Jimerson Firm

OCTOBER 22, 2020

Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages. Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults. 702.015(4) , Fla.

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Foreclosure Lender Judgment Collateral 94

Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. Subordinate Liens. York, 903 So. 2d 981, 983 (Fla.

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Lender Foreclosure Judgment Collateral 97

Jimerson Firm

DECEMBER 15, 2020

As discussed in parts 1-4 of this series, lenders have several options prior to instituting a commercial foreclosure action. Additionally, as briefly discussed in part 5 of this series, during the foreclosure action, lenders have options to try to preserve the value of the underlying collateral and to minimize further losses.

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Foreclosure Lender Banks Collateral 98

Jimerson Firm

JANUARY 14, 2021

The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action. The second-half of this series has evaluated available options to lenders during the pendency of the foreclosure action. Orders to Show Cause Under Section 702.10, Florida Statutes. Section 702.10(1)(a)

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Foreclosure Lender Judgment Law Firms 90

Jimerson Firm

SEPTEMBER 28, 2020

A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court. It is important for the plaintiff to check the local rules in the county where the foreclosure action is filed to determine if there are any procedural requirements. 49.08, Fla. 1)(c), Fla. 702.035, Fla.

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Foreclosure Construction Judgment Lender 98

Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Charging Off” Uncollectable Debt. As a result, a loan that is charged off is written off and deemed a loss of principal and interest. 1099-C Issuance.

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Lender Credit Unions Credit Unions Collections 98

Credit Corp

DECEMBER 14, 2020

And her bank wouldn’t give her and her husband Larry a loan to buy a replacement home. Community Development Financial Institutions, which include banks, credit unions, loan and venture funds, are making second-chance loans where others may fear to tread. “We But the roof was falling in. Flexible loan amounts. Better loan terms.

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Lender Loans Financial Institution Personal loans 98

Credit Corp

FEBRUARY 23, 2021

consumers are enduring—including mortgage payment forbearance of foreclosure. Repayment terms are negotiated between the borrower and lender. Mortgage forbearance is one tool to help protect homeowners from foreclosure due to temporary hardships, such as a job loss, natural disaster, or pandemic. What Is a Forbearance?

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Foreclosure Loans Lender Government 80

Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

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Construction Lender Loans Banks 98

Consumer Finance Watch

FEBRUARY 23, 2023

14, New York’s highest court, the Court of Appeals, issued a ruling in Bank of America NA v. … Continue reading → The post <i>Law360</i>: NY Foreclosure Notice Ruling Is a Win for Lenders appeared first on Consumer Finance Watch. Eng and Alina Levi ● On Feb.

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Foreclosure Lender Banks 52

Jimerson Firm

MARCH 24, 2021

On Tuesday, March 23, 2021, four of our partners presented Properly Handling Mortgage Foreclosures. This presentation was moderated by the firm’s managing partner, and is geared towards special asset departments of banks and financial institutions. The borrower filed for bankruptcy during the foreclosure lawsuit.

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Foreclosure Financial services Banks Financial Institution 52

Jimerson Firm

MARCH 12, 2021

In Florida, foreclosure actions must be brought in the county where the land is located. However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties. Intercredit Bank, N.A. , Flagship Cmty Bank , 96 So. 2d 863, 864 (Fla.

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Foreclosure Lender Collateral Loans 98

Jimerson Firm

JULY 7, 2020

In 2010, the Florida Supreme Court amended Florida Rule of Civil Procedure 1.110(b) to include a verification provision in foreclosure complaints. In response to the new legislation, the Florida Supreme Court created a new rule for governing foreclosure complaints, Rule 1.115 , which includes a new verification requirement.

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Foreclosure Law Firms Government Financial services 81

Jimerson Firm

MAY 26, 2021

Lenders need to be aware that borrowers and other lienholders can bring an action or proceeding to set aside, invalidate, or challenge the validity of a final judgment of foreclosure of a mortgage, even after the foreclosure sale. The property was acquired by a “person affiliated with” the foreclosing lender or the borrower.

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Foreclosure Lender Collateral Judgment 52

Jimerson Firm

MAY 19, 2021

Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Bank of Am. 1.540(b) ; Toler v.

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Foreclosure Judgment Lender Bankruptcy 52

Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Lenders must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Foreclosures are a state law proceeding first and foremost. Konsulian v.

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Loans Foreclosure Lender Accrued Interest 98

Sawin & Shea

SEPTEMBER 13, 2023

When you are struggling to pay your bills, there may come a point where you are faced with deciding between bankruptcy vs foreclosure. If you are facing foreclosure or bankruptcy, the best way to determine which choice is right for you is to speak with an experienced bankruptcy attorney. Bankruptcy vs. Foreclosure: Which is Worse?

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Foreclosure Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy 52

Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76

Jimerson Firm

MAY 17, 2021

In order to maintain a foreclosure action against a borrower, lenders must ensure they can establish “standing”. Standing is a fundamental requirement for a foreclosure, as lenders who desire to initiate a foreclosure proceeding are required to have standing. PNC Bank National Association, 239 So.

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Foreclosure Lender Judgment Banks 52

Jimerson Firm

SEPTEMBER 22, 2020

Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. Losing the Right to Collect Rents: Junior Foreclosure Sales. The purchaser at the junior foreclosure sale became the titleholder subject to the first/senior mortgage.

