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. Subordinate Liens. Pinellas County v. York, 903 So. 2d DCA 2005).

Lender 97

Lender Foreclosure Judgment Collateral 97

Credit Corp

JUNE 3, 2020

A judgment is an order issued by a court of law. If they are successful, the court issues a judgment against you. What Happens After a Judgment Is Entered Against You? The court enters a judgment against you if your creditor wins their claim or you fail to show up to court. What Is a Judgment on Property?

Judgment 98

Judgment Garnishment Creditors Law Firms 98

Jimerson Firm

JUNE 28, 2021

In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. If the Lender Was Unsuccessful, Should It Appeal?

Foreclosure 90

Foreclosure Lender Judgment Banks 90

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Expenses incurred by a 7(a) Lender or CDC that failed to liquidate the SBA Loan in accordance with Loan Program Requirements, including those pertaining to Liquidation or Litigation Plans. What Expenses are Recoverable. .;

Lender 98

Lender Loans Law Firms Collateral 98

Jimerson Firm

JUNE 30, 2021

When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Greymar Associates , 882 So. 2d 1004 (Fla. 3d 1009 (Fla.

Lender 96

Lender Foreclosure Banks Judgment 96

Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

Construction 98

Construction Lender Loans Banks 98

Credit Corp

MAY 30, 2023

A judgment is an order issued by a judge or jury to settle a lawsuit. For example, if you fail to pay a debt, the lender can take you to court. In this case, the judge may order you to pay the other party as part of the court’s final judgment. These terms are laid out in the final judgment. What Is a Judgment on Property?

Judgment 75

Judgment Garnishment Creditors Law Firms 75

FFGN COLLECT NY

NOVEMBER 17, 2024

Until recently, many MCAs were enforced in New York , regardless of where the lender and borrower were located. Judgments were immediately entered upon default due to confessions of judgment executed by the guarantors and debtor companies. Rather, we defend and assist in vacating judgments on defaults entered by MCA companies.

Loans 52

Loans Judgment Lender Debtor 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. Pursuant to Section 702.07 Bank of Am.

Foreclosure 52

Foreclosure Judgment Lender Bankruptcy 52

Better Credit Blog

MAY 12, 2022

In my recent experience, it’s not hard to remove judgments from your credit report as long as you follow the proper steps. Many readers assume it’s impossible to have the credit bureaus remove civil judgments because they involve the court system. It’s still possible you could see a judgment pulling down your credit score.

Judgment 71

Judgment Creditors Debt collector Lawyers 71

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.

Foreclosure 94

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

Foreclosure 90

Foreclosure Lender Judgment Law Firms 90

FFGN COLLECT NY

SEPTEMBER 23, 2022

Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. Since the documents anticipate a default in payment by the buyer, why then do merchant cash advance companies record judgments in New York? New York is one of the most liberal states when it comes to judgment enforcement.

Judgment 52

Judgment Lender Judgment Enforcement Banks 52

FFGN COLLECT NY

AUGUST 26, 2024

How do you get paid when you’ve won your New York debt collection case and have a money judgment? Read on to understand the mechanics of the sale and how to satisfy your judgment. Between the time of levy and the sale date, the debtor often contacts the marshal’s office to arrange payment of the judgment and marshal fees.

Judgment 52

Judgment Debtor Creditors Lender 52

Jimerson Firm

FEBRUARY 15, 2021

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. In addition, foreclosing lenders in Duval county will be required to pay an additional $140.00

Foreclosure 98

Foreclosure Judgment Lender Creditor's Rights 98

Jimerson Firm

JULY 30, 2020

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. Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults.

Lender 98

Lender Foreclosure Loans Banks 98

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

FFGN COLLECT NY

JUNE 29, 2022

Are you wondering what documentation or proof you will need to provide in order to vacate a default judgment in New York? Similarly, do you need proof to vacate a judgment entered pursuant to a confession of judgment you signed outside of New York that was entered in New York before the law changed prohibiting this practice?

Judgment 52

Judgment Lender Banks Debtor 52

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? See SOP 50 57.

Loans 98

Loans Collateral Foreclosure Lender 98

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the borrower or debtor.

