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Links to Official State Timeshare Laws and Guides/Manuals

Grammarhero

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Grammarhero

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Grammarhero

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@Fredflintstone @CalGalTraveler
WA is a permissive anti-deficiency state. TS resort has option of pursuing: 1) non-judicial, anti-deficiency route, or 2) judicial, deficiency route. Although WA has separate Timeshare Act, it has no separate TS foreclosure procedures.
RCW 61.24.100
Deficiency judgments—Foreclosure—Trustee's sale—Application of chapter.
(1) “Except to the extent permitted in this section for deeds of trust securing commercial loans, a deficiency judgment shall not be obtained on the obligations secured by a deed of trust against any borrower, grantor, or guarantor after a trustee's sale under that deed of trust.”
https://app.leg.wa.gov/RCW/default.aspx?cite=61.24.100
 

CalGalTraveler

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Thanks @Grammarhero for helpful info. This is a great service.

If I understand WA correctly it means it is a crap shoot as to whether one is safe if if one walks.

If so my assumption (if I were to place bets) is that low $ amounts such as MF would not be worth the legal cost so likely non-judicial anti-defiency would most likely be pursued.

If high $ mortgage they might pursue a deficiency judgement.

Is my gamble a reasonable bet?
 

Grammarhero

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Thanks @Grammarhero for helpful info. This is a great service.

If I understand WA correctly it means it is a crap shoot as to whether one is safe if if one walks.

If so my assumption (if I were to place bets) is that low $ amounts such as MF would not be worth the legal cost so likely non-judicial anti-defiency would most likely be pursued.

If high $ mortgage they might pursue a deficiency judgement.

Is my gamble a reasonable bet?
Correct. Any judicial lawsuit would take at least $2.8k ($2k to prepare complaint and exhibits, $400 for initial appearance, $400 for final appearance). I see WA resorts doing that only with a mortgage and some other incentive (i.e. TS owner is loaded or has a HELOC). If in WA, a defaulting TS owner has fixed income and a high mortgage, I can't see the WA resorts going the judicial foreclosure route.
 

Grammarhero

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Grammarhero

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Grammarhero

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Grammarhero

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Fredflintstone

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From experience, where you live plays in elective situations as well. For example, if a foreigner defaults, collection results may or may not be cumbersome, quite expensive and time consuming. A judgement doesn’t always equate to successful collection. Even though there are reciprocal legislation in some jurisdictions on judgements, the agreements can be between select states. Some jurisdictions have comity with others but it’s not in every case.

For example, in Alberta, Canada, there are reciprocal agreements between Alberta, Montana, Idaho, Washington State and recently Arizona. Alberta exercises comity under certain conditions. Comity is natural in all Canadian provinces with some exceptions as well (as in Quebec).

However, As the Supreme Court in Canada in Morguard emphasized, the Act does not in any way limit the far larger application of comity in regard to orders and judgments not covered by the Act (i.e. non-money judgments or foreign judgments other than those select U.S. states).


However, comity may not apply to jurisdictions not covered under the Act. Normally, comity does not apply to transferring a judgement from a State where there is no agreement to a state where there is agreement. However, there have been exceptions but rarely.

Disclaimer: The above is intended to be general legal information, not legal advice. Seek legal advice if you have further questions.




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Grammarhero

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Fredflintstone

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Also, add Arizona having reciprocal agreement with Alberta. That’s a new one.




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Grammarhero

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Grammarhero

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@Fredflintstone @CalGalTraveler

Wisconsin – WI: WI has separate TS foreclosure laws. Non-objection to non-judicial foreclosure entitles defaulting TS owner to anti-deficiency treatment, but objection waives anti-deficiency treatment. “Waiver of deficiency. Any foreclosing entity that forecloses a mortgage or lien under this section waives the right to bring an action for any deficiency that may remain due to the foreclosing entity after the sale of the time-share estate.” https://docs.legis.wisconsin.gov/statutes/statutes/707/II/28
 

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@Grammarhero, are there timeshare laws in Washington, D.C.? Correct me if I am wrong, Washington DC has statutes unique from other states correct?


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Oh yes, Congress enacts in Washington DC as I recall.


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Grammarhero

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@Grammarhero, are there timeshare laws in Washington, D.C.? Correct me if I am wrong, Washington DC has statutes unique from other states correct?


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DC, along with four (4) other states, has no timeshare laws. I don't even think DC has any timeshares. DC is just a really congested, but formerly dangerous place ruled by hotels. DC limits airbnbs to 90 days a year. https://www.washingtonpost.com/local/dc-politics/dc-council-votes-to-restrict-airbnb-in-nations-capital/2018/10/02/9431979a-c652-11e8-b1ed-1d2d65b86d0c_story.html

Until the 2000s, there really wasn't a reason to have TSs in DC, which was that dangerous.
 

Fredflintstone

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DC, along with four (4) other states, has no timeshare laws. I don't even think DC has any timeshares. DC is just a really congested, but formerly dangerous place ruled by hotels. DC limits airbnbs to 90 days a year. https://www.washingtonpost.com/local/dc-politics/dc-council-votes-to-restrict-airbnb-in-nations-capital/2018/10/02/9431979a-c652-11e8-b1ed-1d2d65b86d0c_story.html

Until the 2000s, there really wasn't a reason to have TSs in DC, which was that dangerous.
That explains why I got mugged in Washington DC 6 years ago. First and only time to have the pleasure. at least the fellow gave me a choice of my wallet and my watch OR my life versus AND my life. That was very neighbourly of him.


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Grammarhero

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@CalGalTraveler @Fredflintstone
I apologize this is taking so long. I needed additional columns to reflect the Statute of limitations (SOL) for unpaid mortgages/MF and whether a state has dedicated TS foreclosure procedures separate from condos/ homes.

For example, Nevada has separate TS foreclosure procedures. Nevada also has a two year SOL, of which one year is from the lien recordation date, but the resort can request an one year extension.

This means if nothing has happened within one possibly nerve-racking year of the lien recordation for the defaulted TS owner, he/she is probably in the clear.
The citation is NRS 119A.550.
 
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