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Diamond Resorts - exit strategy experience/suggestions with Villas at Polo Towers

Graceful1

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Hi All,

Thank you for being here!

RE: 2-bedroom Lock Out / Week 50 at Polo Towers Villas, Las Vegas, NV. (Tier 5 in all seasons on Diamond's Destination XChange

Current status: I received a "Notice of Default and Election to Sell Property Under Association Lien" The letter was sent to First American Title Insurance Company I called them, and they let me know it was at the beginning of a foreclosure process due to unpaid maintenance fees, and asked me if I wanted keep it and gave me Diamond Resorts number.

Someone suggested an exit company, but my gut says there has got to be a better/cleaner way. If Diamond will do a giveback/deedback, I think I could do that, or perhaps keep and sell for $1 here. Or rent? I would love some advice as I don't even know if the timeshare is something people would want to rent or transfer to...

Before I start talking to Diamond Resorts, any pointers or advice? From the First American Title Insurance Company rep, this was not moved to HG, it's still Diamond.

Kind regards,

Graceful1
 

DeniseM

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There are no Legit exit companies - they are all scammers. If you owe money on it, there is no way to give it away, without paying it off/bringing all past due fees up to date. Since you are already at that point, if it were me, I'd just let it go into foreclosure - they will eventually take it back, and you can wash your hands of it.
 

TUGBrian

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if you are already far enough behind in the dues that you have recieved a notice of intent to foreclose, you are not likely to be able to utilize the DRI exit program, nor would you be able to sell the timeshare without paying all the past due fees.

if you want to keep it, pay it current and you can certainly explore options to use or rent it out if that is your goal!

if you want to be rid of it, you are already on that path and its the exact same solution an exit company would utilize.

 

Graceful1

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There are no Legit exit companies - they are all scammers. If you owe money on it, there is no way to give it away, without paying it off/bringing all past due fees up to date. Since you are already at that point, if it were me, I'd just let it go into foreclosure - they will eventually take it back, and you can wash your hands of it.
Thank you for responding! Foreclosure would affect my credit, correct? I just spent 7 years building it back up due to a divorce/shortsale-of-home and x's bankruptcy experience, so I was hoping to rebuild my life without foreclosure.
 

Graceful1

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if you are already far enough behind in the dues that you have recieved a notice of intent to foreclose, you are not likely to be able to utilize the DRI exit program, nor would you be able to sell the timeshare without paying all the past due fees.

if you want to keep it, pay it current and you can certainly explore options to use or rent it out if that is your goal!

if you want to be rid of it, you are already on that path and its the exact same solution an exit company would utilize.

Thank you so much for responding! I'm leery of foreclosure as I just spent the last 7 years paying off debt and built my credit up after a long and financially decimating divorce w/ a short sale and x's bankruptcy declaration days prior to settlement. I feel like I'm swimming in the mire and I'll never get out. Thank you again for your kind and informative response!
 

TUGBrian

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if it actually got to foreclosure then yes it would likely be reported on your credit. many cases it never gets that far as the resort will reach out to work out a surrender of the ownership as the foreclosure process is usually very long and expensive for the resort. but a ding to your credit is most certainly a possibility when you default on a timeshare, especially if you default on a loan balance.

the only ways to avoid that completely would be to pay the balance of what you owe to bring your account current and then surrender it back or give it away on the resale market.
 

Graceful1

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if it actually got to foreclosure then yes it would likely be reported on your credit. many cases it never gets that far as the resort will reach out to work out a surrender of the ownership as the foreclosure process is usually very long and expensive for the resort. but a ding to your credit is most certainly a possibility when you default on a timeshare, especially if you default on a loan balance.

the only ways to avoid that completely would be to pay the balance of what you owe to bring your account current and then surrender it back or give it away on the resale market.
Thank you! There is no loan, the mortgage was paid in full, it's just past due maintenance fees. But was never closed/transferred, they had sent a letter a few year ago, but still had my x's name on it, so I sent the legal docs necessary and never heard back from them. I so appreciate this forum and also became a member to check out how the marketplace works for resale/give and rentals. Trying to gauge all my options before I settle on a decision.
 

TUGBrian

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id suggest reaching out to them to follow up on whatever transfer process you started in the past to get it out of your name!
 

