Timeshare Termination – Florida
We often get asked specifically about terminating timeshares that are subject of the laws of Florida. To many people the matter of trying to terminate a timeshare in a country outside of Europe may appear daunting, however, whilst in the USA each state may have different laws to the next, the laws in Florida in particular may on the surface appear to be quite an interesting read for owners that are based in the UK.
The laws which we understand apply to timeshares based in Florida are Chapter 721 Section 855 of 2022 Florida Statutes.
These can be downloaded from the following web address: http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0721/Sections/0721.855.html.
Typically we understand from the document that when non-payment of maintenance fees takes place that foreclosure may take place following the issue of a default notice which is described as:-
If a timeshare owner fails to make timely payments of timeshare plan common expenses, ad valorem taxes, or special assessments, an assessment lien against the timeshare owner’s timeshare interest may be foreclosed in accordance with a judicial foreclosure procedure or a trustee foreclosure procedure, either of which may result in the loss of the timeshare owner’s timeshare interest. If the managing entity initiates a trustee foreclosure procedure, the timeshare owner shall have the option to object pursuant to Florida law, and in such event the managing entity may thereafter proceed only by filing a judicial foreclosure action.
Once the default notice has expired the timeshare is then put up for sale and the procedure thereafter is described as:-
If you fail to cure the default as set forth in this notice or take other appropriate action with regard to this foreclosure matter, you risk losing ownership of your timeshare interest through the trustee foreclosure procedure established in section 721.855, Florida Statutes. You may choose to sign and send to the trustee the enclosed objection form, exercising your right to object to the use of the trustee foreclosure procedure. Upon the trustee’s receipt of your signed objection form, the foreclosure of the lien with respect to the default specified in this notice shall be subject to the judicial foreclosure procedure only. You have the right to cure your default in the manner set forth in this notice at any time before the trustee’s sale of your timeshare interest. If you do not object to the use of the trustee foreclosure procedure, you will not be subject to a deficiency judgment even if the proceeds from the sale of your timeshare interest are insufficient to offset the amounts secured by the lien.
The implication here is that even after the timeshare has been sold the resort operator will not be able to recover any shortfall of monies owed by the timeshare owner in the instance that the outstanding maintenance fees are not met from the proceeds from the sale. The suggestion here is also that if you no longer want a timeshare in Florida that you can simply walk away from it by not paying the maintenance fees.
At all times timeshare members that have purchased timeshares in Florida should seek expert advice from legal experts based in that state, as opposed to relying on any statements made by any timeshare disposal company based outside of Florida that is seeking to obtain a fee for their services.
Please be aware that our team at Lincoln Green Solicitors Ltd are not qualified to provide legal advice on the laws of Florida.
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