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Thread: Legally ending a timeshare contract with Diamond Resorts

  1. #1

    Question Legally ending a timeshare contract with Diamond Resorts

    My husband and I own 3500 points with Diamond Resorts. It was paid in full more than 5 years ago, but because of financial hardship, we are no longer able to pay the maintenance fees. We tried selling the timeshare last year but never had any offers on it. Is there a way to legally end our timeshare contract? At this point, we are not looking to make anything off of our timeshare and are willing to give the points to someone who is already a Diamond member. We simply can't make the payment and have no idea what our legal rights are as owners. Any suggestions?

  2. #2
    Goomba & Super Moderator tonyg's Avatar
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    Try posting it for free on our "freebies" forum.

  3. #3
    Quote Originally Posted by queensandra68 View Post
    My husband and I own 3500 points with Diamond Resorts. It was paid in full more than 5 years ago, but because of financial hardship, we are no longer able to pay the maintenance fees. We tried selling the timeshare last year but never had any offers on it. Is there a way to legally end our timeshare contract? At this point, we are not looking to make anything off of our timeshare and are willing to give the points to someone who is already a Diamond member. We simply can't make the payment and have no idea what our legal rights are as owners. Any suggestions?
    They took one back from me; call them and talk to them about it. Search this forum; there was a very long thread about this subject.
    "You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity." Adrian Rogers

  4. #4
    Your best bet is that they will accept a deed back as 3500 points are virtually worthless in the DRI system and their policies make it of little value to "add" to even an existing account.

    As a standalone they have no value, as an add on they have almost a negative value - best to turn them in if they let you as it's an impossible sale.

  5. #5
    Quote Originally Posted by Pstreet1 View Post
    Search this forum; there was a very long thread about this subject.
    Any idea what I would search under? I tried searching but never found anything useful.

  6. #6
    Goomba & Super Moderator tonyg's Avatar
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  7. #7
    Thanks. I've been doing a lot of reading in the past hour. Sounds like if they won't do a deed back, foreclosure is the only option. Not something I am excited about doing, but in our financial situation, I'm not sure we have another choice. It seems ridiculous that we could pay our mortgage in full and make maintenance payments on time for several years and then have to destroy our credit because of financial hardship. If anyone has other suggestions, let me know.

  8. #8
    Industry Representative
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    Quote Originally Posted by queensandra68 View Post
    Thanks. I've been doing a lot of reading in the past hour. Sounds like if they won't do a deed back, foreclosure is the only option. Not something I am excited about doing, but in our financial situation, I'm not sure we have another choice. It seems ridiculous that we could pay our mortgage in full and make maintenance payments on time for several years and then have to destroy our credit because of financial hardship. If anyone has other suggestions, let me know.
    Call their Loss Mitigation department, they are the people to actually discuss deedbacks with. The agents on the phone will get information from them and then direct you there anyway.

  9. #9
    It looks like the website upgrade affected the older links such as the one posted by Tony above. It (the actual link) no longer works and I have clicked on several other links to prior posts and get the same result....page does not exist.
    The pages and posts are on the website and you can search them out but links are broken.

  10. #10
    DRI's policies change from time to time on deedbacks. Because of the massive special assessment at Point at Poipu and many people wanting out, there, they have tightened up considerably in that last year or so.

    European Collection owners at DRI are even more restricted as to what they can do to dispose of DRI points than are US members, That is one of the reasons that the TV series ''Ripoff Britain'' did a segment on DRI.

    There is an internet site called DRIPS of disgruntled DRI members. That might be a source of some into for you.

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