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

[pedro47]

Is the new $750 tax deductible as a loss?

 

[T_R_Oglodyte]

Is the new $750 tax deductible as a loss?

Since a timeshare will almost always be personal property, and losses on sales of personal property are almost never deductible ------- probably not.

 

[Rich B]

Thanks to everyone who has posted to this forum. I have been trying to get rid of my 310 Monarch Grand Vacations points (acquired by RCI a few years ago) for a couple of years. I couldn't even give it away. I ran across this thread recently then checked my RCI account page and saw the "Transitions" tab. I submitted my request yesterday and received an approval email a couple of hours later. I will have to pay a $750 recording fee but I'm so looking forward to getting rid of the $1450/year maintenance fees. At this stage of my life I'll just stick with hotels from now on.

 

[TUGBrian]

fantastic to hear that they are taking back monarch points as well now! we had reports in the past that owners were rejected trying that!

 

[KozyK]

Edit/Update:

As of December 2017 DRI now officially has a name for this program called TRANSITIONS.

Information (including who/how to contact) is available here in this thread:

https://www.tugbbs.com/forums/index.php?threads/transitions-is-finally-announced.267181/




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 and or leadcollector@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.

Edited to add phone number: You can call 877-497-7521, option 1 English, then 3 is direct to Loss Mitigation.

And an additional wrinkle, today 10/22/18 at our owner update here in Lake Tahoe one of their "head salespeople" told us of the program they have had for 2 years that nobody has ever mentioned. He used the term "exit program" and guaranteed with the $250 fee that they would pay us between $3 and $5 per point to pass those points on to an existing owner who wanted more points. This was not just a relinquish situation. The catch being that we had to possess "full equity" which should have been included in becoming Silver, to get it. Therefore, we would have to buy additional points to do any change of our contract to get the two items which should have been included last October when we finally secumbed and bought enough points for the Silver 15K!! At that time, we should have been advised to drop the 4000 ghost Club Combo points from another timeshare ownership that we never intended to use. It was never pointed out until today that we were paying some annual undisclosed fee to have our Pueblo Bonito Sunset in Cabo listed as a potential deposit for 4000 points. A signed note requesting the drop of Club Combo was all that was needed for that. Their not suggesting both those things be included in that purchase, resulted in the $10, 434 expenditure today for 2000 more points, a second set of closing costs, and additional maintenance fees on those points which we neither need nor want!

It was also revealed that --"NEWS FLASH" as of January 2019 the club combo points will be assessed a full normal maintenance fee irregardless of if you deposit them or not!?! Anyone else heard this?? In our case he stated that would amount to $1,600. More like- at $.20/ point it would be $800 on 4000 points, no? Another strike on Diamond's "CLARITY"!
Why have we not seen anything on the BBS about people hearing of that? It was stated that the club combo contract is subject to change, this being a huge one. I cannot believe there will not be a class action lawsuit against that when people find out. This guy seemed to be telling the truth, but sadly, contrary to my past favorable opinion of Diamond, I don't trust anyone about anything anymore. Sad.

 

[chemteach]

It sounds like lips moving meant the salesperson was lying.

 

[vbellini1]

I saw a post about transitions here on TUG, I checked it out! I have points with Diamond 17,500 that need to be used this year, and 30,000 for 2019, I also have a banked week (18 RCI) points that need to be used before Dec 31, 2018! I stupidly bought into Cabo Azul for about $18,000. (the Club) early last year and combined everything, so I thought! I really don't know what I did, very slick salesman! Anyhow with all that I've got it costs me approximately $2,200. a year in maintenance and fees etc... annualy! I'm temporarily disabled and can't travel much right now, I really want out of all this, it is so complicated! So, I emailed Diamond about Transitions and they approved me since I have been pd up a long time ago, but want to charge me $750.00 to do this! by the way, I have been a timeshare owner for over 25 years! I ask you all for advice, is this worth paying the $750.00 to get out of this? My next maintenance fee is due Jan 1, 2019 for about $610.00 and then $1,400. in June 2019! Any comments and advice would be appreciated

 

[TUGBrian]

Sadly the fee increased from $250 to $750 just a few months ago

 

[vbellini1]

Sadly the fee increased from $250 to $750 just a few months ago

Sadly the fee increased from $250 to $750 just a few months ago

No kidding, do you think they would negotiate? Is this a good way to get out of this? I've heard other horror stories about people paying thousands to get out of timeshares!

 

[TUGBrian]

anything is possible, but id guess it unlikely.costs you nothing to try.


the horror stories all involve people paying random companies large sums of money to get out of their timeshare. this instead is an official DRI program. you would be working with DRI directly not some random 3rd party.

