Florida Timeshare Foreclosure Law

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.

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  1. Hi,

    I forgot to pay $753 in HOA from January 2020. It’s been a crazy year with the pandemic and I completely forgot. I now received a “Notice of Default and Intent to Foreclose” from their attorney with courtesy calls, emails, or letters prior to this. Is this legal? Shouldn’t they at least contacted me and remind me about payment? I obviously don’t want to lose the timeshare for $753. Now they are charging almost $400 in attorney’s fees.

  2. I own a timeshare in Florida that is paid in full for week 31.i am three years behind maintenance fees & have now been informed of impending foreclosure. I live in England permanently. How will this affect me?

  3. I have a time share with Diamond Resorts in Florida. I have not used it or paid a payment on it for over five years. They will not do a deed in lue of forcloser and collections keep reporting it on my credit report. I just want it off my credit report. Can anyone advise me of what to do?

  4. I have a timeshare in Florida with Starwood and could not pay the maintenance fees for 2014. I am a senior citizen that was laid off and only live on social security. I explained this and have been contacted since January 2915. I have asked them to stop calling and they gave not. They keep billing me adding interest and Kate fees. What can i do

  5. Does any one know what the names of the GrandView Las Vegas, Nevada owners association,inc are? I just want to talk to one of them,to find out what we can or can not do to save our timeshare.

    Has or did this bill pass in Florida? I am from California. I do have a timeshare in FL.

    Thanks for any ones help, it is greatly appreciated
    Rita frm CA

  6. Bill, I just signed up for a timeshare in Florida. I signed the paperwork in October.I made a $down paymnet of $500.00,will a balance due by 12/23/2012 of $1,900.00.
    After reading up on timeshare it does not seem to be a wise investment. My 10 days is up to cancel agreeement. what happens if I don’t pay the rest of the down payment?

  7. I own a timeshare equally in mine and my exs names, i have paid maintenance fees each year.It is paid for in full and i do not wish to be attached to it anymore ,so i told the agency calling that, he could have it Merry Christmas I’m not payin anything else on it. My credit score is 823,and i have always paid my bills. But im done with this timeshare as Timeshare Unlimited, gave them $500 to sell it and was supposed to hear from them in 2 weeks,never heard another word. Big mistake I know right,but the fact remains its paid for sell it for taxes owed < Merry Christmas. Any suggestions

    1. Dear “Hating”
      I SO see your problem!

      I agree with Bill, and think you should just give up trying. Its a bottomless pit. They want you to keep paying… even when you never use the thing.

      I made a BIG mistake when I got divorced.
      I asked for the timeshare to be put in my name so I could sell it. (NOT KNOWING THAT IT WAS IMPOSSIBLE TO SELL)
      My Ex was supposed to pay for the deed of transfer to my name.
      After much time (where I footed the maint. fees and RCI fees, and never used the thing) my ex finally signed it over, and paid the $650.00 transfer fee,
      Whooppee do! Its now 100% in my name. and its been NO GOOD to me.
      Now I’m stuck with it, cannot sell it, and its not worth using it with all the fees attached to it. I can find an all inclusive last minute vacation for far ( and I mean FAR) less.
      I’m trying to sell it for $1000 on Craigslist now…no bites.
      Mine is all paid for- I only owe maintenance fees yearly and RCI fees ( about $1100.00/yr now – it was $450.00/yr when we signed up)

      Bill also suggested to me to let it go unpaid- and who cares if it shows up on my credit score??? ( but I still do care!)
      I used to pay it late and there we’re late fees attached to it- $50 a month!
      Plus the RCI fees.
      Its so not worth what we paid for!
      I should have let this die years ago- but I tried to “do the right thing” and keep my credit good.

      My question is- would each year I don’t pay the maintenance fees be added to my credit report – endlessly?

      1. let me comment on what happens with a paid off loan that owes yearly maintenance fees.

        nothing goes onto your credit report unless one of two things happens: 1) a collection agency gets involved and files a collection activities notice (which stays on your report as a negative for 7 years) or 2) the TS association forecloses legally, and the foreclosure go on your credit report. Yes, the negatives are what hurts your credit report for 7 years, but this is not an open account so there is no monthly reporting.

        I have 8 negative collection notes on my credit report, which is a bummer. But the better side is that with that, my credit score is still 661, which is average. So I just have average credit now with everything else paid on time, but I no longer pay the $1,000 per year per week owned for nothing.

        And, I just passed 4 years for the financial statue of limitations, so they can no longer come after me for anything. But I have read the websites that remind me that if someone does file a suit (I’m not sure for what) I have to send the positive answer that the Financial statue of limitations has completed, so a suit is null and void.

  8. I would like to give you better news, but all I can do is give you my opinion of what you should do now.

    If you want to get rid of the timeshares, you need to just stop paying and after a few years they will foreclose on the timeshares. Changing the names on the deeds will just be an additional expense involving lawyers, your ex and the timeshare which won’t want to change the deed if you aren’t fully paid up.

    If you have been in collections for two years, you probably already have a collection activity comment on your credit report, and that is about as bad as a timeshare foreclosure. My experience in Florida is that the timeshares there take about four years to foreclose on paid off timeshares. They also hit you with collections activity notices on the credit reports. But eventually they offer you a deed in lieu since they don’t want to spend for an actual foreclosure.

    Since you do not intent to actually use the timeshares, you need to just stop paying anything to anyone, and let the financial statue of limitations run for the state you live in. You should google that separately. If you wonder about your credit score, try creditkarma dot com for a really free credit score and breakout on-line.