Financial services 52

Financial services Judgment Debtor Creditors 52

FFGN COLLECT NY

DECEMBER 6, 2022

Can you use a New York debt collection judgment to lien a debtor’s co-op or condo? As a judgment creditor, you want to restrain, attach and lien as many of the judgment debtor’s assets in order to satisfy your judgment. The lender — the bank — has first priority over the stock and lease.

Judgment 52

Judgment Collections Creditors Debtor 52

FFGN COLLECT NY

MARCH 21, 2024

The named lenders and officers have utilized New York courts to do their dirty work. Enforcing the agreements to obtain judgments from the courts and driving merchants even further into debt or financial ruin. Once a Judgment is obtained, the Yellowstone can then levy against the assets of both the small business and its owner.

Lender 52

Lender Judgment Loans Collections 52

In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers. Zone of Insolvency.

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Creditors Lender Judgment Government 130

In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers. Zone of Insolvency.

Creditors 130

Creditors Lender Judgment Government 130

In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers. Zone of Insolvency.

Creditors 130

Creditors Lender Judgment Government 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?

Foreclosure 96

Foreclosure Collateral Lender Repossession 96

Sawin & Shea

APRIL 26, 2023

A judgment lien against you can have a variety of distressing and negative consequences. Read on to learn everything you need to know about judgment liens in Indiana, including how they work and how to avoid them. What Is a Judgment Lien? Judgment Liens in the Hoosier State In Indiana, judgment liens last for 10 years.

Judgment 52

Judgment Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy 52

Jimerson Firm

AUGUST 7, 2020

This new legislation is likely to be important to lenders and borrowers due to the anticipated higher volume of commercial foreclosures due to economic effects of the current COVID-19 pandemic. What is a Receiver, and Why are They Important? 714.14, Fla. Conclusion.

Foreclosure 98

Foreclosure Lender Judgment Creditors 98

Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Lenders must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Florida State Laws. Foreclosures are a state law proceeding first and foremost.

Loans 98

Loans Foreclosure Lender Accrued Interest 98

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

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. Upon default by the borrower, the lender/mortgagee can enforce the assignment of rents provided the lender/mortgagee makes written demand to the borrower for payment of the rents.

Foreclosure 98

Foreclosure Lender Law Firms Collections 98

Troutman Sanders

MARCH 22, 2023

An Illinois federal district court recently denied a creditor-defendant’s motion for summary judgment in a Fair Credit Reporting Act (FCRA) case brought by a consumer who questioned why his debt was being reported twice — as both a tradeline with the original creditor and as a tradeline with a third-party collection agency.

Judgment 52

Judgment Credit Unions Credit Unions Collections Agency 52

Jimerson Firm

JANUARY 26, 2021

In Florida, lenders typically obtain an “assignment of rents” if the property produces income by collecting rent, such as an apartment complex, rental home, rental space, or office building. An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. 697.07 (2). Section 697.07

Foreclosure 96

Foreclosure Lender Loans Banks 96

Jimerson Firm

MARCH 10, 2021

Oftentimes, individuals or businesses borrow money from a bank or lender, and unfortunately, are unable to pay the loan payments. In this event, the borrower may try to shift the blame of their inability to pay on the bank or lender, by filing a claim for negligent loan processing or underwriting, and/or breach of fiduciary duty.

Banks 98

Banks Loans Lender Financial services 98

Jimerson Firm

MAY 24, 2021

If this happens, the tax lien will become superior to the lender’s mortgage lien. This may be troublesome for lenders because the property may then be sold for taxes, which will eliminate the lender’s mortgage lien. If, however, a tax deed is issued, the lender will have an opportunity to redeem the property. 197.122(a).

Collateral 52

Collateral Lender Foreclosure Judgment 52

Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more. All that being said, in Puerto Rico interest is allowed on money judgments, at a rate of 6%.

Collections Agency 130

Collections Agency Collection Agencies Collections Garnishment 130

Credit Corp

JUNE 14, 2020

The original lender or collection agency fails to collect within the statute of limitations. Zombie Debts and Judgments. If the original creditor went to court and obtained a judgment against you for a debt, the zombie debt cycle can be more complicated. Judgments can also show up on your credit report for years.

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Debt collector Judgment Collections Agency Collection Agencies 98