Jimerson Firm

DECEMBER 8, 2020

The Florida Supreme Court has published the proper form to use when seeking a final judgment of foreclosure: Form 1.996(a), Final Judgment of Foreclosure (8-18-20). Form 1.996(a) is incorporated in the Florida Rules of Civil Procedure under Rule 1.900.

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Foreclosure Judgment Law Firms Creditor's Rights 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.

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Loans Collateral Foreclosure Lender 98

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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Foreclosure Lender Banks Collateral 98

Jimerson Firm

OCTOBER 9, 2020

In 2010, the Florida Supreme Court approved an amendment to the Florida Rules of Civil Procedure regarding mortgage foreclosures and enacted new forms, such as Form 1.996(b), Motion to Cancel and Reschedule Foreclosure Sale. In 2014, the Florida Supreme Court renumbered this form to the current Form 1.996(c) (2019).

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Foreclosure Judgment Law Firms Bankruptcy 98

Jimerson Firm

AUGUST 7, 2020

On July 1, 2020, the Uniform Commercial Real Estate Receivership Act (“Act”) became law in Florida as part of the newly created Chapter 714 of the Florida Statutes.

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Foreclosure Lender Judgment Creditors 98

Jimerson Firm

JULY 30, 2020

With commercial loans, typically the loan documents will include an acceleration clause, which allows the lender to accelerate all or most of the remaining amounts due under the loan.

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Lender Foreclosure Loans Banks 98

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 comprise allows borrowers to settle their debt on the SBA loan for less than the full amount owed.

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Loans Lender Collateral Creditors 96

Jimerson Firm

FEBRUARY 3, 2021

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. Initially, a mobile home is considered personal property (like a vehicle) and is titled by the Department of Motor Vehicles. However, a mobile home may be “retired” to the real property and become part of the real property.

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Foreclosure Collateral Lender Repossession 96

Jimerson Firm

AUGUST 24, 2020

Since 2013, residential foreclosure actions in Florida have been significantly shortened—from over two (2) years to possibly less than six (6) months—because of the new “fast-track” process provided in section 702.10, Florida Statutes.

Foreclosure 96

Foreclosure Judgment Law Firms Creditor's Rights 96

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. This article provides a high-level overview of the commercial foreclosure process and practical considerations for lenders and servicers.

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Foreclosure Lender Judgment Collateral 94

Jimerson Firm

JANUARY 14, 2021

The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action. The second-half of this series has evaluated available options to lenders during the pendency of the foreclosure action.

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Foreclosure Lender Judgment Law Firms 90

Jimerson Firm

JANUARY 20, 2021

In response to the mortgage foreclosure crisis, the Supreme Court of Florida established a statewide mandatory mediation program for residential mortgage foreclosures. Due to the mandatory mediation program being largely unsuccessful, the Supreme Court of Florida terminated the program on December 19, 2011. 44.102(2)(b), Fla.

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Foreclosure Lender Creditor's Rights Commercial Collection 80

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.

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Secured Creditor Collateral Repossession Creditors 69

Jimerson Firm

MAY 19, 2021

Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Pursuant to Section 702.07

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Foreclosure Judgment Lender Bankruptcy 52

Jimerson Firm

MAY 24, 2021

In Florida, if a property owner (borrower) fails to pay its property taxes, the amount owing may become a lien on the property. If this happens, the tax lien will become superior to the lender’s mortgage lien. 197.122(a).

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Collateral Lender Foreclosure Judgment 52

Jimerson Firm

MAY 25, 2021

In every foreclosure action, the foreclosing lender will be required to publish some sort of legal advertisement or notice in a newspaper (e.g. the Notice of Foreclosure Sale).

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Foreclosure Lender Judgment Construction 52

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.

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Foreclosure Lender Collateral Judgment 52

Jimerson Firm

SEPTEMBER 28, 2020

The defendants may be served by personal service or substituted service. If a defendant cannot be located, then service may be effected by constructive service, i.e., service by publication, which is governed by Chapter 49, Florida Statutes.

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Foreclosure Construction Judgment Lender 98

Jimerson Firm

MAY 12, 2021

In 2016, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule—referred to as the 2016 Mortgage Servicing Rule —that clarified, revised, and amended several provisions in the 2013 Mortgage Servicing Rules. When a borrower dies, lenders are often left wondering what to do.

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Collateral Lender Loans Foreclosure 52