New Timeshare Foreclosure Law in Florida

June 11th, 2010

New Timeshare Foreclosure Law in Florida

Florida, the state that holds 25% of all U.S. timeshares, has recently passed a new bill to help timeshare owners who are inundated with associated debt. The Trustee Foreclosure Bill (FLHB 1411), put forth by Governor Charlie Crist, was signed into law last week with the goal of reducing time and cost for late-paying timeshare owners who have struggled financially due to perpetual maintenance fees. The bill aims to prevent thousands of timeshares from going under completely, (particularly while the Florida courts are already overrun by residential real estate foreclosures) by shortening the time to complete a foreclosure from 18 months to possibly just 90 days.

“The need for this legislation arose in direct response to the growing challenge faced by HOAs and lenders from timeshare owners who could not afford to maintain their payments…” said Howard Nusbaum, president and CEO of the American Resort Development Association.

The new bill should help replace owners who can no longer afford to pay the ever-increasing maintenance fees and special assessments more quickly and efficiently so as to eliminate the cost increases. Ken McKelvey, Chairman of the ARDA Resort Owners Coalition says, “This new legislation provides HOAs in Florida with the tools they need to act quickly and hopefully avoid the ill effects of being delinquent in paying off their increasing assessments.

The American Resort Development Association (ARDA) is the Washington D.C.-based professional association representing the vacation ownership and resort development industries since 1969.

Florida Attorney General

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Wayne Williams

Wayne is currently traveling around the country with Timeshare Relief, and is dedicated to helping people get out of their burdensome timeshare contracts.

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