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

[sssung]

tstraveler2

Just sent my email requesting to give my points back. Used the info on this thread (thank you!)

2 questions: (1) From reading a few of the posts (didn't try to read them all), if DRI accepts this transaction, can I safely assume that I am looking at 6-9 months at least? (2) When I sent the email, I listed both contracts (US Collection). However, their response only listed one of them. Did they ignore the other or just listed one?

To answer you #2 question. I saw something similar, their response look like hascut offthe bottom 2/3 ofmy original message.

 

[sssung]

Initial email sent

Hi all! I just wanted to add data points to this deed back process. I own a fixed deeded week, a 2 bedroom lock off even years. I just sent my message to loss mitigatien and within 2 minutes, I received the automated response with a ticket number.

I neglected to provide a reason to relinquish my week. Should I try to respond to the ticket numbe ermail or just wait until they contact me.?

 

[dougp26364]

Hi all! I just wanted to add data points to this deed back process. I own a fixed deeded week, a 2 bedroom lock off even years. I just sent my message to loss mitigatien and within 2 minutes, I received the automated response with a ticket number.

I neglected to provide a reason to relinquish my week. Should I try to respond to the ticket numbe ermail or just wait until they contact me.?

I don't believe you need to give them a reason for your deed back. They've discovered it's cheaper to take back intervals for inventory than to build new resorts from the ground up. It's a pretty good racket if you ask me. We paid approx. $35,000 for our two weeks at Polo Towers back in 1998 and 1999. They took those weeks back, converted them to trust points and will now sell those trust points for >$100,000. The only cost to DRI is keeping the loss mitigation department open and, even then, owners are paying $250/contract to relinquish their intervals, so even the loss mitigation dept. is being subsidized by owners wanting out.

Be aware the wheels turn slowly. You'll need to contact them about the status of your deed back on a regular basis to keep it moving along. I believe it took us 9 months from start to finish before the deeds were out of our names.

 

[Bill4728]

Hi all! I just wanted to add data points to this deed back process. I own a fixed deeded week, a 2 bedroom lock off even years. I just sent my message to loss mitigatien and within 2 minutes, I received the automated response with a ticket number.

I neglected to provide a reason to relinquish my week. Should I try to respond to the ticket numbe ermail or just wait until they contact me.?

You may not need to give a reason BUT it would be better to give one. I'd send another email ASAP with a reason.

 

[sssung]

I don't believe you need to give them a reason for your deed back. They've discovered it's cheaper to take back intervals for inventory than to build new resorts from the ground up. It's a pretty good racket if you ask me. We paid approx. $35,000 for our two weeks at Polo Towers back in 1998 and 1999. They took those weeks back, converted them to trust points and will now sell those trust points for >$100,000. The only cost to DRI is keeping the loss mitigation department open and, even then, owners are paying $250/contract to relinquish their intervals, so even the loss mitigation dept. is being subsidized by owners wanting out.

Be aware the wheels turn slowly. You'll need to contact them about the status of your deed back on a regular basis to keep it moving along. I believe it took us 9 months from start to finish before the deeds were out of our names.

Thank you Doug for the "slow process" reminder!! I'm anticipating the process to take even a longer time since ....may be more people are taking this route as we speak. I just hope they haven't accumulated enough inventory to stop the program at my home resort (Mystic Dunes).

You may not need to give a reason BUT it would be better to give one. I'd send another email ASAP with a reason.

I've sent a reason to Diamond for take back 7/28 early night. I'm crossing my fingers.

 

[aspenroxy]

Diamond Resorts points buyback

I am glad to hear diamond are buying back points, my question is this, they want all fees and mortgages paid, and for 250.00 they will take ur timeshare back.

What about all the money we as owners paid in the first place, we paid 40,000.00 for our 15000 points, and we are trying to sell our points, for 25,000 trying to recoup something, we are Canadians so with the exchange rate applied we paid over 50,000.00 do not understand why the former CEO cannot give us some money back when he sold diamond for over 2.2 Billion.

