Trying to Get rid of Diamond

I was wondering if anyone ever got out of a timeshare without paying the remaining balance. I bought Monarch about 12 years ago and had it till it was bought out by Diamond. I was never informed of this and missed out on buying points at a cheaper price. By the time I tried to use our resort, we were told my Diamond that we have to upgrade our points just to use the Monarch locations. We ended up buying some points and have never been able to stay at a Diamond location due to the fact that we still owe some money to Monarch so we are always at the lower end of the trading scale. I am tired of dealing with Diamond and was wondering if anyone knows how to get out their timeshares even though I still owe money.

saulr14 wrote:

I was wondering if anyone ever got out of a timeshare without paying the remaining balance. I bought Monarch about 12 years ago and had it till it was bought out by Diamond. I was never informed of this and missed out on buying points at a cheaper price. By the time I tried to use our resort, we were told my Diamond that we have to upgrade our points just to use the Monarch locations. We ended up buying some points and have never been able to stay at a Diamond location due to the fact that we still owe some money to Monarch so we are always at the lower end of the trading scale. I am tired of dealing with Diamond and was wondering if anyone knows how to get out their timeshares even though I still owe money.

Diamond currently has a program where it is taking units back from owners. It might charge a fee but at least you will be dealing directly with Diamond. I believe it's called the loss mitigation department. E-mail them at lossmitigation@diamondresorts.com.

Do not deal with any third party that claims it can get you out of your timeshare, cancel your mortgage, or sue the developer.

saulr14 wrote:

I was wondering if anyone ever got out of a timeshare without paying the remaining balance..... I am tired of dealing with Diamond and was wondering if anyone knows how to get out their timeshares even though I still owe money.

Acceptance of a "deedback" is never considered if / when there is still a loan balance outstanding OR if there are any unpaid maintenance fees on the account.

This is the case not only with Diamond, but with any and all other timeshare entities as well, whether "chain" associated or independent.

Don't shoot the messenger, but If you still owe money on a loan, your options are essentially limited to either paying off the note to see *if* you can then give away or "deedback" the ownership, or just simply stop paying and default on the loan, understanding and accepting that there will inevitably be negative credit report consequences associated with defaulting.