Florida Legislature Passes Trustee Foreclosure Legislation

2010-08-23

Issue Brief

Prior to 2010, the foreclosure process for timeshare assessment and mortgage liens was the same as the judicial foreclosure process for all residential real estate. This process takes between 8-16 months to complete and could cost a HOA thousands of dollars in legal fees and court costs.

Impact

This new Trustee Foreclosure process will remove the foreclosure process for timeshare interests out of the court system and allow the process to be administered by an independent trustee. Instead of taking several months to complete, foreclosures could be completed in as little as 90 days and save thousands of dollars in legal fees and court costs.

Position/Call to Action

Both ARDA ROC and ARDA Florida (a legislative committee of ARDA) had an active role in drafting the legislation, supporting the passage of HB 1411 through a combined legislative and lobbying team made up of ARDA ROC, ARDA and ARDA Florida members and lobbyists located in both Orlando and Tallahassee.

Resolution

On May 28, 2010, Governor Charlie Christ signed HB1411 which went into effect that very same day, making the process available to timeshare developers and HOA’s on that date. The industry will be looking for feedback as to how the process is working for the timeshare industry and encourages anyone who has had the chance to utilize the process to contact the ARDA State Affairs Office in Orlando with any comments that you may have.

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