The financial dept apparently Voluntary Surrender Program:

In order to qualify, the HOA (MFs) must be up-to-date and the owner must have a zero balance on the loan.

To start this process, the owner must send an email to: lossmitigation@diamondresorts.com with the subject line stating: Inventory Takeback.

In the email itself the owner must include:
-Resort Name
-Owner(s) Name(s)
-Account Number
-Inventory owned (ie. weeks, points, etc)
-any other important information regarding the deed

within 7-10 business days, the Diamond Resorts will send an action required correspondence, where the owner will have 15 days to return.

Note: the owner is responsible for any fees associated with the paper work, such as notary, postage etc.

 

[tschwa2]

Unfortunately 15,000 dri points have a resale value of $0. You may find someone to pay the transfer fee and closing for a combined out of pocket of under $1000. If you spend a lot of time and effort advertising on all the free and low cost sites you might be able to sell for $5000 but even that is a real long shot and would probably take 1-3 years to find that buyer. That's the reason so many are happy to pay the $250 to get out in the next 2-3 months vs years. DRI may even have enough points that it will discontinue the take backs until they sell some of it down.

 

[Bill4728]

DRI points have little or no resale value because DRI does everything they can to make them have no value.

If you buy from a current owner
- You do not get into the "Club"
- You lose all points and reservations made with this years points
- You may have to repay the MFs the old owner may have already paid
- they make it difficult to give to a family member unless you die (even then they make it hard )

and
- They tell you you can not use Interval International (WHICH IS A LIE!!) You can use II but you must open your own II account and do your trading thru that private II account

For all these reasons most people are afraid to get involved with resale DRI points contracts.

 

[She-She]

DRI

Hi, has anyone had luck lately with DRI taking points back? Does this voluntary surrender or deedback process adversely affect one's credit? Appreciate the info!

 

[TUGBrian]

there is no impact on your credit utilizing this offer, you should send off your email asap!

 

[TheWizz]

I bought some Sunterra deeds and points many moons ago and also DRI Polo Towers deeds many moons ago. At one time I had ~45K points after the merger and after I did a conversion for $3K to THE Club, back when that was an option for resale buyers. When they did the last deed-back a few years ago, before the Kauai issues, I gave back all of the DRI Points I owned since the MFs on points were going through the roof, which left me with three deeded resorts and 30K points annually. This year I paid $560 in Club Dues. I paid $3,126,01 in MFs for the three deeds I own, for a total out-the-door cost of $3,686.01. Who knows what it will be next year! It could be worse... I have a friend that owns only DRI Points (17K) and paid almost $3K in MFs this year for a little over 1/2 the points I have. I digress...

My travel patterns and needs have changed over the past few years and I use DRI less and less each year and struggled to use all my points this year. But with the help of some friends and family, I did use most of them. The balance I converted to UA Miles to empty the current year balance. As soon as I returned from my last trip on a DRI TS vaca, I sent the email in to DRI on June 13th to deed-back my three timeshares. A couple of days later, I received an email stating they had received it and got a ticket#. A week later I inquired again and was told it was approved and that the whole process could take "45-60 days" to complete. Right..... So I hit the 60 day point recently and sent them emails again, faxes of the email and started calling the Loss Mitigation Ph#. I finally got through to someone today and was told all three deeds were sent to Title Co. to process last month and I should be getting something in the mail soon. Fingers crossed...

 

[clifffaith]

Yes! We mailed our notarized paperwork 2.5 weeks ago on our last day in Santa Fe. I really didn't expect anything to happen quickly. Today we were starting some idle research to see if we can figure out when Kaanapali releases their 13 month inventory, how much Deluxe Ocean View is left today at 11am if it was released at midnight, etc. Then I noticed we only had 9100 points listed for 2017. Interesting. Cliff says, try to make Santa Fe reservation 13 months out. Ooh, can't do it. Then we thought to check our ownership summary on the left side of the web page. Hawaii only! So we haven't gotten the official word, but we are out of the US collection. On the downside turns out that even though we'd moved all 2016 points to 2017, we then had some adjustments to reservations and we now have 5000 points we need to use up this year. Oh no, we have to take another vacation!

