Jimerson Firm

NOVEMBER 16, 2020

When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. 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. 679.609, Fla.

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. The decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Barnett Bank of Pensacola , 397 So.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Jimerson Firm

FEBRUARY 3, 2021

Foreclosures in Florida are judicial, meaning the secured creditor must file a lawsuit. The lawsuit must be brought in a court of competent jurisdiction based on the value of the mobile home (not the amount alleged that is unpaid on the loan).

Foreclosure 96

Foreclosure Collateral Lender Repossession 96