Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. 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. Liquidation Methods.

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Collateral Loans Secured Creditor Lender 98

Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. a bankruptcy filing, business shutdown, or foreclosure by a prior lienholder) that caused the loan to be classified in liquidation status or sooner if the collateral could be removed, lost, or dissipated. SOP 50 57 2 ; SOP 50 55.

Collateral 98

Collateral Loans Lender Repossession 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. SOP 50 57 ; SOP 50 55. SOP 50 57 2; SOP 50 55.

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Loans Collateral Lender Foreclosure 98

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.

Foreclosure 98

Foreclosure Lender Collateral Loans 98

Jimerson Firm

JANUARY 22, 2021

The first-half of this series evaluated considerations for lenders faced with borrowers who were unable to meet their mortgage and loan obligations. The second-half of this series evaluated options available to lenders during the commercial foreclosure process. Opportunities to Gain Concessions in Loan Workouts with Existing Borrowers.

Foreclosure 98

Foreclosure Lender Loans Collateral 98

Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. & Loan Ass’n, 214 So.2d Subordinate Liens.

Lender 97

Lender Foreclosure Judgment Collateral 97

Jimerson Firm

JUNE 30, 2021

However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. 2016) , lenders may be able to file a foreclosure lawsuit on the same property more than once. In this case, the mortgagee brought two foreclosure lawsuits against the mortgagor.

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Lender Foreclosure Banks Judgment 96

Better Credit Blog

FEBRUARY 5, 2021

If you’re wondering what BCA Financial Services is and why it’s on your credit report, the guide below is for you. With all of life’s financial obligations and the busyness of day to day life, it can be all too easy to let a payment slip through the cracks. About BCA Financial Services. BCA Financial Services, Inc.

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Financial services Collection Agencies Collections Agency Debt collector 60

The Kaplan Group

JULY 9, 2024

Office loan defaults pose a high risk for major US financial districts, potentially signaling impending issues for large cities. A new study by The Kaplan Group analyzed office building data in key US financial districts to determine which are most at risk of a large number of loan defaults or even geo-centric office firesales.

Foreclosure 52

Foreclosure Bankruptcy Loans Financial services 52

Jimerson Firm

MAY 17, 2021

In order to maintain a foreclosure action against a borrower, lenders must ensure they can establish “standing”. Standing is a fundamental requirement for a foreclosure, as lenders who desire to initiate a foreclosure proceeding are required to have standing. Aurora Loan Services, LLC, 163 So. What is Standing?

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Foreclosure Lender Judgment Banks 52

Troutman Sanders

AUGUST 9, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. For more information, click here. For more information, click here.

Financial services 52

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

Foreclosure 52

Foreclosure Lender Collateral Judgment 52

Troutman Sanders

FEBRUARY 8, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. attorney’s office to stop judicial foreclosures and evictions on accounts previously referred to the DOJ.

Financial services 52

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

Foreclosure 52

Foreclosure Lender Judgment Construction 52

Troutman Sanders

FEBRUARY 21, 2024

The court found that the defendants falsely promised to reduce homeowners’ mortgage payments and prevent foreclosures, defrauding distressed homeowners out of millions of dollars. On February 15, the CFPB published a blog recounting its action against a student loan debt relief business and a debt-settlement company.

Financial services 52

Financial services Student Loans Student loans Financial Institution 52

Jimerson Firm

JULY 20, 2020

In 2013, the Legislature enacted Section 702.015 , Florida Statutes, which sets forth new pleading requirements for residential foreclosure actions. At that time, the Legislature requested the Florida Supreme Court to amend the Florida Rules of Civil Procedure to provide expedited foreclosure proceedings in conformity with Section 702.015.

Foreclosure 52

Foreclosure Banks Judgment Financial services 52

Jimerson Firm

JANUARY 26, 2021

An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. Although the lender and borrower may agree to the assignment of rents in the loan documents, the procedure for enforcing the assignment of rent is governed by Section 697.07, Florida Statutes. 3d 932, 934 (Fla.

