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s Consumer FinancialService Law Practice Group. Our firm is very proud of Brit’s efforts on behalf of an organization that we have supported since its inception” explained Manuel Newburger, a shareholder and the leader of the firm’s Consumer FinancialServices Law Practice Group. About Barron & Newburger, P.C.
Frank Springfield – FinancialServices Litigation – Birmingham. Rik Tozzi – FinancialServices Litigation, Insurance, International Arbitration, Securities Litigation, General Commercial Litigation, Competition/Antitrust, Professional Liability – Birmingham. Erich Durlacher – Creditors’ Rights & Bankruptcy – Atlanta.
Frank Springfield , Birmingham – FinancialServices Litigation. Future Stars: Erich Durlacher , Atlanta – Creditors’ Rights and Bankruptcy. Corky Klett , Columbia – Intellectual Property and Cybersecurity. Tom Potter , Nashville – Intellectual Property, Securities, Commercial. About Benchmark Litigation.
In Florida, foreclosure actions must be brought in the county where the land is located. This is typically referred to as the “local action rule.” However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties.
However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Florida’s Construction Lien Law found in Chapter 713, Florida Statutes, may seem like an area of the law that is only relevant to contractors and property owners.
In Florida, mortgage foreclosure lawsuits are filed in the county where the property is located. Although Florida foreclosures are governed by Chapter 702 of the Florida Statutes , foreclosing lenders must also check the local rules of the court where the lawsuit is filed to make sure that they comply with any additional requirements.
When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. However, sometimes the sale proceeds are insufficient to satisfy the full amount of debt owed.
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.
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.
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.
Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. This article explores Section 697.07, Florida Statutes, which governs the assignment of rents. Assignment of Rents under Section 697.07, Florida Statutes.
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.
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.
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.
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).
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.
In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties.
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.
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.
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.
Professional firms in all industries saw a new “normal” come to life and creditorsrights attorneys and their firms were no exception. Mark is a one of NARCA’s speakers on many of the creditor’srights issues impacting NARCA members. NARCA's values are: Professional, Ethical, Responsible.
He concentrates his practice in creditors' rights with an emphasis on debt collection, judgment enforcement, and commercial litigation. He is certified as a specialist in the field of Creditors' Rights Law by The American Board of Certification. Jerry is also a past President of the Commercial Law League of America.
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.
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.
Mark is a one of NARCA’s speakers on many of the creditor’srights issues impacting NARCA members. The National Creditors Bar Association (NARCA) is a trade association dedicated to creditorsrights attorneys. NARCA's values are: Professional, Ethical, Responsible.
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.
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. The quickest and cheapest way for a secured creditor to take possession of the collateral is by self-help repossession. 679.609, Fla.
Choe is an attorney practicing in Smith Debnam's Creditors’ Rights and Collections Practice Group. Therefore, Plaintiff’s interpretation was unreasonable even based on the least sophisticated consumer standard. Therefore, as a matter of law, Defendant’s form letter did not violate § 1692e(10) of the FDCPA.
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.
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
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).
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).
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.
Branding Arc is sponsoring the NCBA Executive Experience as part of a strong commitment to staying up to date with both marketing and industry trends, compliance policy, and relevant changes that affect creditorsrights law firms and the in-house counsel of creditors. About Branding Arc.
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