Will Diamond Resorts Buy Back a TS?

[logansmommy Junior Member Find all posts View Profile Close logansmommy]

Sorry- Newbie here and desperate.

My MIL had a timeshare at Villas @Polo Towers (with a fat mortgage) that became ours when she suddenly died (long story she had asked my DH to sign paperwork when she bought it to be co-owner "in case' we ever wanted to use it". We were young and didn't realize that she was financing it all and that it'd fall on us if she died). When she passed we called Polo Towers and they were horrid- charged us compounding late fees because her pmnt was late, and etc and said they didn't do buy backs.

Since then (18 mo) we have been paying the mortgage & maintenance- adding up to a lot of $$ and have never had the ability to use it (or trade it- we just don't/can't really travel).

Now that it is part of Diamond will they buy it back? We are desperate to get rid of it- hopefully for close to what we owe. Anyone have any luck getting them to buy one back? If so how did you go about it?

TIA!-
Anne

[rikkis_playpen Diamond Club Contributor Find all posts View Profile Close rikkis_playpen]

DRI buyback program..

To my knowledge, Diamond no longer has a reacquisition program- but may accept deedbacks for paid in full properties.

Sorry.

[Syed Junior Member Find all posts View Profile Close Syed]

Diamond Resorts stopped buying back units last October.

[falmouth3 Senior Member Find all posts View Profile Close falmouth3]

Unfortuately you won't be able to sell it with a mortgage on it. But since you are tied into payments, and you can't use it, you should read about renting your TS so that you can cover some of your expenses.

Sorry we don't have better news for you. The best advice is to spend some time reading and learning.

Good luck.

Sue

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

Diamond ....- but may accept deedbacks for paid in full properties.

Sorry.

My understanding is that DRI will accept deedbacks at some of their resorts.

BUT as said, they will not accept a unit with a mortgage.

[winger Senior Member Find all posts View Profile Close winger]

Sorry for your loss.

How 'fat' is the polo mortgage?

Suggestion, use it and see if you can make timeshare vacations part of your lifestyle.

Imagine the legacy your mom was able to pass on if you can take the torch and eventually pass it to the next generation (withOUT a mortgage) !
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[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

My understanding is that DRI will accept deedbacks at some of their resorts.

BUT as said, they will not accept a unit with a mortgage.

As I understand it, there's also a fee to give them your unit back. Nothing like paying them to take back a timeshare that someone paid thousands of dollars to buy, assuming developer prices.

I suppose DRI owners should be grateful. Most developers don't have deedback programs for any price.

[Ryne08 Senior Member Find all posts View Profile Close Ryne08]

Can someone explain the deedback program?

[logansmommy Junior Member Find all posts View Profile Close logansmommy]

Uggg...So there was a buy back with Diamond and I missed it

She paid an outrageous amount + crazy % ($35K+ total cost w/interest). We've paid 3 MFs and 18 payments now and been depleting our savings. We've even paid two listing places a big fee each (I know now they are a scam) & since tried ebay, craigslist and bidshares for what we owe ($6K) or as a rental with no luck. She passed without a will so we literally only got this debt...I feel like it's holding us hostage.

And while I'd love it to 'become part of our lifestyle', frankly, the $ we'd normally use to take a vacation is now spent year round making payments on this, so that's not an option I just don't know what else to do....

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Uggg...So there was a buy back with Diamond and I missed it

She paid an outrageous amount + crazy % ($35K+ total cost w/interest). We've paid 3 MFs and 18 payments now and been depleting our savings. We've even paid two listing places a big fee each (I know now they are a scam) & since tried ebay, craigslist and bidshares for what we owe ($6K) or as a rental with no luck. She passed without a will so we literally only got this debt...I feel like it's holding us hostage.

And while I'd love it to 'become part of our lifestyle', frankly, the $ we'd normally use to take a vacation is now spent year round making payments on this, so that's not an option I just don't know what else to do....

You should also know that what you still owe - $6000 - is NOT necessarily what anyone will pay. In fact it's most likely in the $1000 and to actually sell it you'd have to pay off the balance. Sorry to say there is no easy way out when a greatly inflated retail and financed purchase is the basis. She overpaid and until the original deed is paid off you really have nothing to sell or even give away.

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

Can someone explain the deedback program?

It appears to be on a case by case basis. It has been occassionally reported that DRI will take back a week for a fee. As I understand it, the resort week must be paid in full and the person giving the week back must pay all closing costs ($450). I have not seen this reported very often so I can not comment with great confidence that it even exists, let alone any particulars about any deal they might offer.

[brisket lover Member Find all posts View Profile Close brisket lover]

I never understood why it is someone elses responsibility to pay off debts of the deceased. I can imagine if there is money to pay off the debts but if there isn't then it shouldn't be up to who's left to pay for it.

Here is a good thread that may help you. I would check out the bottom comments and read up.

http://rcivip.com/2008/what-happens-...-my-timeshare/

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

I never understood why it is someone elses responsibility to pay off debts of the deceased. I can imagine if there is money to pay off the debts but if there isn't then it shouldn't be up to who's left to pay for it.

Here is a good thread that may help you. I would check out the bottom comments and read up.

Stop Paying Timeshare, Foreclosure Steps, Can I Not Pay My Time Share

It's not. But if you read the first post, you would have understood that the original posters name had been put on the title. In that case, they're on the hook as an owner, not as a beneficiary of a will on an heir to an estate.

(long story she had asked my DH to sign paperwork when she bought it to be co-owner "in case' we ever wanted to use it". We were young and didn't realize that she was financing it all and that it'd fall on us if she died).

[logansmommy Junior Member Find all posts View Profile Close logansmommy]

Thanks everyone for your replies, not the news I wanted but at least I have some answers.

Anne

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

Thanks everyone for your replies, not the news I wanted but at least I have some answers.

Anne

What's shame about the entire story is that The Villa's at Polo Towers are actually pretty nice timeshare units with a great location in Las Vegas. You would have very nice accomadations if you wanted to trave to Las Vegas or, you have decent exchange power to go to other destinations. We've used both our Villa's unit and Suite's unit at Polo Towers for some really nice exchanges through the years including Lake Tahoe, New Orleans and Orlando.

At one point, we were as you stated early in this thread. We just didn't take vacation or travel. Eventually we decided that we had enough of work and NEEDED to get away. For us, timeshare became an addicition. Where we once couldn't see pulling ourselves away from our ordinary lives for even one week per year we've now grown to traveling 6 weeks per year. We've seen an done things we never imagined before timeshare.

I know that it seems outside the possiblities right now but, I invite you to expand you horizon's and consider taking just one week next year and plan on going somewhere. It doesn't have to be exotic and it doesn't have to be a destination that requires a flight. All it has to be is one week at a location with a timeshare you can exchange into. You might just be surprised at the benefit derived from getting away from the usual for just one short week. The relaxation can help re-energize you outlook on life and make things seem just a little better.

You own the timeshare whether you want it or not. Short of damaging your credit, you're really sort of stuck with it. You might as well explore the possiblities of using it and see if you can't get at least a little benefit out of what you own. You really have nothing to lose and everything to gain by doing so.