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Letting timeshare foreclose

mommacarus

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I have week 44 at Williamsburg Powhatan Resort (2 br lockoff). I purchased on Ebay in 2006 and most often have traded in to RCI for 2 weeks and vacationed elsewhere. Due to familiar obligations, children are grown, and our advancing years, we are no longer able to take advantage of yearly away vacations, and would like to lose the obligation of paying maintenance fees, etc.

I listed unit for sale on Tug for $1...no takers. I contacted Diamond Resorts Transition team, customer service, loss mitigation team, lead collector; and although they have a program to take back weeks, I do not qualify because I am not the original buyer. Even though my week was fully paid for when I bought it, and my maintenance fees are up to date. I have been persistent and call or email every month...same answer.

This past month I was advised "to let the unit go in to foreclosure. Late payment notices will be sent, just ignore them. They cannot affect your credit with maintenance fees not being paid". Does this make sense? Don't want to make a wrong move, just want out of this obligation.

Sorry for lengthy post...desperate for help. Thanks in advance.
 

Aurelius

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They absolutely can report you to the credit agencies. Many, however, do not. If you don’t need credit or don’t mind the hit, walking away may be a viable option.
 

Grammarhero

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My in-law and friend both got a 50 point drop, although my friend recovered after 7 years. Up to you what to do.
 

Passepartout

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It really depends on how important a high credit score is to you. If your house is paid off, you aren't planning to finance a major purchase like a car, don't sweat a drop in credit score. Plus, if you do get a ding, you are allowed to write a mitigating letter to attach to anyone checking your score. Writing that you had no buyers and that the developer wouldn't take it back for free left you no choice. If they threaten foreclosure, tell 'em to "Bring it on".

Also, instruct your heirs to refuse it should you pass before the foreclosure is complete.

Jim
 

RX8

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Who was it that advised you to let it go into foreclosure? Not saying that isn’t the best option, just curious. I wouldn’t put it past an unscrupulous exit company to charge you thousands to get you out of your timeshare and then advise to let it go into foreclosure.
 

HudsHut

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Under what user name did you post it? This appears to be your first post? One idea is to offer an incentive to the buyer after closing...Give them current year's use for free, or a gift card...
 

Passepartout

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I have week 44 at Williamsburg Powhatan Resort (2 br lockoff). I purchased on Ebay in 2006 and most often have traded in to RCI for 2 weeks and vacationed elsewhere. Due to familiar obligations, children are grown, and our advancing years, we are no longer able to take advantage of yearly away vacations, and would like to lose the obligation of paying maintenance fees, etc.

I listed unit for sale on Tug for $1...no takers.
As long as it's still current, why not list it on the TUG Bargain Deals? and offer to give the new owner this year's week so they don't have to wait until their name is on the contract. Isn't week 44 pretty close to Thanksgiving? Maybe even offer a $100 gift card on transfer. Be creative. Someone will want it.

Jim
 

HudsHut

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Week 44 is usually the first week of November (Nov 1,2,3). From looking at other listings it is likely to be a fixed week.
November isn't here yet. Advertise that week for free in your ad.

Events during week 44:
June 29, 2019 - March 22, 2020 Forgotten Soldier Special Exhibition
April 20, 2019 - December 14, 2020 Yorktown Market Days
November 2, 2019 Willamsburg Farmers Market
Historic Jamestown celebrates American Indian month
York County Vintage Marketplace
November 4, 2020 Maritime Mondays (children under 8 story/craft)

#VisitWilliamsburg (use on Instagram to see photos of the area)
#PowhatanResort

Digital Visitors Guide:
https://www.visitwilliamsburg.com/guide-order

GrammarHero loves Williamsburg. Perhaps he can add more activities to include in your ad.
 
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TUGBrian

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diamond resorts has a surrender program, if its paid off and current you can give it back to them.

(also side note, your ad on TUG is expired..it ran for 90 days and wasnt renewed)

(second side note, you didnt offer to cover closing costs to further attract a buyer, DRI ownerships are a very tough sell on the resale market, and why most people use the transitions program to give them back)
 

Grammarhero

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- Thanksgiving celebrations: every year during November, Williamsburg gets historical re-enactments of the first Thanksgiving. Lots of great local, free events, particularly around Colonial Williamsburg. Experience the first Thanksgiving like it was 410 years ago!
- Colonial Williamsburg. The CW app is great to use. It’s free to walk around 387 year old town, the third oldest town in the US. A $40 adult ticket will get you admission to two museums and the governor’s mansion. However, it’s not necessary, as walking around town enough to feel the historical vibe. I usually advise people against the $40 admission tickets because they start to feel bad afterwards. Afterwards, you can usually resell the admission wristband for $10. I usually spend an entire day here.
- Jamestown Settlement/Historic Jamestown: two great historical sites to explore, including replicas of a Native American Village, Jamestown Fort, and the three ships bringing settlers. The Excavation site is the actual location of the second oldest town in America dates 410 years old, next to lost Colony of Roanoke. As a plus, you might be able to resell your adult admission stickers for $5 to incoming visitors once you are finished. I usually spend an entire day here.
- Yorktown American Revolution Museum/ Yorktown Battlefield/ Historic Yorktown: explore the final battle of the Revolutionary War with two great historical sites. Historic Yorktown is free. Lots of interesting replicas. As a plus, you might be able to resell your admission stickers for $5 to incoming visitors once you are finished. I usually spend an entire day here.
- Busch Gardens/Water Country: each theme park deserves its own day to explore all the kid-friendly shows. Celtic Frye, a broadway style Irish tap-dancing show, is my favorite. Food is actually reasonably priced and good here. Probably the best-tasting, least expensive amusement park food I’ve ever had.

