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

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