Sticky - Hilton Vacation Club / DRI now accepting deedbacks - Give back your HGV/Diamond Resorts Timeshare

[gladtobeout]

DRI will take my points

Paperwork came, will sign fast and mail back with $$$. Finally free of this, I hope. I only was made aware 2 months ago about this way to exit my timeshare. I am soooooo very glad I found this, I have tried for years and years to exit my timeshare problem, only to be scammed by very slick folks. Thanks again for the thread and the info.

 

[bogey21]

This must be working out well for DRI. They keep taking back Ownership Interests.

George

 

[T_R_Oglodyte]

This must be working out well for DRI. They keep taking back Ownership Interests.

George

Of course it's working out well. The stuff they get for free they can sell for $30k - $100k, whereas actually acquiring new real estate would cost them about 50% of the sales price.

So this is a win-win. Disgruntled owners have a way to get out of ownership; DRI gets an inventory that generates more profit than new real estate.

 

[nuwermj]

So this is a win-win. Disgruntled owners have a way to get out of ownership; DRI gets an inventory that generates more profit than new real estate.

Although I agree that Diamond's surrender program should be good for the company, it seems that many of Diamond's institutional and hedge fund investors don't agree. It was pointed out in an open letter last October that Diamond's shares "trade at a material discount to its peer group, which includes Marriott Vacations and Wyndham Worldwide, as well as sell-side analyst price targets of over $40 per share." Diamond's shares are currently trading around $25.

The open letter specifically notes sentiments that continue "to question the Company's inventory recapture and asset-light model." I haven't found the reasons for this concern -- maybe it is unfounded -- but it appears to be wide-spread enough to devalue the company by 40 to 50 percent.

Whatever the reasons for such concern over Diamond's inventory recapture and asset-light model, perhaps it is shared by the other major timeshare companies. Marriott, Wyndham and Interval continue to rely on a combination of inventory recapture and developing new real estate.

 

[dougp26364]

Of course it's working out well. The stuff they get for free they can sell for $30k - $100k, whereas actually acquiring new real estate would cost them about 50% of the sales price.

So this is a win-win. Disgruntled owners have a way to get out of ownership; DRI gets an inventory that generates more profit than new real estate.

You bet it's working out great for DRI. Our "buy-in" cost per point was $1.28/point for two 2 bedroom units at Polo Towers (1 Villa's and 1 Suite's). Last I knew they were selling points for over $5/point. They'll take the two units we gave them back, and paid them $500 to process the deeds, and resell those same points at a resort long since sold out for over $132,500!

Imagine reselling a resort week for a 500% markup and you haven't invested a single dime in the property that hasn't been paid for by the property owners. Sounds like a great racket so long as you have a market for the points you take back.

 

[smsunder]

After today, Saturday, December 5th we finally received our Quick Claim documents to be notarized with return in the postage paid envelope to DRI. We are on our way to divesting ourselves from DRI.

As of December 31, 2015 our transfer fee check has cleared. Now waiting for final release deed to be rid of DRI forever!

 

[lleoni10]

Voluntary surrender

Question. Apologies if it is somewhere in this post but I am not too familiar with how exactly TUG works. Tomorrow is the start of 2016 and my maintenance fees are due today. I just came across the voluntary surrender and really want to consider this. Fees have gone up so much since I purchased the TS and I just can't afford it anymore. Do I have to pay the 2016 fees in order to surrender over my deed? If so, does that mean I will be paying $2400 in MF plus the 250 surrender fee and then not be able to use the timeshare for 2016? As much as I want to get rid of it, I also can't picture paying $2650 in order to get rid of it. Should I wait to do this until after I use it? But then will I run the risk of them not doing this in the future and being stuck with it until I can sell it.

I also originally purchased the deed and then they were turned into points so I could be a part of the club. Any advice would be appreciated.

Right now I think I wont pay the MF and risk paying a late fee until I find out exactly what to do.

 

[smsunder]

Question. Apologies if it is somewhere in this post but I am not too familiar with how exactly TUG works. Tomorrow is the start of 2016 and my maintenance fees are due today. I just came across the voluntary surrender and really want to consider this. Fees have gone up so much since I purchased the TS and I just can't afford it anymore. Do I have to pay the 2016 fees in order to surrender over my deed? If so, does that mean I will be paying $2400 in MF plus the 250 surrender fee and then not be able to use the timeshare for 2016? As much as I want to get rid of it, I also can't picture paying $2650 in order to get rid of it. Should I wait to do this until after I use it? But then will I run the risk of them not doing this in the future and being stuck with it until I can sell it.

I also originally purchased the deed and then they were turned into points so I could be a part of the club. Any advice would be appreciated.

Right now I think I wont pay the MF and risk paying a late fee until I find out exactly what to do.

