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 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

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. See SOP 50 57.

Loans 98

Loans Collateral Foreclosure Lender 98

Jimerson Firm

MAY 24, 2021

How Do Property Taxes Result in Loss of Collateral? If the borrower is delinquent in paying its property taxes, a tax certificate may be sold for the past-due taxes, which could lead to a tax deed sale of the collateral. How to Get a Deficiency Judgment After a Foreclosure Sale.

Collateral 52

Collateral Lender Foreclosure Judgment 52

Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. 60 calendar days), the lender/CDC must move forward with liquidating the collateral.

Loans 98

Loans Collateral Lender Foreclosure 98

Jimerson Firm

FEBRUARY 3, 2021

Lenders will usually be faced with two situations: (1) the mobile home existed at the time of the mortgage, and is identified in the mortgage documents as collateral; or (2) the mobile home did not exist at the time of the mortgage, and is not identified in the mortgage documents as collateral. (1)

Foreclosure 96

Foreclosure Collateral Lender Repossession 96

Jimerson Firm

JANUARY 27, 2021

If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in compromise is appropriate when the borrower’s business has closed down and all of the collateral has been liquidated. SOP 50 57 2; SOP 50 55.

Loans 96

Loans Lender Collateral Creditors 96