Virginia Beach also an one-hour drive, at which I usually spend one day. There are other great quaint shopping spots like Merchants Square and Riverwalk Landing, an oceanfront. Even in November, you can take a $37 cruise along the York River, which was the site of both Revolutionary War and Civil War battles. Lots of history concerning the York River.

All in one tickets can be purchased at http://jyfemail.jyf.virginia.gov/eS...roductGroupCode=9000&ProductCategoryCode=9009.
https://buschgardens.com/williamsburg/tickets/theme-park-tickets/

Be careful if you see great discount deals by third party sites. Most are scams or discounts offered by TS resorts making you attend a Ts presentation.
 
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Passepartout

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diamond resorts has a surrender program, if its paid off and current you can give it back to them.
Dummy Diamond said they won't take it back because these folks are not the original buyers! Their loss!
 

TUGBrian

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ah, well thats disappointing.

id certainly make a significant effort in harassing that department until they agreed to take it back...that is ridiculous.
 

vacationhopeful

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If it is the first week of November (as being "election week"), post it on New Jersey sites. In NJ, this is a BIG time off from Public Schools.

WDW refers to it a "Jersey Week" ... Schools are closed for Election Day and on Thursday and Friday for NJ Education Teacher's Convention (for the public school teachers held in Atlantic City).
 

mommacarus

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Who was it that advised you to let it go into foreclosure? Not saying that isn’t the best option, just curious. I wouldn’t put it past an unscrupulous exit company to charge you thousands to get you out of your timeshare and then advise to let it go into foreclosure.
It was a customer service rep at Diamond.
 

mommacarus

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diamond resorts has a surrender program, if its paid off and current you can give it back to them.

(also side note, your ad on TUG is expired..it ran for 90 days and wasnt renewed)

(second side note, you didnt offer to cover closing costs to further attract a buyer, DRI ownerships are a very tough sell on the resale market, and why most people use the transitions program to give them back)
Diamond Transitions will not take back if you aren't the original buyer. I will try advertising on Bargain Basement again offering to pay closing costs. Thanks.
 

Passepartout

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It was a customer service rep at Diamond.
Since there doesn't seem to be a recurrent ad in TUG's Bargain Deals from you, that would seem to be easier and less stressful than being harassed by both Diamond and any collector they sell your debt to. As long as the timeshare is current, post it for free giveaway, offer to pay transfer costs and this year's stay in it in November.

I think someone will want it.

OTOH, I don't think your life will be particularly affected if you let it go to foreclosure. Either way, c'mon back and tell us how it worked out for you. People are always asking 'What if?' and we like to have examples to tell them.

Jim
 

mommacarus

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Since there doesn't seem to be a recurrent ad in TUG's Bargain Deals from you, that would seem to be easier and less stressful than being harassed by both Diamond and any collector they sell your debt to. As long as the timeshare is current, post it for free giveaway, offer to pay transfer costs and this year's stay in it in November.

I think someone will want it.

OTOH, I don't think your life will be particularly affected if you let it go to foreclosure. Either way, c'mon back and tell us how it worked out for you. People are always asking 'What if?' and we like to have examples to tell them.

Jim
Thanks for input. I have just relisted and offered to pay closing costs. Fingers crossed!
 

OldGuy

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I have to go back and see where I've said things I've said, which I just did here.

Have you not even tried craigslist? There's nothing wrong with having an ad multiple places. I have gotten rid of at least five unwanted weeks in recent years that way, and would be willing to share the ads I've used, since they are conveniently saved for free in my CL account.
 

Passepartout

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Thanks for input. I have just relisted and offered to pay closing costs. Fingers crossed!
Good Luck! Come back to it periodically and refresh the ad. Put in some pictures of the resort/unit if you can to make it attractive. Williamsburg is always a popular destination that millions of people can drive to for low cost family vacations. Your resort has a real 'colonial village' feel to it, and is well located. Being a 2BR lockoff, it can be divided and parlayed into two weeks of vacation if deposited. And no, I'm not talking myself into it.

Jim
 

mommacarus

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I have to go back and see where I've said things I've said, which I just did here.

Have you not even tried craigslist? There's nothing wrong with having an ad multiple places. I have gotten rid of at least five unwanted weeks in recent years that way, and would be willing to share the ads I've used, since they are conveniently saved for free in my CL account.
Actually tried Ebay (which is where I originally purchased from), but no success. I would appreciate you sharing your Craigslist listing. Thank you!
 

mommacarus

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diamond resorts has a surrender program, if its paid off and current you can give it back to them.

(also side note, your ad on TUG is expired..it ran for 90 days and wasnt renewed)

(second side note, you didnt offer to cover closing costs to further attract a buyer, DRI ownerships are a very tough sell on the resale market, and why most people use the transitions program to give them back)
Transitions will not take timeshare back if you are not the original buyer. (I bought on Ebay in 2006) I have relisted on TUG bargain sales, agreeing to pay closing costs.
 
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