It may be best to call to get your questions answered: Deborah Moncada | Financial Services Title & Recording Department | Diamond Resorts International® | Tel: 877.497.7521 | Fax: 702.240.0638

 

[Ellsworth007]

Hi, new to the site as of Dec 13 2015. I have come across time share content and valuable information before on this site. My husband and I have time shares on the island of St. Martin. One purchased 1998 at flamingo beach resort. The resort has changed hands a few times. Oh, it's a Fixed unit in September. When DRI offered us to switch to points, we didn't take it. Fast forward years later we no longer have a copy of the contract. Over the years I looked for solutions to sell or get out of the time share.... many which are suggested found here. We did get a letter from DRI with an attached form to complete and return to terminate the contract/lease. They asked us to send in $250.00 by January 9th 2016 and they would return the notarized termination. I did have our signatures notarized and sent everything certified. I'm not sure if I will have to pay 2016 fees.


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Today I logged into our Diamond account. The message posted was there is no longer an account. I did it a few times to be sure. The check cleared on 12/30/15. We would have had a bill for $1,350.00 due first of January. We're done, just need to see if there is any documentation in the mail.


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[lleoni10]

It may be best to call to get your questions answered: Deborah Moncada | Financial Services Title & Recording Department | Diamond Resorts International® | Tel: 877.497.7521 | Fax: 702.240.0638

Does she deal with voluntary surrender directly? I assume I will not be able to reach her until Monday.

Do you think the questions I have will hurt my chances of being able to go through with the process?

Unfortunately, this all comes down to poor timing and learning about this too late. I really don't want to pay my yearly fees just because its January 1st and then not be able to at least use it for the year when its 2300 bucks. I can't afford to just throw that money away.

 

[smsunder]

Best to call and ask.

We started our process a while back and the $250.00 check just cleared December 30 and was told when i called Dec 8 that I would not responsible for the 2016 MF as we were int eh volunteer surrender program.

 

[Johnsorg]

Thank God for Tug

I found this surrender program on TUG and no where else. I had recently attended an owners update in Powhatan Plantation and asked about an exit strategy. They said there was not one and tried to sell me more points. Once I found this thread, I followed the instructions and it took about three months for everything to clear. I had a deeded property and points. The points cleared quickly but the deeded property took 3 months.

During my time with Diamond, I upgraded first to the point system and then to the club. I was told all of this would be rolled into one contract but it was not. I ended up having 4 contracts and I had to pay $250 for each contract, so they got me for an additional $750. However, it was worth it.

 

[TUGBrian]

so glad more and more owners are finding this thread every day to take advantage of this program!

 

[kiml75]

Waiting on response from DRI

2 days ago I sent an email to DRI loss mitigation. I received a response with a ticket number saying someone will be in touch with me in 1-2 business days. If I don't hear back from someone today, should I send another email? I tried to deedback my timeshare in December 2014 and was denied. I really need to get rid of this timeshare.

 

[gladtobeout]

Question. Apologies if it is somewhere in this post but I am not too familiar with how exactly TUG works. Tomorrow is the start of 2016 and my maintenance fees are due today. I just came across the voluntary surrender and really want to consider this. Fees have gone up so much since I purchased the TS and I just can't afford it anymore. Do I have to pay the 2016 fees in order to surrender over my deed? If so, does that mean I will be paying $2400 in MF plus the 250 surrender fee and then not be able to use the timeshare for 2016? As much as I want to get rid of it, I also can't picture paying $2650 in order to get rid of it. Should I wait to do this until after I use it? But then will I run the risk of them not doing this in the future and being stuck with it until I can sell it.

I also originally purchased the deed and then they were turned into points so I could be a part of the club. Any advice would be appreciated.

Right now I think I wont pay the MF and risk paying a late fee until I find out exactly what to do.

Hope you can "surrender" what you have with DRI, but the 1st of the year has gone by. We are in the pipe line, were told the docs had arrived, and things needed up to 6 weeks to finish. Sooooo, go back to the first pages in this thread, do as instructed to send an email to: LossMitigation@diamondresorts.com . Do it TODAY to get in line as quick as you can. Make sure you include your customer number and all of your contract numbers, and that you are not able to pay for the MF for this year. You should get a robot email back almost instantly with your special case number. DO NOT lose the number, you need it for all future contacts with DRI. If you are not called in the time frame in the message, CALL 877.497.7521 and get a live person to talk to, you should talk to someone in "asset recovery". But any live person will do. You need to be proactive and when you get your docs in the mail, scan them to .PDF format AND have paper copies made also. You can not be too safe. Double read the things that the notary signs, any goof up by the notary will stall the deal. All signatures must be EXACTLY as typed on the contract docs DRI will send
to you. Do not waste any time, this window could close at any time. Very best of luck!

