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. 2d 1020, 1024 (Fla.

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Jimerson Firm

NOVEMBER 11, 2020

Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Frequent site visits help lenders and CDCs make prudent lending decisions by keeping them up-to-date with the condition of the collateral and the borrower’s business operations.

Collateral 98

Collateral Loans Lender Repossession 98

Jimerson Firm

MAY 24, 2021

This may be troublesome for lenders because the property may then be sold for taxes, which will eliminate the lender’s mortgage lien. This may leave some lenders wondering how it can protect their mortgage interests, if the borrower is delinquent in paying its property taxes. How Do Property Taxes Result in Loss of Collateral?

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Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. See SOP 50 57.

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Collateral Loans Secured Creditor Lender 98

Jimerson Firm

NOVEMBER 5, 2020

If a borrower is experiencing difficulties making payments on their SBA loan, they may seek relief with the lender or CDC by requesting a loan modification or deferment. Lenders have unilateral authority, however, to issue a one-time deferment that does not exceed a continuous period of three (3) monthly installments.

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Lender Loans Accrued Interest Collateral 78

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. Is the Recoverable Value of the Property Over $10,000?

Loans 98

Loans Collateral Foreclosure Lender 98

Jimerson Firm

JANUARY 25, 2021

When underwriting and servicing SBA loans, it is important for lenders and CDCs to ensure appropriate insurance coverages are in place to protect the collateral. As a condition for the loan, the SBA requires borrowers to maintain hazard insurance on all pledged collateral. 13 CFR § 120.160 ; SOP 50 10 5(K).

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Loans Collateral Lender Construction 98

Jimerson Firm

JANUARY 19, 2021

Most lenders are likely familiar with these servicing actions, and many lenders have their own requirements and procedures for handling each of them. One of the most common reasons a borrower may request an assumption is because the borrower wants to sell their business, along with all of the collateral, to some other entity.

Loans 98

Loans Collateral Lender Financial services 98

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

Credit Corp

MARCH 12, 2025

Lenders use it to assess how likely you are to pay them back. If you have a low score, the lender might consider you high-risk, charge you higher interest rates, or even deny the loan. A secured loan requires collateral (like a car or house) as a guarantee, while an unsecured loan does not but typically has higher interest rates.

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Loans Personal loans Lender Collateral 52

Sawin & Shea

OCTOBER 26, 2022

Unsecured loans are loans that don’t have collateral. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Common unsecured loans include: Bank loans with no collateral. Personal loans from lenders that you know, such as acquaintances, co-workers, employers, friends, and family.

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Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

Credit Corp

MARCH 7, 2021

Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. That is, the lender advances you money that you pay back with interest over a predetermined period of time. This often allows digital lenders to streamline the applications. Benefits of Online Personal Loans.

Personal loans 98

Personal loans Loans Collateral Lender 98

Nerd Wallet

NOVEMBER 18, 2022

A Uniform Commercial Code filing, also known as a UCC filing, is a document that lenders use to establish their legal right to assets that a borrower uses to secure a loan. This notice allows the lender to seize the borrower’s collateral in the case of default. UCC filings can cover a specific piece of.

Collateral 90

Collateral Legal Rights Lender Loans 90

Sawin & Shea

AUGUST 24, 2022

Although sometimes borrowers can receive a forbearance or work out a repayment plan with their lenders, many are unable to reach this agreement, meaning they’re at risk of losing their homes. A secured debt means that the borrower has collateral on the debt, such as a car lease. What If I Default On My Chapter 13 Payments?

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Chapter 13 bankruptcy Foreclosure Chapter 7 bankruptcy Bankruptcy 105

Jimerson Firm

FEBRUARY 5, 2021

When a SBA loan is in liquidation status, lenders and authorized CDC liquidators are required to perform “Prudent Liquidation.” When Prudent Liquidation is complete, it’s time for the lender or authorized CDC liquidator to submit a wrap-up report to the SBA and have the loan charged-off. 120.535(b). 120.535(b). SOP 50 55.

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Loans Lender Collateral Bankruptcy 89

Nexa Collect

DECEMBER 12, 2021

A system that interacts buyers, sellers, borrowers, or lenders with peer-to-peer technology to access financial products or financial services bypassing middlemen such as financial institutions. The platform sets interest rates algorithmically & lenders receive higher interest rates when the demand to borrow crypto increases.

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Collateral Banks Financial Institution Financial services 130

Jimerson Firm

FEBRUARY 3, 2021

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired?

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Foreclosure Collateral Lender Repossession 96

Troutman Sanders

FEBRUARY 17, 2022

TransUnion and Sun believe that, with VantageScore credit scores on-chain, users can improve the rates that they are being offered by DeFi lenders, and DeFi lenders can reduce their own risk, all while increasing their available liquidity.

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Lender Collateral Loans 59

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.” All borrowers must submit their own offer in compromise to the lender or CDC. If there are any discrepancies, the lender must investigate them.