 

[TheWizz]

I bought some Sunterra deeds and points many moons ago and also DRI Polo Towers deeds many moons ago...

...I sent the email in to DRI on June 13th to deed-back my three timeshares. A couple of days later, I received an email stating they had received it and got a ticket#. A week later I inquired again and was told it was approved and that the whole process could take "45-60 days" to complete...

I received a FedEx envelope from the Title Co. on Aug. 4th for "one" of my three DRI timeshare deeds (PT Villas). I expected the other two to arrive a few days later, but after two weeks, no more paperwork. I called DRI and inquired and they said that sometimes the title searches take longer for some properties vs. others, but said they are in-progress and the Title Co. will send the paperwork out by deed as they are ready. So... I'll just keep waiting for the other two deeds paperwork to arrive and then get it all notarized at one time and send all three back together. The positive is I should have them all (relatively soon) and sent in before the grim reaper comes a calling in Dec. seeking next year's MFs, which I do not plan to pay, ever, again.

 

[TUGBrian]

not sure if its been mentioned here, but we did get a confirmation from another individual that an owner contacting the above department got an answer that DRI was NOT currently taking back Club Intrawest deeds.

hopefully this will change in the future.

 

[dougp26364]

I bought some Sunterra deeds and points many moons ago and also DRI Polo Towers deeds many moons ago. At one time I had ~45K points after the merger and after I did a conversion for $3K to THE Club, back when that was an option for resale buyers. When they did the last deed-back a few years ago, before the Kauai issues, I gave back all of the DRI Points I owned since the MFs on points were going through the roof, which left me with three deeded resorts and 30K points annually. This year I paid $560 in Club Dues. I paid $3,126,01 in MFs for the three deeds I own, for a total out-the-door cost of $3,686.01. Who knows what it will be next year! It could be worse... I have a friend that owns only DRI Points (17K) and paid almost $3K in MFs this year for a little over 1/2 the points I have. I digress...

My travel patterns and needs have changed over the past few years and I use DRI less and less each year and struggled to use all my points this year. But with the help of some friends and family, I did use most of them. The balance I converted to UA Miles to empty the current year balance. As soon as I returned from my last trip on a DRI TS vaca, I sent the email in to DRI on June 13th to deed-back my three timeshares. A couple of days later, I received an email stating they had received it and got a ticket#. A week later I inquired again and was told it was approved and that the whole process could take "45-60 days" to complete. Right..... So I hit the 60 day point recently and sent them emails again, faxes of the email and started calling the Loss Mitigation Ph#. I finally got through to someone today and was told all three deeds were sent to Title Co. to process last month and I should be getting something in the mail soon. Fingers crossed...

Your highlighting exactly why we gave our deeds back. Fee's had skyrocketed over the last three or four years. The jump in cost of THE Club dues was the final straw. It became far to expensive for second tier quality in mostly second tier locations in the destinations served by DRI.

We owned an excess of timeshare inventory for our current needs. Something had to go and we'd already divested ourselves of one timeshare. DRI's drastic cost escalation made it an easy decision. Even without their deed back program we were going to get rid of our DRI ownership, either by giving them away or defaulting on the MF's.

 

[dougp26364]

I received a FedEx envelope from the Title Co. on Aug. 4th for "one" of my three DRI timeshare deeds (PT Villas). I expected the other two to arrive a few days later, but after two weeks, no more paperwork. I called DRI and inquired and they said that sometimes the title searches take longer for some properties vs. others, but said they are in-progress and the Title Co. will send the paperwork out by deed as they are ready. So... I'll just keep waiting for the other two deeds paperwork to arrive and then get it all notarized at one time and send all three back together. The positive is I should have them all (relatively soon) and sent in before the grim reaper comes a calling in Dec. seeking next year's MFs, which I do not plan to pay, ever, again.