Foreclosure 96

Foreclosure Lender Loans Collections 96

Troutman Sanders

JULY 7, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The rules cover loans on principal residences, generally exclude small servicers, and will take effect on August 31.

Financial services 52

Financial services Financial Institution Student Loans Student loans 52

Troutman Sanders

NOVEMBER 24, 2020

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible.

Financial services 52

Financial services Foreclosure Banks Loans 52

Troutman Sanders

OCTOBER 13, 2020

Small Business Administration, in consultation with the Treasury Department, released an updated loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. Small Business Administration (SBA) released guidance on required procedures for changes of ownership in an entity that obtained a PPP loan.

Financial services 52

Financial services Foreclosure Collateral Collection Agencies 52

Troutman Sanders

AUGUST 24, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Jimerson Firm

MAY 21, 2021

Except in cases of an owner-occupied residence, lenders are entitled under Florida law to receive payments during the pendency of a foreclosure proceeding. Courts have held that reference to “some other method of enforcement” of a court’s payment order includes the entry of a foreclosure judgment. 2), Florida Statutes.

Foreclosure 52

Foreclosure Lender Judgment Loans 52

Troutman Sanders

OCTOBER 4, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. Among other provisions, S.B. For more information, click here and here. million or less.

Financial services 52

Financial services Financial Institution Foreclosure Student Loans 52

Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. The decision is an important and welcomed relief for many lenders and servicers within the state.

Foreclosure 52

Foreclosure Lender Bankruptcy Judgment 52

Troutman Sanders

SEPTEMBER 7, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

SEPTEMBER 14, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. For more information, click here. On September 7, CFPB Acting Director Dave Uejio issued a statement after the U.S.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

AUGUST 30, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. This action brings the total amount of loan discharges approved by the DOE since January 2021 to $9.5

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

MARCH 29, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On March 24, the Consumer Financial Protection Bureau (CFPB) provided Congress its Consumer Response Annual Report for 2020.

Financial services 52

Financial services Fair Debt Collection Foreclosure Lender 52

Troutman Sanders

JULY 20, 2020

Like most industries today, Consumer Financial Services businesses are being significantly impacted by the novel coronavirus (COVID-19). The Federal Reserve Board approved two new loan options to provide support to a broad set of nonprofit organizations that were in sound financial condition prior to the pandemic.

Financial services 52

Financial services Loans Banks Financial Institution 52

Troutman Sanders

SEPTEMBER 27, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On September 21, the U.S. For more information, click here.

Financial services 52

Financial services Student Loans Student loans Foreclosure 52

Troutman Sanders

OCTOBER 11, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The department estimates the waiver will make roughly 22,000 borrowers immediately eligible to have their loans erased automatically.

Financial services 52

Financial services Loans Lender Foreclosure 52

Troutman Sanders

OCTOBER 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On October 4, the CFPB announced that the deadline to request initial forbearance for loans backed by the U.S.

Financial services 52

Financial services Student Loans Student loans Debt collector 52

Troutman Sanders

OCTOBER 26, 2020

On October 23, lawmakers in the House of Representatives introduced a bill to exclude Paycheck Protection Program (PPP) loans from regulators’ calculations of the asset size of smaller banks. PPP loans administered by the Small Business Administration would not be excluded from assets on the institutions’ quarterly call reports.

Financial services 52

Financial services Financial Institution Foreclosure Banks 52

Troutman Sanders

MARCH 22, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. As of March 18, the department intends to issue full loan discharges for borrowers with approved borrower defense claims.

Financial services 52

Financial services Garnishment Student Loans Student loans 52

Troutman Sanders

MARCH 1, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The 2020 review found that credit risk for large, syndicated loans has increased over the last year.

Financial services 52

Financial services Foreclosure Financial Institution Government 52

Troutman Sanders

APRIL 19, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The company was operating without registering as a debt settlement service provider as required by Minnesota law.

Financial services 52

Financial services Student Loans Student loans Financial Institution 52

Troutman Sanders

APRIL 5, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. On April 1, the CFPB issued a warning to mortgage servicers to take necessary steps to prevent a wave of foreclosures this fall.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52