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. Check the Local Foreclosure Mediation Requirements. In re: Managed Mediation Program for Residential Mortgage Foreclosure Cases , AOSC11-44 (Fla.

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Foreclosure Lender Creditor's Rights Commercial Collection 80

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

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. 1), directs the defendants to show cause why a foreclosure judgment should not be entered.

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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). Since publishing a legal notice concerning a foreclosure action is inevitable, it is imperative for lenders to know how to do so properly. Conclusion.

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Foreclosure Lender Judgment Construction 52

Jimerson Firm

MARCH 12, 2021

In Florida, foreclosure actions must be brought in the county where the land is located. However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties. allows the lender to bring a single foreclosure action on all mortgages in just one county.

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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. When Can the Foreclosure Sale Be Invalidated? Nationstar Mortg., Diaz , 227 So. 3d 726, 730 (Fla.

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Foreclosure Lender Collateral Judgment 52

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. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Why Would a Final Judgment of Foreclosure be Set Aside?

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Foreclosure Judgment Lender Bankruptcy 52

Jimerson Firm

SEPTEMBER 22, 2020

Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. The answer to the question of whether hotel revenues constitute rent under Section 697.07, Florida Statutes, may depend upon the district in which the foreclosure action is pending.

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Foreclosure Lender Law Firms Collections 98

Jimerson Firm

FEBRUARY 3, 2021

If the mobile home has been retired and is part of the real property, it will be included in the foreclosure. 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? 319.261 (7).

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Foreclosure Collateral Lender Repossession 96

Jimerson Firm

NOVEMBER 13, 2020

if the collateral is likely to be acquired by SBA or the lender at the foreclosure sale, the expenses associated with the care, preservation and resale of the acquired collateral. In Florida, the lender can choose from the following methods: Deed in Lieu of Foreclosure. Lien Foreclosure. See SOP 50 57.

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Loans Collateral Foreclosure Lender 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 the Purpose of the Act? Conclusion.

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Jimerson Firm

NOVEMBER 23, 2020

if the collateral is likely to be acquired by SBA or the lender at the foreclosure sale, the expenses associated with the care, preservation and resale of the acquired collateral. Lien Foreclosure. See SOP 50 57. a deposit account perfected by control under Section 679.1041(1)(b) or (c) of the Florida Statutes.

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Jimerson Firm

JULY 30, 2020

Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults. and a foreclosure sale netted the lender $3,675,000 leaving a deficiency of $918,398.49. Part 2: Pre-Foreclosure Loss Mitigation Options. See, e.g. , Guirlinger v. Goldome Realty Credit Corp.,

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Lender Foreclosure Loans Banks 98

Jimerson Firm

DECEMBER 30, 2020

Essentially, a workout agreement restructures the material terms and conditions of the SBA loan in order to: avoid actions such as foreclosure or bankruptcy; allows the borrower to cure the default and improve their ability to repay the loan; and enables the lender or CDC to maximize their recovery on the loan. SOP 50 57 ; SOP 50 55.

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Loans Collateral Lender Foreclosure 98

Burr Forman

JANUARY 7, 2022

He represents various financial institutions, creditors, landlords, and other parties in all aspects of loan modifications and restructuring, commercial foreclosures, enforcement of security interests and domestic and foreign judgments, Chapter 7 and 11 bankruptcies, and creditors’ rights litigation.

Bankruptcy 52

Bankruptcy Creditors Secured Creditor Manufacturing 52

Jimerson Firm

FEBRUARY 18, 2021

2] This result can be potentially disastrous to a mortgage lender that may lose the value of a first priority mortgage lien as security for the loan, and potentially have the mortgage subject to being foreclosed in a construction lien foreclosure lawsuit.

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The Creditors Rights

JUNE 7, 2016

After the borrower’s default and lender’s commencement of foreclosure proceedings, the borrower’s members—with the exception of the Special Member—voted to cause the borrower to file a chapter 11 petition. The lender filed a motion to dismiss, contending the filing was not authorized.

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Sawin & Shea

NOVEMBER 15, 2023

Secured Debt in Bankruptcy A bankruptcy can discharge your underlying responsibility to pay the debt, but it does not do away with the creditors rights to the collateral they hold as security. A Chapter 13 plan can cure arrearages on houses or cars, stopping foreclosures and repossessions.

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Jimerson Firm

MAY 24, 2021

How to Get a Deficiency Judgment After a Foreclosure Sale. Calhoun , Esq. Murrin , JD Candidate. Continued reading: Defaulted Loans: Florida State Laws, Federal Laws and Federal Regulations. Lenders Beware: Be Sure to Foreclose Subordinate Liens and Encumbrances.

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Collateral Lender Foreclosure Judgment 52

Jimerson Firm

MAY 12, 2021

Continued reading: Certification of Original Promissory Note is Required to Bring a Mortgage Foreclosure Action. Lenders need to be aware of these obligations and implement standard procedures to get into compliance with the Rule, and follow best practices to preserve the value of the collateral. Author: Austin B. Calhoun, Esq.

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Collateral Lender Loans Foreclosure 52