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Loans Lender Collateral Creditors 96

Nerd Wallet

AUGUST 12, 2020

The five C’s, or characteristics, of credit — character, capacity, capital, conditions and collateral — are a framework used by many traditional lenders to evaluate. Jackie Zimmermann is a writer at NerdWallet. Email: articles@nerdwallet.com. The article Master the 5 C’s of Credit originally appeared on NerdWallet.

Collateral 92

Collateral Financial Institution Lender Banks 92

Sawin & Shea

JULY 6, 2022

For example, you may sign a personal guarantee to secure a loan for your business, and if you fail to make payments, the lender can go after both the business and your personal funds because you’re liable through the written agreement. Although the lender can foreclose on your home, they must first abide by the Automatic Stay period.

Bankruptcy 130

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Student loans 130

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

MAY 5, 2021

PPP loans and EIDL of $25,000 or less do not require collateral or personal guarantees, so in the vast majority of defaults on these small loans, business owners’ personal assets will not be at risk of seizure. Small Loan Default. Additionally, large percentages of these loans are forgivable. Larger Loan Default.

Collateral 98

Collateral Loans Government Debtor 98

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. Bankruptcy stops foreclosure before the lender takes the vehicle.

Repossession 52

Repossession Lender Collateral Bankruptcy 52

Credit Corp

DECEMBER 14, 2020

The lender can try to collect the money from you, including by suing you. Why Would a Lender Require a Personal Guarantee? Personal guarantees are all about reducing risk for the lender. First, the lender will attempt to collect from the business itself. First, the lender will attempt to collect from the business itself.

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Lender Loans Collateral Collections 104

Nerd Wallet

OCTOBER 13, 2021

Personal loans are usually unsecured, meaning they don’t require collateral like a house or a car, and you can use them for almost anything. Lenders rely on. Personal loans accounted for $148 billion in consumer debt in the fourth quarter of 2020, a decline from the same period in 2019, according to credit bureau TransUnion.

Personal loans 87

Personal loans Loans Collateral Credit Bureau 87

Sawin & Shea

JUNE 16, 2021

You will need pay stubs, bank statements, and tax returns to prove this to your potential lender. Prequalify through several lenders. Make a formal application with the lender you choose. You will need to use collateral for this, such as money (why would you try to borrow money if you already have money?

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Loans 98

Debt Guru

JULY 19, 2020

You pay off multiple types of loans and credit card balances with your new consolidation loan, and you’re left with a single monthly payment to the new lender. Every time you apply for credit, your lender performs a hard inquiry on your credit report. The difference is that unsecured debts are not backed by collateral.

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Debt Consolidation Unsecured Debt Collateral Personal loans 104

Nerd Wallet

OCTOBER 3, 2022

Instead of requiring collateral like a house or car, many lenders prefer applicants with strong credit and high incomes. But what if you don’t meet a lender’s requirements? Personal loans provide fast, unsecured funds that can pay for anything from home repairs to medical emergencies. Annie Millerbernd writes for NerdWallet.

Personal loans 81

Personal loans Loans Collateral Lender 81

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

JANUARY 22, 2021

This series has provided a high-level overview of various options and considerations available to lenders during the current uncertainty surrounding lending in the hospitality industry. The first-half of this series evaluated considerations for lenders faced with borrowers who were unable to meet their mortgage and loan obligations.

Foreclosure 98

Foreclosure Lender Loans Collateral 98

Credit Corp

DECEMBER 13, 2023

A secured card is one with a credit limit that’s secured by collateral you put up. In the case of these cards, the collateral is a cash deposit you make to secure the credit limit. This reduces risk for the lender, which is why these card companies are willing to offer credit cards to people with no or bad credit.

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Collateral Lender 97

Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. If you’re a co-signer or co-debtor on a business property, such as a rental home, the automatic stay doesn’t protect you from lenders, so they can repossess the property.

Chapter 7 bankruptcy 122

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Student loans 122

Nerd Wallet

MAY 17, 2022

A lender advances a portion of the business’s outstanding invoices, in the form of a loan or line of credit, and the invoices serve as collateral on the. Randa Kriss writes for NerdWallet. Email: rkriss@nerdwallet.com. The article Accounts Receivable Financing: Best Options, How It Works originally appeared on NerdWallet.

Collateral 68

Collateral Lender Loans 68

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. Bankruptcy stops foreclosure before the lender takes the vehicle.

Repossession 40

Repossession Lender Collateral Bankruptcy 40

Credit Corp

JULY 8, 2021

PMI protects lenders in case you can’t make payments on your home loan. If your down payment is less than 20% of the home loan, you won’t take a financial architect to tell you that the lender owns more of your home. Indeed, the lender might have more to lose if your deal goes south. The Importance of Equity and Your Refinance.

Collateral 81

Collateral Loans Lender Government 81

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.

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