• A few of the most common links here on the forums for newbies and guests!
  • The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 31 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 31st anniversary: Happy 31st Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $24,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $24 Million dollars
  • Sign up to get the TUG Newsletter for free!

    Tens of thousands of subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!
  • The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!

Diamond Resorts - need help to get rid of TS

AlliTerrell

newbie
Joined
Dec 12, 2016
Messages
4
Reaction score
0
How can I get out of my DRI timeshare? I too began under Tempus Select and had to convert to DRI (or so I thought by the high pressure pitch). Long story short, my monthly payments and maintenance fees are extremely high and I can no longer afford. Help! Has anyone had experience with American Consumer Credit or Finn Law Group? They claim they can get the timeshare to take the deed back. Need advice!
 
Unfortunately, there are no easy outs from a contract.

The "rescue companies" do 1 of 3 things:

1) Simply steal your money and do nothing
or
2) Deed your timeshare to a Straw Company and abandon it. In which case the resort can refuse to recognize the Straw Company as the new owner, you still own the timeshare, and you lose the money you paid.
or
3) They send you some form letters to send to the resorts asking to get out of your timeshare - and nothing happens.

Things you can do yourself:

Ask the resort to take the deed back in lieu of foreclosure - they take the deed back, and keep everything you have paid so far. Important - you must find someone in authority to talk to. Entry level phone answerers cannot help you, and will just say no.

And if they say no to the deed back, just let it go into foreclosure - it can take a couple of years, but eventually they will take it back, however, it may or may not impact your credit rating.
 
Thank you. I have an upcoming reservation with them for this Christmas. (and of course an "update presentation". Should I demand to speak with someone about this then? Also, I currently have a loan with the contract of $30,000. Won't that affect my credit if I stop making payments and go into foreclosure.
 
No one in the sales department has the authority to grant a deedback. You need to talk to someone in authority in management - probably higher than the resort level.

Yes, defaulting may impact your credit - so you have to decide what you are willing to do to get out.
 
How can I get out of my DRI timeshare? I too began under Tempus Select and had to convert to DRI (or so I thought by the high pressure pitch). Long story short, my monthly payments and maintenance fees are extremely high and I can no longer afford. Help! Has anyone had experience with American Consumer Credit or Finn Law Group? They claim they can get the timeshare to take the deed back. Need advice!

DRI currently has a deedback program where you can give your unwanted week (assuming its current and paid off) back to them for a $250 fee.

how odd this upfront fee company didnt mention this to you as an option!

http://www.tugbbs.com/forums/index.php?threads/sticky-dri-now-accepting-deedbacks.224859/
 
Since there is now a way for DRI owners to deedback their TS I thought this should be a thread to its own
 
Good luck to the OP with the effort to deedback--but I notice he/she has a $30,000 loan on the t/s, which may not work for a deedback.
 
ah i must have missed the 30k left on the loan...unfortunately that will disqualify you from participating in the deedback program.
 
I would suggest refinancing the 30k loan with Lending Club or with Prosper at a lower interest rate and then participating in the resort deed back program. That will lower the monthly payment on the mortgage and provide a free and clear balance with the resort that can then be deeded back.
 
I have just turned my Mystic Dunes week 7 alt even years timeshare back to Diamond for the Title fee of$ 250. It was very easy . I wrote to the email that was listed on TUG forums got an immediate reply, that we will accept the deed back. Then it took about a month or so to hear back from Chicago Title. Then it was quick. My share was paid in full, and up to date on HOA before I asked.
I am so thankful to TUG.
 
I would suggest refinancing the 30k loan with Lending Club or with Prosper at a lower interest rate and then participating in the resort deed back program. That will lower the monthly payment on the mortgage and provide a free and clear balance with the resort that can then be deeded back.

I'm not sure this is any better position than just letting it go. If you did that as stated previously then you still have the 30K debt. There is no sense to continue to pay for the loan that would now be literally for nothing.

There isn't really much that can be done here because of the debt. Be careful of throwing good money after bad.
 
looking at it another way....would you pay 30,000 to repair your credit?
 
No one in the sales department has the authority to grant a deedback. You need to talk to someone in authority in management - probably higher than the resort level.

Yes, defaulting may impact your credit - so you have to decide what you are willing to do to get out.

Contacted Diamond as shown above. They responded "No" and that they are not accepting deed backs at this time. I'm still wrestling wtih the idea of using the company to get rid of the time share. A close friend of mine did the same thing years ago and she said it really worked for her and got rid of the loan and her credit was not affected. IDK. The whole situation is really stressing me out right now.
 
Just got the deed back papers about 90 days after DRI had sent the deed back info to the title company.
Now just need to notarized and send back today.
 
Contacted Diamond as shown above. They responded "No" and that they are not accepting deed backs at this time. I'm still wrestling wtih the idea of using the company to get rid of the time share. A close friend of mine did the same thing years ago and she said it really worked for her and got rid of the loan and her credit was not affected. IDK. The whole situation is really stressing me out right now.

DRI accepts "deedbacks" on paid up ownerships for a nominal fee of $250 --- but certainly not ownerships with a $30,000 loan balance. Apples and oranges.

I don't know of any entity, past or present, with magical powers that can make a $30,000 loan debt just "disappear", regardless of what their fee might be.
 
Last edited:
I stand by the recommendation to refinance the loan at a lower interest rate and execute a deed back to DRI. That will save the ongoing fees and give you flexibility on your payments. Many timeshare mortgages are 15-18% so surely you can get a personal loan at a lower rate < 8%.

If that doesn't work there is always the "Strategic Default" option. People did this with real property mortgages during the financial crisis and while it takes time to recover - the 30k debt is eventually expunged from the credit history after 7 years.

I personally wouldn't take the credit hit - but each person has their own situation.
 
Top