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. Bank National Ass’n , 211 So. Singleton v.

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Jimerson Firm

MARCH 24, 2021

On Tuesday, March 23, 2021, four of our partners presented Properly Handling Mortgage Foreclosures. This presentation was moderated by the firm’s managing partner, and is geared towards special asset departments of banks and financial institutions. The borrower filed for bankruptcy during the foreclosure lawsuit.

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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.

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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. Bank of Am. 1.540(b) ; Toler v.

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Roths Child Law

APRIL 16, 2021

It may only take a few months of missed payments to motivate your lender to foreclose on your home. Once foreclosure starts, you need to act quickly or risk losing everything you have invested in your home. After he fell behind on his mortgage, the lender eventually decided to foreclose.

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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.

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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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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.

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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.

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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.

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Jimerson Firm

JANUARY 29, 2021

Oftentimes, when a lender forecloses on real estate collateral, the lender will purchase the property at the foreclosure sale. Once the lender has title to the property, it has the right to take possession of the property. Federal Protecting Tenants at Foreclosure Act. How to Evict a Previous Homeowner.

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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. The Court of Appeals has now clarified issues related to the 90-day notice for lenders and servicers to follow.

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Foreclosure Lender Bankruptcy Judgment 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. Orders to Show Cause Under Section 702.10, Florida Statutes. Section 702.10(1)(a)

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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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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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Credit Corp

FEBRUARY 23, 2021

consumers are enduring—including mortgage payment forbearance of foreclosure. Repayment terms are negotiated between the borrower and lender. Mortgage forbearance is one tool to help protect homeowners from foreclosure due to temporary hardships, such as a job loss, natural disaster, or pandemic. What Is a Forbearance?

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Jimerson Firm

FEBRUARY 10, 2022

When account owners have an account that reflects a negative balance, the lender is faced with a myriad of options and obligations with regard to the pursuit of that debt. Charging Off” Uncollectable Debt. As a result, a loan that is charged off is written off and deemed a loss of principal and interest. 1099-C Issuance.

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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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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.

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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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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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Credit Corp

DECEMBER 14, 2020

And her bank wouldn’t give her and her husband Larry a loan to buy a replacement home. Community Development Financial Institutions, which include banks, credit unions, loan and venture funds, are making second-chance loans where others may fear to tread. “We But the roof was falling in. Flexible loan amounts. Better loan terms.

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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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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.

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Construction Lender Loans Banks 98

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. Lenders must pay careful attention to this Florida Statute to ensure they preserve their rights and properly deploy this valuable litigation tool. 2), Florida Statutes.

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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. At least one of the assigned mortgage lenders must be Spanish-speaking.

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Banks Lender Loans Education 52

Credit Corp

FEBRUARY 22, 2021

consumers are enduring—including mortgage payment forbearance of foreclosure. Repayment terms are negotiated between the borrower and lender. Mortgage forbearance is one tool to help protect homeowners from foreclosure due to temporary hardships, such as a job loss, natural disaster, or pandemic. What Is a Forbearance?

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Foreclosure Loans Lender Government 52

Roths Child Law

APRIL 16, 2021

It may only take a few months of missed payments to motivate your lender to foreclose on your home. Once foreclosure starts, you need to act quickly or risk losing everything you have invested in your home. After he fell behind on his mortgage, the lender eventually decided to foreclose.

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Foreclosure Chapter 13 bankruptcy Bankruptcy Lender 40

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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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

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. Intercredit Bank, N.A. , Flagship Cmty Bank , 96 So. 2d 863, 864 (Fla.

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Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

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Lender Collateral Loans Foreclosure 76

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. Foreclosures are a state law proceeding first and foremost. Konsulian v.

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Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. In January, the foreclosure proceedings that were paused under the CARES Act resumed after an 18-month hiatus. And lenders are happy to lend. million U.S.

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Better Credit Blog

AUGUST 17, 2021

Most Options BMO Harris Bank Check Price Minimum Credit Score 700 Down Payment 1% available to qualifying customers. The Most Important Factors For Mortgage Refinance Lenders. The way mortgage refinancing works is that a lending company or bank will pay off your existing mortgage, and then give you a new loan.

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Better Credit Blog

AUGUST 17, 2021

Most Options BMO Harris Bank Check Price Minimum Credit Score 700 Down Payment 1% available to qualifying customers. The Most Important Factors For Mortgage Refinance Lenders. The way mortgage refinancing works is that a lending company or bank will pay off your existing mortgage, and then give you a new loan.

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