Collateral Foreclosure Loans 
Sawin & Shea
AUGUST 24, 2022
When you’re going through the process of filing Chapter 13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home. A secured debt means that the borrower has collateral on the debt, such as a car lease. you’re not alone.
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.
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Jimerson Firm
NOVEMBER 11, 2020
Conducting site visits are an important aspect of servicing SBA loans. Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Within fifteen (15) days of the occurrence of an adverse event (i.e. SOP 50 57 2 ; SOP 50 55.
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.
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. SOP 50 57 ; SOP 50 55. SOP 50 57 2; SOP 50 55.
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.
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.
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