 

[Hubble]

We "prepaid" our 2019 maintenance fee in order to deposit our December week in Beach Quarters, VA Beach
for a modest upgrade into October, Outer Banks, NC (October of '19). While it's a decent exchange, we're kind of sick of struggling
with this low TDi week, and are now considering Transitions. As I understand it, they won't consider a request with
an outstanding vacation pending. Does this include vacations from Interval deposits? If we used E-plus to accelerate the
vacation and get it done sooner, would we then be able to do Transitions in '19? It seems unreasonable to charge a maintenance fee
plus $750 and not even get a vacation for it.

 

[DebbieDNJ]

In Jan 2017 I was able to deed back my Liki Tiki Village 2 bedroom deeded week 6 that I had purchased resale in 2000. I was lucky to find this forum which gave me the tools to do this and free myself from the burden of making payments for something I was forced to trade and use each year (I became a travel agent in 2003, and found available timeshare locations to be too restrictive relative to places I really wanted/needed to travel to). I am sorry to see that DRI has found a way to make money from people interested in deeding back their weeks/points, but they are in business to make money, not lose money so it's not surprising. I got away without paying for 2017 Feb week even though they didn't process my deed back until January 2017, and I only had to pay $250. It was like winning the lottery! I do want people to know that they do not have to immediately let their Interval International membership cancel because they have either sold or deeded back their timeshares. I have kept mine going, and Interval does not seem to know or care that I am no longer an owner. They keep asking me to deposit my week, and extend my membership further, I don't answer the calls. I have not used any of the benefits, but I like to know that I have the options to purchase Getaways if I ever find the need to. Good luck to all who have already started the process or are considering it, I hope it works out for you..

 

[MikeyLikesIt?]

Edit/Update:

As of December 2017 DRI now officially has a name for this program called TRANSITIONS.

Information (including who/how to contact) is available here in this thread:

https://www.tugbbs.com/forums/index.php?threads/transitions-is-finally-announced.267181/




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 and or leadcollector@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.

Edited to add phone number: You can call 877-497-7521, option 1 English, then 3 is direct to Loss Mitigation.

Today 11-2-2018 after the 1 for English option, enter 6 for TRANSITIONS. Open 9-5 M-F Pacific Time. Told to ask for help to SURRENDER our time share. Was given direct number for Transitions at 855-342-3689. Will update as the process progresses.

 

[MikeyLikesIt?]

Today 11-2-2018 after the 1 for English option, enter 6 for TRANSITIONS. Open 9-5 M-F Pacific Time. Or the direct number for Transitions is 855-342-3689.

 

[Hubble]

BTW, Diamond has yet to mail us our maintenance fee bill or post a statement on their website (Beach Quarters, VA Beach).
Last year's statement was 10/18, and the year earlier 10/13. We have prepaid, but it would be good to see our '20 week
show up on II, even if it wouldn't be deposited yet. In any event, is something "fishy" going on?

 

[JanKT]

Just joined TUG BBS because of this info

I literally stumbled across this forum last Saturday morning, searching for ways to get out of my membership with THE Club. I am SO glad I did!

Just this past Friday I met with a rep with a new company that uses legal tactics to get people out of their timeshare contracts, and I left feeling worse than when I went in. Seems like they had zero clue when I repeatedly explained that my wife and I are DRI members who have a points/trust contract instead of an actual deed.

Anyways, back to last Saturday - after finding this thread I emailed DRI's Loss Mitigation division and gave them the info you listed, followed shortly thereafter with an automated ticket saying one of their people would get back to me within 1-2 business days. If they don't then I will call them, and will continue to do so until I speak with someone and get this going.

Thank you so much again, TUGBBS. I was at wit's end until I discovered you guys. And talk about timing - the very next day after having that disappointing meeting!

 

[JanKT]

Jim, I'm wondering if you were successful in working with DRI Transition program in regards to them taking back your timeshare? I'm considering this option, but would like to make contact with others to see how it worked from their perspective, any pitfalls, issues, etc? Any information you can provide would be extremely helpful. Many thanks! JanKT

 

[JanKT]

Just joined TUG BBS because of this info

I literally stumbled across this forum last Saturday morning, searching for ways to get out of my membership with THE Club. I am SO glad I did!

Just this past Friday I met with a rep with a new company that uses legal tactics to get people out of their timeshare contracts, and I left feeling worse than when I went in. Seems like they had zero clue when I repeatedly explained that my wife and I are DRI members who have a points/trust contract instead of an actual deed.

Anyways, back to last Saturday - after finding this thread I emailed DRI's Loss Mitigation division and gave them the info you listed, followed shortly thereafter with an automated ticket saying one of their people would get back to me within 1-2 business days. If they don't then I will call them, and will continue to do so until I speak with someone and get this going.

