Jimerson Firm

MARCH 10, 2021

Oftentimes, individuals or businesses borrow money from a bank or lender, and unfortunately, are unable to pay the loan payments. In this event, the borrower may try to shift the blame of their inability to pay on the bank or lender, by filing a claim for negligent loan processing or underwriting, and/or breach of fiduciary duty.

Banks 98

Banks Loans Lender Financial services 98

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.

Construction 98

Construction Lender Loans Banks 98

FFGN COLLECT NY

NOVEMBER 17, 2024

MCA companies provide cash advances in exchange for an agreement that allows for immediate draws on bank accounts, liens on merchant accounts, and personal guarantees from officers. Until recently, many MCAs were enforced in New York , regardless of where the lender and borrower were located.

Loans 52

Loans Judgment Lender Debtor 52

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Expenses incurred by a 7(a) Lender or CDC that failed to liquidate the SBA Loan in accordance with Loan Program Requirements, including those pertaining to Liquidation or Litigation Plans. What Expenses are Recoverable. .;

Lender 98

Lender Loans Law Firms Collateral 98

Credit Corp

MAY 30, 2023

A judgment is an order issued by a judge or jury to settle a lawsuit. For example, if you fail to pay a debt, the lender can take you to court. In this case, the judge may order you to pay the other party as part of the court’s final judgment. These terms are laid out in the final judgment. What Is a Judgment on Property?

Judgment 75

Judgment Garnishment Creditors Law Firms 75

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.

Foreclosure 52

Foreclosure Judgment Lender Bankruptcy 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.

Banks 89

Banks Retail Lender Repossession 89

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.

Lender 98

Lender Foreclosure Loans Banks 98

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.

Foreclosure 94

Foreclosure Lender Judgment Collateral 94

Better Credit Blog

MAY 12, 2022

In my recent experience, it’s not hard to remove judgments from your credit report as long as you follow the proper steps. Many readers assume it’s impossible to have the credit bureaus remove civil judgments because they involve the court system. It’s still possible you could see a judgment pulling down your credit score.

Judgment 71

Judgment Creditors Debt collector Collection Agencies 71

The Kaplan Group

APRIL 24, 2025

Legal Tools Growingbut Limited More than 70% of B2B debt lawsuits result in default judgments, but only half of those are successfully enforced. Technology and Alternative Lending AI Is Reshaping Access to Credit Fintech lenders are using AI to speed underwriting and reduce bias. is now facing a commercial debt reckoning.

Bankruptcy 52

Bankruptcy Lender Loans Creditors 52

FFGN COLLECT NY

MAY 8, 2024

In addition to refunding the monies, the bank also had to pay penalties for the unlawful freezing of the bank accounts. Between 2016 and 2022, Pathward wrongfully froze 1,400 bank accounts belonging to New Yorkers. The laws also prohibit banks from freezing accounts with protected wages, a set amount based on minimum wage.

Banks 52

Banks Debt collector Judgment Creditors 52

FFGN COLLECT NY

SEPTEMBER 23, 2022

Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. Since the documents anticipate a default in payment by the buyer, why then do merchant cash advance companies record judgments in New York? If you were wrong, the bank or other institution is entitled to costs and possible legal fees.

Judgment 52

Judgment Lender Judgment Enforcement Banks 52

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. 1), directs the defendants to show cause why a foreclosure judgment should not be entered.

Foreclosure 90

Foreclosure Lender Judgment Law Firms 90

Jimerson Firm

MARCH 12, 2021

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. allows the lender to bring a single foreclosure action on all mortgages in just one county. 2d 863, 864 (Fla.

Foreclosure 98

Foreclosure Lender Collateral Loans 98

FFGN COLLECT NY

AUGUST 26, 2024

How do you get paid when you’ve won your New York debt collection case and have a money judgment? The city marshal will levy the debtor’s commercial property, bank accounts, and other assets. Read on to understand the mechanics of the sale and how to satisfy your judgment. One way could be through a NYC marshal’s sale.

Judgment 52

Judgment Debtor Creditors Lender 52

FFGN COLLECT NY

JUNE 29, 2022

Are you wondering what documentation or proof you will need to provide in order to vacate a default judgment in New York? Similarly, do you need proof to vacate a judgment entered pursuant to a confession of judgment you signed outside of New York that was entered in New York before the law changed prohibiting this practice?