    I’m sorry to give yuo these ideas when you have already spent cash and time, but it is the only way I know out of the hole you are now in.

  9. Can someone help me with my situation?

    My Ex and I had 3 timeshares total: 2 in Vegas and 1 @ Vacation Village at Parkway, FL. Our timeshares are all paid in full, but due to our divorce, our timeshare in Vegas maintenance fee and RCI subscription fee hasn’t gotten paid since 2007 until now. The last time I have seen a collection letter was about a year ago, but then again, I’ve moved and haven’t updated my address with them.

    In the divorce decree, my ex is responsible 100% for the 2 Vegas timeshares and I am responsible for the Vacation Village in FL. The divorce decree was finalized Nov 2009.

    I struggle and managed to pay the maintenance and subscription fees for the FL timeshare at the end of 2010. At the time, it seems that if I don’t pay the $2K to get my FL current, I would be forced to pay more later (interest & service fees).

    I had to pay $400 extra to get it reinstated my membership with RCI because I was inactive in their system, which I think it’s ridicules!! I didn’t use them, so why do I need to pay the membership?

    I am forced to pay RCI $99/year even if I don’t use them I wasn’t informed that I HAVE to use RCI to be able to travel the world with the timeshare at the presentation. I wasn’t informed that I had to pay extra money to exchange my timeshare…after all the fees…. it costs more to travel for a week at a 4/5 stars hotel/resort!!! So, I don’t understand how it’s “beneficial” to travel with a timeshare. The sales rep had told me that I could travel whenever I want to because I have the “red” week. Yea, that doesn’t mean much, but it costed A LOT more then the other colors. This timeshare thing is like HIV, I can’t get rid of it. Help!!!

    And the accounting department is telling me that I need to change the deeds for all 3 timeshares, otherwise I am still responsible for all 3 timeshares and my name on their account will also remained my married name. I told them that I have a divorce decree that states that I am only reliable for the timeshare in FL, but they told me that it doesn’t matter, because legally I am still deeded. Does that mean the divorce decree is not legal? Ha? I don’t even now how to get a copy of these deeds. I have asked the resort for a copy but they had told me that they don’t have it. Ha?

    The FL timeshare is now in good status, but I can’t continue to pay the $900 maintenance and RCI subscription fees because I’ve been unemployed for the last 6 months. I had paid a timeshare broker to sell it for me, but 2 years later, they walked away with $1K and I am still indebt with the timeshare.

    Question 1:
    Can someone tell me if I need to change the name on my Deeds: 2 x timeshare @ Grandview, NV and 1 @ Vacation Village at Parkway, FL to release my responsibility from the Vegas timeshares and also be able to use my FL because I had change my name back to my maiden name, which is not what was deeded.

    How would I even get a hold of the deeds? I’ve called my resort in FL and they are of no help, other than telling me that I need to get a hold of a lawyer to get my deed change. The resort in NV won’t talk to me because my account is in collection with them.
    Question 2:
    Will the FL timeshare really be foreclosed on if I can’t afford to pay the maintenance and subscription dues? I was late on these for 3 years in the past (2007-2010), but it wasn’t foreclosed.

    Question 3:
    How will this affect my credit score, if it does get foreclosed?

    Thank you in advance

  10. When are legislators going to get to grip with the ‘in perpatuaty clauses’ and when is there going to be the right for disalussioned owners to sell back (or transfer) to the original timeshare companies?

  11. the answer is yes, the timeshare can be foreclosed for maintenance fees.
    Maintenance fees are secured by the deed, so the association can foreclose on the deed for payment.

    Different states have different laws on how long and what is needed for the foreclosure. I’ve heard that Nevada resorts can react very quickly — in less than 6 months and you aren’t even involved. It seems to take Florida resorts almost 4 years unless they have an active resale department and you have a week that they can resell quickly.

      1. I don’t know anything about Canadian Laws, but if the timeshare is in the US, I think you don’t need to worry. I do lots of google searches to get information. Just be sure to read multple articles since some of them can be old and not have the latest information.

        1. hi bill
          you seem to be very knowledgeable 🙂
          I am a canadian who bought a timeshare unit outright in daytona beach at the grandseas. after trying to exchange now for 3 years and getting very frustrated at the lack of resorts available. I no longer want to pay these outrageous mainteance fees.
          i have researched the net like you suggested to someone else but i can seem to find anything on what would happen? i’ve read about deed in lieu’s …I’m going to ask if that is an option and just tell them outright im not paying anymore. do you have any advice or know what they can do to me from the US if Im a canadian?

  12. Can anyone answer this question ? If your time share has been fully paid for,but you are struggling with the maintenace fee’s, Can the units be foreclosed ? I can understand foreclosure if your still paying for it, but struggle to understand foreclosure if it’s paid for in full

  13. Bought Wyndham Ocean View in Orlando, Fla. in November 2010. January 2011, I was laid off from my six-figure oilfield job, contacted the Wyndham sales people that we dealt with in Nashville, Tenn. Contacted the Owners Association explaining our situation and not being able to make payments of any kind, i.e., maintenance, and Wyndham Rewards. No response or help at all.

  14. I never finished paying the down payment, I just can’t afford it what should I do. Will they take me to court for non payment? Will I still be responsible for the contract since I didn’t finish paying the downpayment?

  15. the law, of course, ignores the fact that most timeshares instead of foreclosing hounds people who cannot pay maintenance fees with collections people since they seem to think that if they hound them enough they will get money.

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