take up to thousands of dollars to "relieve you" of your timeshares tend to be scams. It is also doubtful that DRI is willing to simply take back any week(s) on demand. They, and most other developers/resorts, simply cannot make that a blanket policy as to do so could leave them/the Associations with far too many unowned weeks with fees due & no one to pay them except the remaining deeded owners. They cannot place that burden on those owners and still meet the fiduciary duty of a management. They can take on the responsibility of the annual fees themselves if they  wish but the money available to do that is likely extremely limited. If they take it back but in the Association name they are forcing all other owners to potentially pick up those fees until it is sold to a new owner. That is risky and places undue obligations on the Association ownership that Management has no right to do.  

It is great if DRI is willing to accept responsibility of the future fees from the owner for $85 but it sure isn't likely to be a standing, unlimited offer to all owners to do so.  The turnip truck belongs to those that would fall for the "we have a buyer" scheme also referred to by the OP.


----------



## T_R_Oglodyte (May 29, 2010)

timeos2 said:


> It is great if DRI is willing to accept responsibility of the future fees from the owner for $85 but it sure isn't likely to be a standing, unlimited offer to all owners to do so.  The turnip truck belongs to those that would fall for the "we have a buyer" scheme also referred to by the OP.



You've got me confused here, John.  I've reread the OP several times and I don't see any mention of the "we have a buyer" scheme.

The way I read it, the OP contacted DRI, mentioned that they don't use it anymore, and the DRI contact mentioned the availability of the DRI forfeiture program.

********

DRI's forfeiture program isn't anything new; it's been the subject of several threads. The forfeiture program is not continuously available; it had been shut down for awhile for but perhaps it's now back in operation.  And of course it could also be suspended again at any time.


----------



## timeos2 (May 29, 2010)

Free at last said:


> .. and am so happy to let you know that you do not have to pay some scam artist company thousands of dollars to sell/donate your timeshare.



The reference to the scammers


----------



## pgnewarkboy (May 29, 2010)

T_R_Oglodyte said:


> DRI's forfeiture program isn't anything new; it's been the subject of several threads. The forfeiture program is not continuously available; it had been shut down for awhile for but perhaps it's now back in operation.  And of course it could also be suspended again at any time.



DRI must be seeing an uptick in sales.  Its a great deal for them if they can sell a unit for 10 grand that they picked up for 85 bucks.  DRI is in a much better position to sell than the owner because they have the staff, the sales pitch, etc.  Once again, they must be experiencing an increase in sales at some locations or they wouldn't do it.


----------



## T_R_Oglodyte (May 29, 2010)

pgnewarkboy said:


> DRI must be seeing an uptick in sales.  Its a great deal for them if they can sell a unit for 10 grand that they picked up for 85 bucks.  DRI is in a much better position to sell than the owner because they have the staff, the sales pitch, etc.  Once again, they must be experiencing an increase in sales at some locations or they wouldn't do it.


I've always been surprised that more companies don't do this.  It's a cheap source of inventory to sell.

The rule of thumb is that half of the price of a typical developer sale is marketing cost; the developers cost of goods sold is then about half the sales price.

f the developer can acquire inventory almost for free, they ought to be doing so.  They generate greater margins when they sell it, and in comparison with building a resort the financing requirements are minimal.

Perhaps forfeiture programs will become more common as developers sell off the project inventory they've already created.  Then instead of building new projects they will start to focus on recycling already built inventory.


----------



## Timeshare Von (May 29, 2010)

A couple of points . . .

First I too LOVE my timeshares and still have the equivelent of four weeks of ownership. As we are getting older and our vacation plans are evolving, we felt that five was just too many for the foreseeable future.  If when we get closer to retirement (at least another 10+ years) maybe we'll pick up some additional cheap weeks via resale.  For now, though, we're good.

As for the inventory and sales comment by Steve, I agree.  Seems to be a lot less upfront cost to selling off "gently used" deeds seems to be a smart way for them to go without a lot of risk on the front end in land acquisition, development, building, etc.


----------



## PStreet1 (May 31, 2010)

Be very careful when "returning" your timeshare to Diamond.  I, too, gave them Powhatan Plantation.  They told me $85.00, and I was happy to send them the money.  The next year, 2010, I received a Jan. bill from Powhatan.  I called Diamond.  They said I had "merely initiated the process;"  the final papers, which I had not received from them, were not signed, and the cost would be $165.00.  I checked, and they had not cashed my initial check, so to get rid of it, I sent the new check and sent the final papers.  Diamond assured me I was not responsible for the 2010 fees, since they had taken my week in 2009, though it was apparently not final.  In March, Powhatan sent a notice that I would no longer be able to use my unit because I had not paid the maint. fees.

I'm assuming that I am finally rid of it--but if you are considering taking this course of action, be sure to follow all steps.  I don't know why I wound up paying $165.00, but at that point, it was worth it not to have to pay the Powhatan maint. fee another year and have the unit gone from my life.


----------



## BCN (Sep 20, 2011)

*Greensprings Plantation*

Hi, We wanted to deed back our unit at Greensprings Plantation so I called them in the late spring and they insisted we must use our RCI points affilliated with this resort first so we just used them the first of September. Now I call and Diamond says they just stopped taking back Greensprings 2 weeks ago. Does anybody have any additional information we might use to get this deeded back. Diamond said they may take units in the future which may be true but probably after we pay the 2012 MF and use the weeks, which may then be too late again. Thanks for any help, Nina


----------