They couldn't even FIND our deeds. Fortunately I had copies of all the paperwork ever done with DRI, including copies of our deeds and closing papers. I had to fax all of that to them to "grease" the wheels and get the ball rolling.

Now, on another topic, they STILL have our fixed week listed in reservations under our name. I received a pre-arrival E-mail from them the other day. When I called to inform them I no longer owned that deed she looked it up and could see where it had passed through loss mitigation but, she was unable to cancel the reservation. It seems loss mitigation hadn't canceled our membership in THE Club despite the fact we never paid THE Club dues for 2016. She suggested I call back when loss mitigation was open (they had closed for the day when I called) and I suggested maybe she should give them my number and they could call me. Either way, I was letting them know I didn't own the week, I wouldn't be showing up and maybe they should do something with that week vs letting the unit sit empty.

 

[pedro47]

Why couldn't the person you were speaking with, could not just shoot an email to the loss migration
department that you have deed back your deed and furthermore you are not a DRI owner?

 

[ElaineA]

there is no impact on your credit utilizing this offer, you should send off your email asap!

I just stumbled on this thread. We have DRI pts but with the Hawaii Trust. Can this still work? What about since DRI was sold?

 

[SmithOp]

Why couldn't the person you were speaking with, could not just shoot an email to the loss migration
department that you have deed back your deed and furthermore you are not a DRI owner?

That's the "not my job" way nowadays. I remember back in the 90s we had an initiative called legendary service, you followed up until the customer was served.

Sent from my BLU R1 HD using Tapatalk

 

[clifffaith]

I just stumbled on this thread. We have DRI pts but with the Hawaii Trust. Can this still work? What about since DRI was sold?

I think it will work just the same way in the Hawaii Collection. After Apollo takes full control, who knows. We divested ourselves of US earlier this month, leaving just the Hawaii points. I think you should see if there is a resale market for Hawaii. We kept our Hawaii points thinking that maybe we could sell them in the future, but in the meantime we go to Hawaii every January and although we also go to Sedona and Santa Fe almost every year we never decide when we're going until a few months out so saw no reason to continue having points in both collections. And it turns out that Sedona Summit is in the Hawaii Collection anyway so if we needed to make 13 month reservations we could.

 

[T_R_Oglodyte]

I just stumbled on this thread. We have DRI pts but with the Hawaii Trust. Can this still work? What about since DRI was sold?

I don't think you would have a problem, considering that they are selling 11,500 points in the Hawaii collection for ~$100K on the sales floor. DRI, almost alone among timeshare companies, has realized that it's more profitable to recycle inventory than it is to get into the development game.

 

[Bill4728]

not sure if its been mentioned here, but we did get a confirmation from another individual that an owner contacting the above department got an answer that DRI was NOT currently taking back Club Intrawest deeds.

hopefully this will change in the future.

We are currently keeping our CI pts even with the DRI takeover. BUT Last year before DRI take over, resale CI points were still selling for a bit of money. So maybe anyone with CI can still sell their CI pts on the open market.

 

[TUGBrian]

is one particular member who just recently listed a good chunk of ci points for free...curious to see if he finds a buyer.

 

[Matilda]

Dri timeshare buyback

I've sent two emails as this thread advised, and I have not heard a word, I resent the request the second time and was provided with yet another ticket number. The email from the first requests states they will get in touch with me in 1-2 days, they haven't either time I requested the buyback with the information required.

 

[cd5]

We are currently keeping our CI pts even with the DRI takeover. BUT Last year before DRI take over, resale CI points were still selling for a bit of money. So maybe anyone with CI can still sell their CI pts on the open market.

Had confirmation a couple of weeks ago that some sales occurred at $30usd per point with no ROFR on the part of DRI.