Jimerson Firm

AUGUST 24, 2020

Since 2013, residential foreclosure actions in Florida have been significantly shortened—from over two (2) years to possibly less than six (6) months—because of the new “fast-track” process provided in section 702.10, Florida Statutes. Request an Order to Show Cause. 1)(a)(9), Fla. 1)(a)(9), Fla. 1)(a)(3), Fla. 1)(a)(5), Fla.

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Foreclosure Judgment Law Firms Creditor's Rights 96

Roths Child Law

APRIL 16, 2021

Once foreclosure starts, you need to act quickly or risk losing everything you have invested in your home. On the banks of the majestic Potomac River stands a mansion of over 23,000 square feet that includes a bowling alley and 15-car garage, along with other amenities. Bankruptcy can be a powerful tool for those facing foreclosure.

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Troutman Sanders

JANUARY 10, 2023

On December 30, 2022, New York Governor Kathy Hochul signed the Foreclosure Abuse Prevention Act (FAPA) into law. The Engel decision allowed lenders and servicers to voluntarily pause the statute of limitations on foreclosures and reserve the right to restart the action again, as long as it was done within six years. Engel , 37 N.Y.3d

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Jimerson Firm

DECEMBER 8, 2020

The Florida Supreme Court has published the proper form to use when seeking a final judgment of foreclosure: Form 1.996(a), Final Judgment of Foreclosure (8-18-20). What Does Form 1.996(a), Final Judgment of Foreclosure, Include? Plaintiffs in Hillsborough county must use the Uniform Final Judgment of Foreclosure form.

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Foreclosure Judgment Law Firms Creditor's Rights 98

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. PNC Bank National Association, 239 So. Wells Fargo Bank, N.A.

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Jimerson Firm

FEBRUARY 15, 2021

In Florida, mortgage foreclosure lawsuits are filed in the county where the property is located. 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.

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Foreclosure Judgment Lender Government 98

Jimerson Firm

JANUARY 9, 2023

Did you win a foreclosure sale, only to find out later that you did not get what you thought you were bargaining for? Florida Courts have held that a foreclosure sale may be vacated and set aside on equitable grounds due to surprise, accident, or mistake imposed on complainant, and/or irregularity in the conduct of the sale.

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Jimerson Firm

OCTOBER 9, 2020

In 2010, the Florida Supreme Court approved an amendment to the Florida Rules of Civil Procedure regarding mortgage foreclosures and enacted new forms, such as Form 1.996(b), Motion to Cancel and Reschedule Foreclosure Sale. Form 1.996(c), Motion to Cancel and Reschedule Foreclosure Sale. In re Amendments To The Fla.

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Jimerson Firm

SEPTEMBER 28, 2020

A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court. It is important for the plaintiff to check the local rules in the county where the foreclosure action is filed to determine if there are any procedural requirements. 49.08, Fla. 1)(c), Fla. 702.035, Fla.

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Collection Industry News

JULY 18, 2022

Loan portfolio delinquencies for both bank and non-bank servicers remained stable in the first quarter of 2022 from the fourth quarter of 2021 and improved in certain categories,” said Fitch Structured Finance Director Richard Koch. Non-bank servicers, however, saw loan modification volume increase slightly to 21% from 20%.

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Collection Industry News

SEPTEMBER 12, 2022

Illinois, Delaware and South Carolina had the Highest Foreclosure Rates; Completed Foreclosures Increase 28 Percent from Last Month. Foreclosure Market Report, which shows there were a total of 34,501 U.S. Foreclosure Market Report, which shows there were a total of 34,501 U.S. IRVINE, Calif.,

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Foreclosure Repossession Lender Government 40

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

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. York, 903 So.

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Foreclosure Lender Judgment Collateral 94

Jimerson Firm

JULY 7, 2020

In 2010, the Florida Supreme Court amended Florida Rule of Civil Procedure 1.110(b) to include a verification provision in foreclosure complaints. In response to the new legislation, the Florida Supreme Court created a new rule for governing foreclosure complaints, Rule 1.115 , which includes a new verification requirement.

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Foreclosure Law Firms Government Financial services 81

Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. On February 14, 2023, the New York Court of Appeals overturned the Appellate Division, Second Department’s Kessler decision, which had applied a strict application of Real Property Actions and Proceedings Law § 1304, also known as a 90-day notice.

