Artsondra
newbie
- Joined
- Aug 14, 2017
- Messages
- 8
- Reaction score
- 0
- Points
- 1
- Resorts Owned
- Wyndham Bonnet Creek, Marriott Cypress Harbor, Diamond
It looks like, from the forums I have visited and threads I have read, that my best option to get rid of my Diamond contract is to let it go into foreclosure. Other than for the hit on my credit report are there any other consequences for going through foreclosure?
Our last purchase with Diamond was Oct. 2016. We already had prior loans with them but with their encouragement we purchased more. We were told that all our previous loans with them were to be rolled together so we would only have one monthly loan payment to make. The understanding we had was that there was now only one contract now. When we got home and looked more closely at our finances we realized we could not afford this contract so we sent in the cancellation of contract to Diamond within the time. In November I sent an email to Diamond asking if we could still use points that had already been paid for from 2015. Their reply was that when we cancelled the contract we lost all points. So we accepted our loss and, other than a letter in Nov. 2016 acknowledging our cancellation of the contract, we heard nothing from Diamond until June 2017. Diamond was now taking the position that our letter of cancellation was only for the most recent (October 2016) addition to the contract and did not include any existing loans made before then. Diamond told us that we were behind in our payments from Nov. 2016 up to the present.
Our last purchase with Diamond was Oct. 2016. We already had prior loans with them but with their encouragement we purchased more. We were told that all our previous loans with them were to be rolled together so we would only have one monthly loan payment to make. The understanding we had was that there was now only one contract now. When we got home and looked more closely at our finances we realized we could not afford this contract so we sent in the cancellation of contract to Diamond within the time. In November I sent an email to Diamond asking if we could still use points that had already been paid for from 2015. Their reply was that when we cancelled the contract we lost all points. So we accepted our loss and, other than a letter in Nov. 2016 acknowledging our cancellation of the contract, we heard nothing from Diamond until June 2017. Diamond was now taking the position that our letter of cancellation was only for the most recent (October 2016) addition to the contract and did not include any existing loans made before then. Diamond told us that we were behind in our payments from Nov. 2016 up to the present.