article thumbnail

How to Get a Deficiency Judgment After a Foreclosure Sale

Jimerson Firm

Compass Bank , 164 So. Liberty Bank , 87 So. Collecting the Deficiency Judgment. When the lender receives a deficiency judgment from the court, it can proceed to collect on that judgment against the borrower using conventional collection methods. 3d 49, 57-58 (Fla. 1 st DCA 2015). 5)(h), Fla. 3d 51, 53 (Fla.

article thumbnail

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 3: Commercial Mortgage Default Options Including Acceleration and Enforcement of Personal Guaranties

Jimerson Firm

Bank of America, N.A., 3d DCA 2006) (“In Florida, an acceleration clause in a mortgage confers a contract right upon the note or mortgage holder which he or she may elect to enforce upon default.”). Bank, N.A. See, e.g. , Flagship Bank of Orlando v. Bank of Montreal, 542 So. First Nat’l Bank & Tr.,

Lender 98
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Foreclose on Mortgaged Land in Different Counties

Jimerson Firm

Intercredit Bank, N.A. , Flagship Cmty Bank , 96 So. Florida courts have found that the exception to the local action rule found in Section 702.04 applies to “both contiguous and non-contiguous real properties.” 2d 863, 864 (Fla. 3d DCA 2006). For example, in Frym v. 3d 452 (Fla.

article thumbnail

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 6 – Considerations for the Appointment of a Receiver During Commercial Foreclosures

Jimerson Firm

Traditionally, the appointment of a receiver was considered to be an extraordinary remedy, which must be exercised with caution as it is in derogation of the legal owner’s fundamental right to possession of the property. See Barnett Bank, N.A. Wells Fargo Bank, Nat’l Ass’n, 72 So. Bank Nat’l Ass’n v. Bank, 700 So.

article thumbnail

SBA Loans: Offers in Compromise

Jimerson Firm

The compromise amount must bear a reasonable relationship to the amount that could be recovered in a reasonable amount of time through enforced collection proceedings, and it must be sufficient to protect the integrity of the SBA program. illness), paying it would cause financial hardship. (4) SOP 50 57 ; SOP 50 55.

Loans 96
article thumbnail

SBA Loans: How to Maximize Recovery by Liquidating Personal Property

Jimerson Firm

Barnett Bank of Pensacola , 397 So. If a secured creditor breaches the peace, it may be liable to the debtor for damage done to the debtor or its premises during an unauthorized entry. Collection of Accounts Receivable. 2d 1020 (Fla. 1st DCA 1981). 679.607(1), Fla. Set-Off of Deposit Account.

article thumbnail

How Can a Secured Creditor Repossess Collateral Without Breaching the Peace?

Jimerson Firm

Florida courts have also found a secured creditor breached the peace, if the secured creditor damaged the debtor’s property during repossession efforts, or used force to repossess the collateral. Barnett Bank of Pensacola , 397 So. Id ; Marine Midland Bank-Central v. Marine Midland Bank-Central , 351 So.