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New Florida legislation provides relief to timeshare owners

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6 Jul

New Florida legislation provides relief to timeshare owners

New legislation approved in Florida will provide relief to timeshare owners’ associations (HOAs) and developers left to foot the bill for those owners who can no longer afford to make their maintenance fee or mortgage payment, by shortening the time needed to complete a foreclosure action.

 

While judicial processes for timeshare interest foreclosures can take as long as 18 months, the new process, referred to as a “trustee foreclosure”, will only take 90 days, allowing HOAs to replace a non-paying owner more quickly and cost effectively.

 

The new “Trustee Foreclosure” bill also offers significant protection for those owners delayed in their payments, who can opt out of the trustee process and force a judicial foreclosure, or pay their debt at any time prior to the trustee sale without financial penalty.
 

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