Jimerson Firm

NOVEMBER 16, 2020

When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. 679.609, Fla.

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

Jimerson Firm

NOVEMBER 27, 2023

Any secured creditor, large or small, may encounter a situation in which it is preferable to retain or recover the collateral in a transaction without having to sell the collateral itself. The purpose of this article is to make creditors aware of what is and is not possible to do under Florida law. 679.609(1).

Secured Creditor 59

Secured Creditor Collateral Creditors Debtor 59

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The “Recoverable Value” is “the net dollar amount that a prudent lender could reasonably expect to recover by liquidating a particular piece of collateral.” See SOP 50 57. Liquidation Methods.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Jimerson Firm

FEBRUARY 3, 2021

Foreclosures in Florida are judicial, meaning the secured creditor must file a lawsuit. 1) The Mobile Home Existed at the Time of the Mortgage and Is Identified as Collateral in the Mortgage Documents. 2) The Mobile Home Did Not Exist at the Time of the Mortgage and Is Not Listed as Collateral in the Mortgage Documents.

Foreclosure 96

Foreclosure Collateral Lender Repossession 96

Sawin & Shea

JANUARY 25, 2022

Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral. However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors.

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

Jimerson Firm

FEBRUARY 2, 2021

Environmental Investigations are required, for example, before a lender or CDC can acquire the title to commercial real property collateral by purchasing it at a foreclosure sale or accepting a deed-in-lieu of foreclosure, or taking over the operation of a borrower’s business that uses a hazardous substance. What Are Environmental Risks?

Lender 76

Lender Collateral Loans Foreclosure 76

Sawin & Shea

NOVEMBER 15, 2023

And possibly the most common question people ask is credit card debt is secured or unsecured. Secured vs Unsecured Debt: What’s the Difference? In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay.

Unsecured Debt 52

Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52