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Non-judicial foreclosures in Florida...

theo

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Since I pay my timeshare bills and will continue to do so, I am unfamiliar with FL foreclosure proceedings.

That said, I just received a "formal notice" from one of my FL facilities informing all timeshare owners there that henceforth they will be utilizing the (much less expensive and much more timely) avenue of non-judicial proceedings for initiating foreclosures on delinquent owners.

So, I'm just wondering --- has there been a recent change in FL law, newly creating and enabling the option of non-judicial proceedings for foreclosures --- or is this particular resort simply just waking up to this option that already existed? :shrug:
 
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Not exactly, this bill is relatively new. It is designed to make the foreclosure process quicker for the banks to get their properties back. I'm not sure how it fits with timeshares.

TS
 

JPD

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Do you think it would be easier now for owners who want to just sign their deeds back to the resort?
 

theo

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Do you think it would be easier now for owners who want to just sign their deeds back to the resort?

In a single word, no. Absolutely not, in fact (and maybe even quite the contrary).

A non-judicial foreclosure option has no bearing or relevance (or impact of any kind) on any resort HoA's position or willingness regarding acceptance of deeds in lieu of foreclosure (a.k.a. "deedbacks"). All the non-judicial foreclosure option does (...it is being pursued or adopted in numerous other states as well, btw) is streamline the foreclosure process, reducing the procedure, time and expense of initiating a foreclosure.
No more, no less.
 
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