Wisconsin Timeshare Forclosures

Dec. 15, 2011

Wisconsin Timeshare Foreclosures

Common Sense in Foreclosures

I am crediting the author of this article Jason Trembly of The Timeshare Authority Report.  At our recently held Izaty’s Resort annual meeting, foreclosures on the developers remaining unsold timeshare units was discussed. The problem is the developer cannot be located to get the units released.

The association must  foreclose, and go through the lengthly legal system to get these units back in inventory so the association can sell them. This procedure will take 6 months to a year or more.

The law Wisconsin just passed would have made it easier for our association here in Minnesota to get our developer units back in inventory for our association to sell.  Florida passed a similar law last year. Many more states are following suit.

Wednesday, December 14, 2011
What the Signing of the Wisconsin NonJudicial Timeshare Foreclosure Law Means
Author: Jason Tremblay

Earlier this month, the state of Wisconsin passed a NonJudicial Foreclosure law for timeshare. With Governor Scott Walker’s signature, SB241 became effective immediately. A Wisconsin timeshare can now be foreclosed through a process that is more expeditious and less expensive for all involved than was previously possible.

SB241 permits nonjudicial foreclosures of mortgagees and assessment liens on timeshare estates and licenses. The previous process for timeshare foreclosure in Wisconsin was often lengthy and costly. The new Wisconsin timeshare foreclosure law makes it possible for timeshare developers and homeowners associations to more effectively deal with delinquent assessments and to do so outside the court, when all parties are agreeable to so doing.

Why the Wisconsin Timeshare Foreclosure Law is Good for Timeshare Owners

In an environment where consumers are naturally apprehensive about processes that make foreclosures of any type, “too easy” it is important to note that this new legislation actually benefits timeshare owners and prospective owners as much as it does developers and HOAs. When homeowners associations are forced to bear the burden of delinquent timeshare fees, the people who are hurt most are the timeshare owners who are timely with their mortgage and/ or association fees and assessments. Even those whose timeshares are being foreclosed will benefit by being able to respond within a process that is quicker, simpler, and thereby less expensive and perhaps even less stressful.

As an added layer of consumer protection, SB241 allows timeshare owners subject to foreclosure to file an objection to the use of the new approach, in which case, the foreclosing part must then follow standard judicial process.

ARDAWisconsin and ARDA ROC supported the bill with the assistance of representation by Foley & Lardner.

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Wisconsin Timeshare Forclosures
Wisconsin Timeshare Forclosures
Wisconsin Timeshare Forclosures

Wisconsin Timeshare Forclosures

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