Non-Judicial Foreclosure Solutions in Florida

1. Non-Judicial Foreclosure Solutions in Florida Applying traditional judicial foreclosure laws to defaulting timeshare owners in Florida is so time-consuming and costly that it is often impractical.. Fortunately, states such as Florida are becoming aware of the predicament and adopting non-judicial foreclosure statutes that make the process substantially less expensive and more efficient. Florida's new Non-judicial Timeshare Foreclosures statute has already saved timeshare associations and developers hundreds of thousands of dollars, despite being a relatively recent and underutilized procedure. By way of brief backstory, judicial foreclosures were designed to protect owners of homes from losing their primary residences. Unfortunately, the process is too cumbersome and expensive for one-week timeshare interests; the cost is often far more than the amount of the lien. This has left developers and HOAs burdened with a large inventory of weeks that are in default. The costs of the defaulted assessments would unfortunately then be spread out amongst all of the other owners or absorbed by the HOA or developer. Florida, with its robust and matured timeshare industry, realized the impact of the accumulating amount of defaults and unpaid assessments and subsequently passed its own version of Non-judicial Foreclosures to allow developers and HOAs to better manage their properties and also help alleviate the already crowded judicial docket. Currently, more than 20 states have implemented condensed foreclosure processes for timeshare assessments that have made it less expensive, faster, and much more efficient to foreclose on weeks with unpaid assessments. Non-Judicial Foreclosures in Action Several of our developer clients have already realized key advantages of the non-judicial foreclosure process and have hired our firm to assist them in these endeavors. Visit us :- https://www.timeshare-attorneys.com