 

[dougp26364]

One of the qualifiers is that all fees must be current. Fees were do Jan 1. It wouldn't surprise me that they'll require 2016 dues/fees be paid if the paperwork is signed and mailed after January 1st.

 

[curly buffalo]

Diamond deedbacks

We had a Copper 1 week unit with Premier Vacation Club, which was bought by Diamond.

When reviewing a TUG post. I saw the story about deedbacks and thought ,why not.

We had our unit paid off, and were current on maintenance fees.

We inquired about a deedback in April,2015, and it was completed by mid-July 2015. Diamond did not notify us that the deedback was completed, so I inquired the end of October 2015, and received a prompt response. I then told them my online account was still open, and they closed it within a few days.

The suggestion I would make is that BEFORE the deedback is completed, scheduled all your weeks, points, etc., for use so you do not leave value in unused weeks and/or points in the account.

THANKS, THANKS, THANKS, TUG !!! Neither Premier nor Diamond met our expectations in terms of availability, quality, or service.

We have had much better experiences at Marriott and Hilton.

 

[riperoo]

So I started this process on 8/3, it is still dragging on, every time I contact Diamond they are saying the processing in slow at the county level. I was getting nervous around the end of the year if I was going to be on the hook for 2016 fees since I hadn't heard anything official back. Reached out to them again and this was the reply i just got back.

"Please be advised that we have you signed deed and is currently in the process of cancelling the account upon successful execution with the county recorders office. Please disregard the 2016 invoice."

So, moving slow but moving. As of today my account is still open on line. I really hope this goes as planned.

 

[riperoo]

Did every thing work out?


Sent from my iPad using Tapatalk

See post above, still working on it, but it is looking positive at the moment.

 

[lleoni10]

Another question

We had a Copper 1 week unit with Premier Vacation Club, which was bought by Diamond.

When reviewing a TUG post. I saw the story about deedbacks and thought ,why not.

We had our unit paid off, and were current on maintenance fees.

We inquired about a deedback in April,2015, and it was completed by mid-July 2015. Diamond did not notify us that the deedback was completed, so I inquired the end of October 2015, and received a prompt response. I then told them my online account was still open, and they closed it within a few days.

The suggestion I would make is that BEFORE the deedback is completed, scheduled all your weeks, points, etc., for use so you do not leave value in unused weeks and/or points in the account.

THANKS, THANKS, THANKS, TUG !!! Neither Premier nor Diamond met our expectations in terms of availability, quality, or service.

We have had much better experiences at Marriott and Hilton.

So I did email loss mitigation and received my ticket number on Friday. They said they would get back to me. If they tell I need to pay my 2016 maintenance fees should I try to book vacations with my points? Or will they be cancelled once I turn over my timeshare??

 

[DONCOOK99]

Anyone successful with deedback?

Lot of comments around Mar '15, but no follow up. Any one aware of any success?
I purchased Diamond U S Club w/4500 pts. Total pkg includes 8500 additional pts in Combination Pkg (from Wyndham pts). If I sell, deedback, etc will the combination pkg go away? I essentially paid Diamond only for the 4500 Club pts. Any one have any experience with this situation?

 

[timesharejunkie4]

So I did email loss mitigation and received my ticket number on Friday. They said they would get back to me. If they tell I need to pay my 2016 maintenance fees should I try to book vacations with my points? Or will they be cancelled once I turn over my timeshare??

I had banked my 2015 week with II before I gave my week back and had no problems.

 

[smsunder]

Best to call and ask.

We started our process a while back and the $250.00 check just cleared December 30 and was told when i called Dec 8 that I would not responsible for the 2016 MF as we were int eh volunteer surrender program.

Update January 12, 2016
Called DRI as our transfer fee check had been posted where the deed has been recorded and our account with DRI will be closed by end of the month!

 

[marg2]

Question. Do I have to pay the 2016 fees in order to surrender over my deed? If so, does that mean I will be paying $2400 in MF plus the 250 surrender fee and then not be able to use the timeshare for 2016? As much as I want to get rid of it, I also can't picture paying $2650 in order to get rid of it. Should I wait to do this until after I use it? But then will I run the risk of them not doing this in the future and being stuck with it until I can sell it.

I think you'll have to pay your MF if you want to surrender this. Pay your MF, then send in your request to surrender. When they say they accept your request and send you the documents, then do a trade with II. this is what I did. I booked something with II while the documents were on their way back to DRI.

 

[riverdees05]

Still working on mine from October. I have called them twice and they said it is approved and they would email me the paperwork. But it hasn't shown up. Will call again this coming week and try to explain what has happened the lasts two times I called. Don't understand!