Graceful1

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id suggest reaching out to them to follow up on whatever transfer process you started in the past to get it out of your name!
Unfortunately (now I realize what, perhaps, was my x's plan... perhaps not), I was awarded it in the property division settlement, but days before my x declared bankruptcy. I should have just let it go then, but I paid off the mortgage since I was legally obligated.

Although I sent paperwork (court orders) to get my x's to name off of it, there was no response, and then medical issues happened and I dropped the ball. So, it's never gotten to 'closing.'

I will be contacting them tomorrow, to see where everything is at. If I'm lucky, they may cut some of the MF in a voluntary give-back to avoid the legal foreclosure process. Just a thought. or rather a hope!
 

dioxide45

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Unfortunately (now I realize what, perhaps, was my x's plan... perhaps not), I was awarded it in the property division settlement, but days before my x declared bankruptcy. I should have just let it go then, but I paid off the mortgage since I was legally obligated.

Although I sent paperwork (court orders) to get my x's to name off of it, there was no response, and then medical issues happened and I dropped the ball. So, it's never gotten to 'closing.'

I will be contacting them tomorrow, to see where everything is at. If I'm lucky, they may cut some of the MF in a voluntary give-back to avoid the legal foreclosure process. Just a thought. or rather a hope!
Court orders won't remove your name from a deed. One of the attorneys involved in the divorce should have had a new deed drawn up where you conveyed your interest in the timeshare to your ex. It doesn't seem like that happened.
 

callwill

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you could try to offer the deed in lieu of foreclosure but you willl likely need the cooperation of you ex.
 

Graceful1

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Hi all, thank you so much for the help and guidance. Just wanted to give you an update.

I contacted First American Title Insurance Company and they gave me the number for Hilton Vacation Club - owners of Diamond Resorts.

Took me forever, with lots of hangups and transfers... and then I had a good conversation with a rep at Hilton Vacation Club (HVC), and rep let me know since the mortgage was paid in full, there is no loan attached to the contract, they do not report it to the credit bureaus, but it will be filed in the county as a foreclosure. I asked the rep would send me an email with that in writing, rep said they would.

That HVC rep sent me an email and in that email wrote that if a deedback/deed in lieu of foreclosure was not possible, to let it go to foreclosure and that it wouldn't be reported to the credit bureaus.

Then, First American let me know in writing that they could not file it as a deed in lieu of foreclosure because "there is no marital status listed on the current deed," so it would have to move to foreclosure.

I then contacted HVC again, a different rep, he read my file, and we chatted, I told him I did have it in writing that credit would not be affected b/c the mortgage/loan was paid in full. And he, said, if the bank loan is paid we don't report it, even if there are outstanding fees. But, we aren't really supposed to put that in writing... so I don't.

And then to my question to First American - regarding foreclosure affecting my credit they said "First American Title Insurance Company has no authority to negotiate fees as our role is sending the Deed in Lieu of Foreclosure documents and processing foreclosures for Diamond Resorts."

I plan on letting my ex know the status of everything and that I have it in writing - just in case he gets contacted... but am I missing something?

Your guidance is much appreciated and I am amazed by all the help and information on this website!

Kind Regards,
Graceful1
 
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Graceful1

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id suggest reaching out to them to follow up on whatever transfer process you started in the past to get it out of your name!
see an update I made on 7/23. Thank you so much for your input!
 

Graceful1

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you could try to offer the deed in lieu of foreclosure but you willl likely need the cooperation of you ex.
see an update I made on 7/23. Thank you so much for your input!
 

Graceful1

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Court orders won't remove your name from a deed. One of the attorneys involved in the divorce should have had a new deed drawn up where you conveyed your interest in the timeshare to your ex. It doesn't seem like that happened.
Thank you for that, I didn't know that then... see an update I made on 7/23. Thank you so much for your input!
 

Graceful1

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There are no Legit exit companies - they are all scammers. If you owe money on it, there is no way to give it away, without paying it off/bringing all past due fees up to date. Since you are already at that point, if it were me, I'd just let it go into foreclosure - they will eventually take it back, and you can wash your hands of it.
I can't thank you enough for your warning about exit companies!!! Please an update I made on 7/23. Thank you so much for your input!
 

TUGBrian

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thats nice of them to let you know up front they wont report the default to the credit bureaus.
 
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