Florida contains one-quarter of all of the timeshares in the US. Because of the high concentration of timeshare resorts in FL, the legislature felt it necessary to pass a bill to help timeshare owners struggling with timeshare debt. In response to challenges being faced by Home Owners Associations and lenders due to a high number of owners being unable to afford their payments, the Trustee Foreclosure Bill was created. The Trustee Foreclosure Bill will reduce the time and cost for timeshare owners paying late and struggling financially because of maintenance fees. This bill was created with the aim of preventing a large amounts of timeshares from going into delinquency and going under.
The new Florida timeshare foreclosure law modification will shorten the amount of time needed to process a foreclosure from 18 months to a mere 90 days. It is hoped that this change in foreclosure time will help to quickly remove and replace owners who can no longer afford their payments. The HOAs will also now be able to react more quickly to present delinquent owners with their various options – including full foreclosures and deeds in lieu of foreclosure.