win555
TUG Member
- Joined
- Mar 4, 2020
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- 116
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- worldmark
Do you know a good timeshare in a state with non-judicial anti-deficiency judgement policies? Seems like the best states to own in are CA, FL, SC, CO.
I hope having a list like this would help future buyers. Your personal definition of "good" is fine: Low MF, nice resort, low purchase price, great location, amenities, etc.
Here is what I'm looking into:
As legal commentary, I noticed:
1) Only CA has mandatory anti-deficiency foreclosure, no matter what defenses defaulting TS owners raise.
2) SC and FL have elective non-judicial, anti-deficiency foreclosures. Inaction to or electing non-judicial, anti-deficiency foreclosures reserves that anti-deficiency right for defaulting TS owners, but objections waive that anti-deficiency right.
3) IN has permissive anti-deficiency, judicial foreclosures. The only method to obtain waiver of deficiency judgment is for defaulting TS owner to waive 60/90-day sale notice period (IC 32-27-7-5), with IN resort's agreement. If the defaulting IN-TS owner has a valuable week (i.e. summer, Christmas, New Years, near time and location of Indianapolis 500 or Notre Dame football games), the IN resort might want to resell quickly and agree to waive the deficiency judgment.
4) IL also has a permissive non-judicial, anti-deficiency foreclosure. Maybe if the TS owner is judgment-proof, on fixed income, or has ERISA-protected retirement accounts; or the IL resorts know they can’t collect on deficiency judgments; IL resorts might resort to a non-judicial, anti-deficiency foreclosure to save legal costs.
5) defaulting homeowners, but not MF-defaulting TS owners, get anti-deficiency protections in AZ, HI, NV, MT, ND, OR, and OK. Based on circumstances, mortgage-defaulting TS owners might get anti-deficiency protections in HI and MT.
CO allows anti-deficiency, judicial foreclosures for defaulting MF. http://leg.colorado.gov/sites/default/files/images/olls/crs2018-title-38.pdf (page 363)
I hope having a list like this would help future buyers. Your personal definition of "good" is fine: Low MF, nice resort, low purchase price, great location, amenities, etc.
Here is what I'm looking into:
- Marriott Grande Vista, Florida: nice resort, low purchase price, reasonable MF for the quality (~$1500 for 2 BR)
- HGVC Marbrisa: Beautiful resort, medium purchase price ($5-8k), reasonable MF for the quality ($1400 for 2 BR)
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