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Burr Forman

AUGUST 24, 2021

The CFPB’s servicing rules will prevent a large number of foreclosures,” Agnello said. The post CFPB Servicing Rule Aims to Stave Off Another Foreclosure Crisis – American Banker appeared first on Burr & Forman. For the full article, please click here. The article was also republished by National Mortgage News here.

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Foreclosure Financial services Banks 52

Troutman Sanders

AUGUST 30, 2023

Under the terms of the proposed consent order , American Bank of Oklahoma will pay more than $1.15 The complaint also alleged that all the bank’s branches and loan production officers were located in majority-white areas. Department of Justice (DOJ) announced its eighth redlining settlement under its Combatting Redlining Initiative.

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Banks Education Loans Foreclosure 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.

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Foreclosure Banks Judgment Financial services 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.

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Foreclosure Lender Judgment Construction 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

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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Troutman Sanders

FEBRUARY 23, 2021

Engel, the Court of Appeals established a bright-line rule that when the acceleration of a mortgage debt occurs by filing a foreclosure complaint, a lender’s voluntary discontinuance of that action constitutes a revocation of acceleration as a matter of law, absent an express, contemporaneous statement to the contrary by the lender.

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Foreclosure Lender Loans Banks 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.

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Foreclosure Lender Collateral Judgment 52

Roths Child Law

APRIL 16, 2021

Once foreclosure starts, you need to act quickly or risk losing everything you have invested in your home. On the banks of the majestic Potomac River stands a mansion of over 23,000 square feet that includes a bowling alley and 15-car garage, along with other amenities. Bankruptcy can be a powerful tool for those facing foreclosure.

Foreclosure 40

Foreclosure Chapter 13 bankruptcy Bankruptcy Lender 40

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.

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Foreclosure Lender Judgment Loans 52

Troutman Sanders

MARCH 3, 2023

This most recent case involves an agreement between the DOJ and Ohio-based Park National Bank to resolve allegations that the bank failed to provide mortgage loans by redlining majority-Black and Hispanic neighborhoods in the Columbus, Ohio area. Of its residential mortgage loans in the relevant time period, only.92%

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Banks Lender Loans Education 52

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. Bank National Ass’n , 211 So. 2016) , lenders may be able to file a foreclosure lawsuit on the same property more than once. Bank National Ass’n , 211 So. Bank National Ass’n.

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Better Credit Blog

DECEMBER 31, 2020

Have a hard inquiry on your credit report from Comenity Bank/VCTRSSEC? Comenity Bank/VCTRSSEC On My Credit Report. Comenity Bank is a premier producer of retail credit cards, partnering with 145 popular brands to offer credit cards to consumers. How Does a Comenity Bank/VCTRSSEC Hard Inquiry Affect Your Credit Report?

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Account Recovery

FEBRUARY 16, 2023

I will admit that I scrolled past this ruling the first time I saw it — largely because it had to do with a mortgage foreclosure and because the ruling itself is really long (and I mean really long) — but someone who knows a lot more about the law in this industry pointed it … The post BK Judge Substantially Reduces Fee Award in Decade-Long (..)

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Better Credit Blog

MARCH 1, 2021

Is Bank of America bringing down your credit score? If your credit report is displaying a collections account for Bank of America, it’s probably because you missed a payment somewhere down the line. How you should respond to a collections entry from Bank of American depends on several factors. Hunt and Henrique’s.

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Banks Collections Debt collector Collection Agencies 52

Better Credit Blog

MARCH 1, 2021

Is Bank of America bringing down your credit score? If your credit report is displaying a collections account for Bank of America, it’s probably because you missed a payment somewhere down the line. How you should respond to a collections entry from Bank of American depends on several factors. Hunt and Henrique’s.

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Banks Collections Debt collector Collection Agencies 52

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 holding defaulted loans will first need to consider relevant Florida laws prior to beginning any foreclosure proceedings. Foreclosures are a state law proceeding first and foremost. Busey Bank, N.A.,

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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. York, 903 So. 2d 981, 983 (Fla. 2d DCA 2005).

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Qualco

MARCH 12, 2024

In our recent study on the collections sector conducted in partnership with Deloitte France, difficulty in finding the right staff emerged as a key challenge for respondents, both among those managing Banks’ collections departments and those overseeing servicing operations. This seems to be a recurring theme.

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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

Sawin & Shea

NOVEMBER 23, 2022

Judgment creditors can actually take money right out of your bank account, garnish wages from your paycheck, and put a lien on your real estate in order to collect what you owe. House foreclosure. If you don’t repay it, it’s their right to seize the real estate through a foreclosure action. Debt due to a breach of contract.

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