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

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. The court found that the lender properly filed a foreclosure action on both mortgages in just Pinellas County because both mortgages jointly constituted the collateral for a single loan.

Foreclosure 98

Foreclosure Lender Collateral Loans 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. York, 903 So.

Foreclosure 94

Foreclosure Lender Judgment Collateral 94

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.

Foreclosure 98

Foreclosure Lender Banks Collateral 98

Jimerson Firm

AUGUST 7, 2020

The Act codifies existing common law in Florida regarding the right to have a receiver appointed by the court in commercial foreclosure actions, and provides much needed clarity, predictability, and uniformity on the standard for the appointment of a receiver and the powers of receivers. What is a Receiver, and Why are They Important?

Foreclosure 98

Foreclosure Lender Judgment Creditors 98

Sawin & Shea

NOVEMBER 15, 2023

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. However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt. What is the difference?

Unsecured Debt 52

Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

The Creditors Rights

JULY 5, 2016

Lenders often go to great lengths to ensure their borrowers are Special Purpose Entities —entities whose assets will not be commingled with the assets of parent or affiliated companies—rendering bankruptcy filings by the SPE less likely. In Opportunity Finance , the debtors were Petters Company, Inc. (“PCI”) The Eighth Circuit agreed.

Lender 40

Lender Bankruptcy Creditors Collateral 40

Jimerson Firm

MAY 12, 2021

When a borrower dies, lenders are often left wondering what to do. Based on this, in the event a borrower dies, lenders need to know what actions they should consider doing upon notification of a borrower’s death, who is a “successor in interest,” and what their obligations are to a successor in interest.

Collateral 52

Collateral Lender Loans Foreclosure 52

Burr Forman

JANUARY 26, 2022

In his bankruptcy practice, Eric focuses on representing creditors, including financial institutions, special servicers, private equity groups, and other non-traditional lenders as well as other secured and unsecured creditors in state and federal court litigation, chapter 11 bankruptcy cases, and in out-of-court workouts and resolutions.

Lawyers 52

Lawyers Bankruptcy Unsecured Creditor Creditors 52