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DRI deedback v TET

jcr

jcr

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I had posted this in the stickied thread, but that might not get as many views. Appreciate any advice.

A family member has eight paid off contracts with Diamond. They had not heard of Transitions until I mentioned it today. They met with Timeshare Exit Team who said they could get out for $500.00 per contract. Does this sound right? Seems odd that Diamond is charging $750 per contract. What are we missing?

 
Timeshare Exit may have a deal with Diamond to process deed backs for less or they may have no deal and just assume they can get you out for $4000. I believe they do guarantee their fee but usually if they tell you to stop paying and it takes 18+ months before Diamond forecloses or offers a deed in lieu of foreclosure. Timeshare exit, I believe makes no guarantee that their exit strategy won't negatively effect your credit. When you are working directly with Diamond the process will be relatively quick, and you are assured you are out without any kind of collection or negative credit reports.

Some exit type organizations simply deed your deeds to a LLC and then disappear. The developer doesn't have to accept that type of transfer and you still could be on hook for everything. Sometimes if you start working with those companies, the developer won't work with you through their legitimate (be it in this case kind of pricey) exit.
 
Thank you for that. Interesting that she mentioned TET said their credit would not be adversely affected. I will find out more about that.
 
She is on her way to meet with TET. She said credit would not be affected because all the contracts have been paid off. She won't sign today though thanks to TUG. Will review which is the better choice.
 
They can say that her credit won't be affected but do they say that in the contract? If they don't have the deed back completed before the end of the year there will be 2020 MF's. If those aren't paid Diamond can add late fees and then file a report on the credit report and/or sell the debt to a collection agency. Does the contract guarantee that the deed back will be completed by the end of the year?

Remember just like timeshare salespeople the people you meet with are commissioned sales people and they don't get paid unless they convince you to pay them. TET may be somewhat reputable in that they may be around if they don't fulfill the contract and you may get your money back but they certainly aren't going to honor verbal statements. If it isn't in the contract then it doesn't mean anything.

Per their web page a reasonable time to complete the process is defined as 18 months.
 
Excellent points. She said she will email a copy of the contract after the meeting.
 
Total TET fees almost $11,500.00 (not including notarizations, etc) to get out of the eight contracts. No guarantee as to when - standard between 9-18 months (but could take longer). Credit not affected as long as MFs are current, etc. Doesn't make sense to not try to do it on their own. She hasn't decided yet, but have a feeling she'll try.
 
vs $6000 with DRI and it will likely take longer with TET so she would also have to pay 2020 MF's on top of the $11,500. As bad as the DRI deed back is still ended up being the better option.
 
jcr said:
Total TET fees almost $11,500.00 (not including notarizations, etc) to get out of the eight contracts. No guarantee as to when - standard between 9-18 months (but could take longer). Credit not affected as long as MFs are current, etc. Doesn't make sense to not try to do it on their own. She hasn't decided yet, but have a feeling she'll try.
Click to expand...

How does it change from $500 per contract (x8 contracts equaling $4,000) to $11,500? Rather shady IMO.
 
Apparently they told her $500 per contract plus their fees totaling $11,500.
 
jcr said:
Apparently they told her $500 per contract plus their fees totaling $11,500.
Click to expand...

That's the shady part. It's like a car dealer telling you the car will only cost $19,999 but then when all of their fees are added it's closer to $25-30k. Just another scam artist IMO. They may be able to do what they say they will do but for no where near what the original quoted price was.
 
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