Judgment 52

Judgment Lender Banks Debtor 52

Jimerson Firm

FEBRUARY 15, 2021

Although Florida foreclosures are governed by Chapter 702 of the Florida Statutes , foreclosing lenders must also check the local rules of the court where the lawsuit is filed to make sure that they comply with any additional requirements. In addition, foreclosing lenders in Duval county will be required to pay an additional $140.00

Foreclosure 98

Foreclosure Judgment Lender Creditor's Rights 98

Troutman Sanders

MARCH 11, 2024

On March 8, Washington State’s legislature passed a significant amendment ( SB 6025 ) to the Consumer Loan Act (CLA) targeting bank model lending. SB 6025 is an updated version of a prior bill, discussed here. The act awaits Governor Jay Inslee’s signature. The bill will only apply prospectively.

Banks 52

Banks Lender Loans Judgment 52

FFGN COLLECT NY

DECEMBER 6, 2022

Can you use a New York debt collection judgment to lien a debtor’s co-op or condo? As a judgment creditor, you want to restrain, attach and lien as many of the judgment debtor’s assets in order to satisfy your judgment. When a bank lends against a co-op, they hold the stock and lease as security.

Judgment 52

Judgment Collections Creditors Debtor 52

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.

Foreclosure 52

Foreclosure Lender Collateral Judgment 52

In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers. Zone of Insolvency.

Creditors 130

Creditors Lender Judgment Government 130

In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers. Zone of Insolvency.

Creditors 130

Creditors Lender Judgment Government 130

In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers. Zone of Insolvency.

Creditors 130

Creditors Lender Judgment Government 130

Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more. All that being said, in Puerto Rico interest is allowed on money judgments, at a rate of 6%.

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Collection Agencies Collections Agency Collections Garnishment 130

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the borrower or debtor.

Financial services 52

Financial services Judgment Debtor Creditors 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. Busey Bank, N.A., Florida State Laws. Konsulian v. 3d 1283, 1285 (Fla.

Loans 98

Loans Foreclosure Lender Accrued Interest 98

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.

Loans 98

Loans Collateral Foreclosure Lender 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

Foreclosure 96

Foreclosure Lender Loans Banks 96

Nexa Collect

AUGUST 13, 2020

Each has its own way of gathering data and scoring your business, but they all look for information from investors, lenders, banks, and credit card issuers. The way this can backfire is that lenders, in general, frown upon this practice. Don’t ignore liens and judgments against your company.

Trade 130

Trade Loans Creditworthiness Judgment 130

FFGN COLLECT NY

MARCH 21, 2024

The named lenders and officers have utilized New York courts to do their dirty work. Enforcing the agreements to obtain judgments from the courts and driving merchants even further into debt or financial ruin. Once a Judgment is obtained, the Yellowstone can then levy against the assets of both the small business and its owner.

Lender 52

Lender Judgment Loans Collections 52

Debt Guru

APRIL 12, 2020

n]: A financially detrimental debt arrangement that only benefits the lender. Unfortunately, while the former is pretty straightforward, there’s a lot of confusion surrounding the latter – something that shady or disreputable lenders use to their advantage. And storefront operations can run differently than online lenders.

Loans 98

Loans Lender Credit Unions Credit Unions 98

Sawin & Shea

APRIL 26, 2023

A judgment lien against you can have a variety of distressing and negative consequences. Read on to learn everything you need to know about judgment liens in Indiana, including how they work and how to avoid them. What Is a Judgment Lien? Judgment Liens in the Hoosier State In Indiana, judgment liens last for 10 years.

Judgment 52

Judgment Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy 52

Jimerson Firm

AUGUST 7, 2020

This new legislation is likely to be important to lenders and borrowers due to the anticipated higher volume of commercial foreclosures due to economic effects of the current COVID-19 pandemic. What is a Receiver, and Why are They Important? 714.14, Fla. Conclusion.

Foreclosure 98

Foreclosure Lender Judgment Creditors 98

Sawin & Shea

JUNE 16, 2021

A secured card is one where you put down a certain amount of money with the bank to guarantee your repayment. You are no risk to the bank because they already have your money. You will need pay stubs, bank statements, and tax returns to prove this to your potential lender. Prequalify through several lenders.

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Loans 98

Better Credit Blog

JUNE 1, 2022

Credit builder loans are sometimes offered by community banks and credit unions as a way to give borrowers a chance to show they can make regular payments and complete a loan, and ultimately be able to build or rebuild a positive credit history. Having unresolved financial judgments can make it difficult to get.

Loans 95

Loans Credit Unions Credit Unions Lender 95

Jimerson Firm

FEBRUARY 3, 2021

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired?

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Foreclosure Collateral Lender Repossession 96