Thank you so much again, TUGBBS. I was at wit's end until I discovered you guys. And talk about timing - the very next day after having that disappointing meeting!

 

[JanKT]

DRI has posted this on their member website as the "Transition" program. We have participated, received the transfer documentation and resubmitted with a check for $250. DRI has received the paperwork and we are waiting for the completed paperwork. The process has worked so far.....

emsuncat: I've been following the thread on DRI Transition program and was hoping to get specific info from folks who were successful with the program. Did it work for you and if so, anything you would do differently? Many thanks. JanKT

 

[JanKT]

Update on our deed back that I started in late February, 2018.

We had not received the mailed packet so I called DRI Loss Mitigation at 877-497-7521 option 1 then 3 (called on May 25th). They mailed the packet on March 26, so I guess the US Postal system lost it in the shuffle. The customer service person I spoke with offered to email me the documents from the packet as a PDF. I wish they would have offered this option up front. 15 minutes later I had the necessary documents and printed them off. Just need to get them signed and notarized after the holiday and mail them back in. You will need 2 witnesses and a notary in addition to the owners to sign. As posted by others, there is a $250 fee for the deed processing. I looked the paperwork over and it appears to be a straight forward deed transfer back to DRI and the resort (I had a deeded week from a group DRI acquired). Basically needs the required signatures and recording with state of Florida and done. Se we are getting close.

The customer service rep did suggest I should use a form of a trackable mail or overnight to send it back so I would know they received it.

Dward51: I've been following the thread on the DRI Transition program, hoping to hear more specifically from those who were recently successful. Were you successful, were there any surprises or issues along the way, and do you have any suggestions to make it go more smoothly? Many thanks. JanKT

 

[TUGBrian]

Jan are you reading all the 40 some odd pages in the thread?

there are literally dozens of examples of folks who have successfully used this program to give back a DRi week.

 

[sydnie7]

Would appreciate any input on the following specific questions. We open escrow today on a house, and as part of financial belt-tightening are strongly considering surrender/"transition" of paid-in-full DRI points. BUT don't want to risk sullying our mortgage pre approval status! Would/might the surrender have any effect on:
1. Credit report -- did DRI query or report on any aspect of surrender to credit agencies?
2. Our DRI MasterCard -- must you maintain DRI ownership to hold the card? Has anybody had their (good status/paid in full) card cancelled because they are no longer DRI owner?
3. Any other credit risks I'm not aware of?
4. About how long did the process take? If I wait until close of house escrow 12/14 (targeted date) to file for surrender, might I still be liable for 2019 maintenance fees due 1/1/19?

TIA for the info posted to date and any responses to this post!
(I don't see a search function for this specific thread. I've read the most recent pages.)

 

[lamb]

I contacted Transitions today. After a long hold, I was informed that I'm not eligible to participate because I purchased resale. This may have been previously mentioned in the thread above but thought that I'd pass along this info for anyone who may have scanned too quickly as I did. If anyone had differing success on a resale, please let me know and I'll try again. My ownership is at Grandevillas (3BR).

 

[Egret1986]

I contacted Transitions today. After a long hold, I was informed that I'm not eligible to participate because I purchased resale. This may have been previously mentioned in the thread above but thought that I'd pass along this info for anyone who may have scanned too quickly as I did. If anyone had differing success on a resale, please let me know and I'll try again. My ownership is at Grandevillas (3BR).

I did think that all Diamond contracts could be considered, even the resales. However, Diamond picks and chooses what they will accept back. Not all contracts are accepted.

I have read this thread from the beginning over its life. My memory may be a bit hazy now. I do know I have read many success stories. I told my friend about the program. She was successful in deeding her Diamond contract back. Her contract was a developer purchase.

I still believe that resale contracts are included. How did I possibly miss that finer detail of the deed-back program? Someone very close to me is strongly considering a deed-back. The contract is a resale.

 

[lamb]

I did think that all Diamond contracts could be considered, even the resales. However, Diamond picks and chooses what they will accept back. Not all contracts are accepted.

I have read this thread from the beginning over its life. My memory may be a bit hazy now. I do know I have read many success stories. I told my friend about the program. She was successful in deeding her Diamond contract back. Her contract was a developer purchase.

I still believe that resale contracts are included. How did I possibly miss that finer detail of the deed-back program? Someone very close to me is strongly considering a deed-back. The contract is a resale.

I tried emailing too and received a call back with the same reasoning. I offered to pay next year's maintenance fee even though they said it wouldn't be required if accepted to no avail. I'm disappointed because we don't have sufficient vacation time to use our unit or a trade anymore.