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Foreclosure Lender Law Firms Collections 98

Credit Corp

FEBRUARY 9, 2024

MA non-judicial mortgage foreclosure can take about 120 days, or four months, to complete. Judicial foreclosures vary depending on your state. A nonjudicial mortgage foreclosure can take about 120 days, or four months, to complete. Judicial foreclosures vary depending on your state. What Is Foreclosure?

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Foreclosure Lender Bankruptcy Loans 52

Better Credit Blog

DECEMBER 31, 2020

Have a hard inquiry on your credit report from Comenity Bank/VCTRSSEC? A hard inquiry is simply a way for a lender to check your credit reports before approving your application. Comenity Bank/VCTRSSEC On My Credit Report. How Does a Comenity Bank/VCTRSSEC Hard Inquiry Affect Your Credit Report? Ask Lex Law for Help.

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Banks Retail Lender Repossession 89

Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000. Is the Recoverable Value of the Property Over $10,000? See SOP 50 57.

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Loans Collateral Foreclosure Lender 98

Jimerson Firm

JANUARY 22, 2021

This series has provided a high-level overview of various options and considerations available to lenders during the current uncertainty surrounding lending in the hospitality industry. The first-half of this series evaluated considerations for lenders faced with borrowers who were unable to meet their mortgage and loan obligations.

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Foreclosure Lender Loans Collateral 98

Jimerson Firm

JANUARY 26, 2021

In Florida, lenders typically obtain an “assignment of rents” if the property produces income by collecting rent, such as an apartment complex, rental home, rental space, or office building. An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. 697.07 (2). Section 697.07

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Foreclosure Lender Loans Banks 96

Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults.

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Lender Foreclosure Loans Banks 98

Troutman Sanders

JANUARY 10, 2023

On December 30, 2022, New York Governor Kathy Hochul signed the Foreclosure Abuse Prevention Act (FAPA) into law. The Engel decision allowed lenders and servicers to voluntarily pause the statute of limitations on foreclosures and reserve the right to restart the action again, as long as it was done within six years.

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Foreclosure Lender Judgment Loans 52

Jimerson Firm

FEBRUARY 3, 2021

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. If the mobile home has been retired and is part of the real property, it will be included in the foreclosure. If the mobile home has been retired and is part of the real property, it will be included in the foreclosure.

Foreclosure 96

Foreclosure Collateral Lender Repossession 96

Troutman Sanders

FEBRUARY 23, 2021

Engel, the Court of Appeals established a bright-line rule that when the acceleration of a mortgage debt occurs by filing a foreclosure complaint, a lender’s voluntary discontinuance of that action constitutes a revocation of acceleration as a matter of law, absent an express, contemporaneous statement to the contrary by the lender.

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Foreclosure Lender Loans Banks 52

Jimerson Firm

MAY 25, 2021

In every foreclosure action, the foreclosing lender will be required to publish some sort of legal advertisement or notice in a newspaper (e.g. the Notice of Foreclosure Sale). Since publishing a legal notice concerning a foreclosure action is inevitable, it is imperative for lenders to know how to do so properly.

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Foreclosure Lender Judgment Construction 52

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. Barnett Bank of Pensacola , 397 So.

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Collateral Loans Secured Creditor Lender 98

Jimerson Firm

JULY 20, 2020

In 2013, the Legislature enacted Section 702.015 , Florida Statutes, which sets forth new pleading requirements for residential foreclosure actions. At that time, the Legislature requested the Florida Supreme Court to amend the Florida Rules of Civil Procedure to provide expedited foreclosure proceedings in conformity with Section 702.015.

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Foreclosure Banks Judgment Financial services 52

Credit Corp

FEBRUARY 22, 2021

consumers are enduring—including mortgage payment forbearance of foreclosure. Repayment terms are negotiated between the borrower and lender. Mortgage forbearance is one tool to help protect homeowners from foreclosure due to temporary hardships, such as a job loss, natural disaster, or pandemic. What Is a Forbearance?

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Foreclosure Loans Lender Government 52

Jimerson Firm

MAY 21, 2021

Except in cases of an owner-occupied residence, lenders are entitled under Florida law to receive payments during the pendency of a foreclosure proceeding. Lenders must pay careful attention to this Florida Statute to ensure they preserve their rights and properly deploy this valuable litigation tool. 2), Florida Statutes.

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Foreclosure Lender Judgment Loans 52

Jimerson Firm

JANUARY 9, 2023

Did you win a foreclosure sale, only to find out later that you did not get what you thought you were bargaining for? Florida Courts have held that a foreclosure sale may be vacated and set aside on equitable grounds due to surprise, accident, or mistake imposed on complainant, and/or irregularity in the conduct of the sale.

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Foreclosure Judgment Lender Financial services 52

Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. The decision is an important and welcomed relief for many lenders and servicers within the state. The Court of Appeals has now clarified issues related to the 90-day notice for lenders and servicers to follow.

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Foreclosure Lender Bankruptcy Judgment 52

Jimerson Firm

NOVEMBER 11, 2020

Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Frequent site visits help lenders and CDCs make prudent lending decisions by keeping them up-to-date with the condition of the collateral and the borrower’s business operations.

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Collateral Loans Lender Repossession 98