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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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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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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Roths Child Law

APRIL 16, 2021

When you purchase a property and begin making payments on a mortgage, you slowly accrue equity. 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.

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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

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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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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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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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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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

JANUARY 26, 2021

An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. If a lender and borrower agree to the assignment of rents as security for repayment of debt in a mortgage document, the lender will hold a lien on the rent payments. Bank, Nat’l Ass’n , 128 So.

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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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Credit Corp

JUNE 12, 2023

Handling mortgage payments is challenging, especially if you’re facing economic difficulties and don’t know where or how to get financial assistance. How to Apply for the FMP Other Mortgage Payment Help Options FAQS What Is the Flex Modification Program? Are you looking to improve your mortgage management but don’t know where to start?

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Sawin & Shea

OCTOBER 25, 2023

If you can no longer afford the monthly payments, you can surrender your timeshare when you declare bankruptcy. However, you may still have to pay the monthly or annual fees until the bank forecloses and transfers the title from your name. The repayment plan can include your timeshare’s monthly mortgage payment and maintenance fees.

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Fico Collections

JULY 29, 2020

The six month pause on payments instituted by Australian Banks was certainly not designed to accommodate the situation we now find ourselves in. Currently, banks are moving to phase 2 where their customers’ individual circumstances are discussed at length and an assessment is made on the need for ongoing support.

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Credit Corp

NOVEMBER 27, 2023

A financial hardship letter explains an unforeseen circumstance that has made you unable to make regular payments on a loan and requests a modification to help you get back on track. Instead of falling behind on payments during difficult times, take a proactive approach to your finances. What Is Considered Financial Hardship?

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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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Troutman Sanders

APRIL 28, 2023

However, the Colorado Supreme Court reversed the appellate court’s decision, holding a bankruptcy discharge cannot trigger acceleration or the running of the statute of limitations for installment payments that have not come due. The lender then has six years to enforce the debt before the statute of limitations period runs.

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Qualco

JANUARY 26, 2024

Over-indebtedness refers to situations where debtors face difficulties meeting financial obligations due to immediate payment challenges or chronic issues like insolvency, where debts outweigh assets. The process is not limited to debts originating from banking or financing but also includes other debts, such as rent obligations.

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Qualco

JANUARY 26, 2024

Over-indebtedness refers to situations where debtors face difficulties meeting financial obligations due to immediate payment challenges or chronic issues like insolvency, where debts outweigh assets. The process is not limited to debts originating from banking or financing but also includes other debts, such as rent obligations.

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Troutman Sanders

MARCH 1, 2023

A lender must enforce the debt through foreclosure or a lawsuit within six years after the cause of action accrues. FMZ), FMZ sold property to a purchaser under a sale agreement, which granted it the right to installment payments for the sale amount.

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Jimerson Firm

FEBRUARY 10, 2022

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. Charging Off” Uncollectable Debt. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D.

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Debt Free Colorado

OCTOBER 12, 2023

Key information needed includes the applicant’s Social Security Number, business name (if applicable), chosen bankruptcy chapter, filing fee payment method, past bankruptcy filings, home rental status, ownership of hazardous property, and completion of a credit counseling course. What Information Does a Bankruptcy Form Need?

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Titan Consulting

JULY 22, 2020

In light of the pandemic, Banks are raising lending requirements, and in some cases, pausing applications for HELOCS and other credit lines. The CARES Act offers limited relief in the form of one-time direct payments and extended unemployment benefits, but for many, it is not enough to shore up finances. Bank Lending Policies.

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Better Credit Blog

AUGUST 19, 2020

The court will create a public record for bankruptcies, foreclosure, or failure to pay taxes. Foreclosures. Foreclosures, much like bankruptcies, are difficult to remove from your credit report. However, there are things that you can do to prevent foreclosure before it happens. Learn More: Consequences of Foreclosure.

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Jimerson Firm

NOVEMBER 13, 2020

if the collateral is likely to be acquired by SBA or the lender at the foreclosure sale, the expenses associated with the care, preservation and resale of the acquired collateral. In Florida, the lender can choose from the following methods: Deed in Lieu of Foreclosure. Lien Foreclosure. See SOP 50 57. See SOP 50 57.

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Debt Free Colorado

APRIL 9, 2020

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. Car Payments. Car payments should be another high priority item. Triage your finances.

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Troutman Sanders

AUGUST 9, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. Privacy and Cybersecurity Activities. For more information, click here.

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Collection Industry News

AUGUST 17, 2023

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. About 39,000 individuals had new foreclosure notations on their credit reports, a very small increase from the first quarter. Student Loans Outstanding student loan debt stood at $1.57

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Burr Forman

DECEMBER 4, 2020

The new bill issued a moratorium on evictions, foreclosures, and repossessions, which expired on June 30, 2020. California – On March 17, 2020, Child Support Services stopped automatically placing bank levies for overdue child support during the COVID-19 crisis.

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Debt Guru

JULY 28, 2021

Some of the things they will ask you are: What is your reason for not being able to make the payment? What other assets do you have (such as cash in the bank)? Combine that with the fact that the loan amount will be lower than your original loan (because you’ve paid off a portion of it), and the payment will be lower.

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Collection Industry News

MARCH 15, 2021

In addition, the department has stepped up measures to expose and track emerging scams, field and respond to a large increase in consumer complaints and inquiries, connect struggling consumers with available resources, and to work with licensees to ensure compliance with state and federal laws enacted to protect homeowners from foreclosures.

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Troutman Sanders

SEPTEMBER 14, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. The paper captures insights gathered from extensive outreach with community banks, fintechs, and other stakeholders.

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Financial services Student loans Student Loans Foreclosure 52

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. million U.S. And lenders are happy to lend.

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Jimerson Firm

AUGUST 7, 2020

The Act codifies existing common law in Florida regarding the right to have a receiver appointed by the court in commercial foreclosure actions, and provides much needed clarity, predictability, and uniformity on the standard for the appointment of a receiver and the powers of receivers. What is the Purpose of the Act? Conclusion.

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Credit Corp

APRIL 26, 2024

You must also be an applicable financial entity, such as a bank or credit union. Foreclosure election E, Debt relief from probate or similar proceeding F. For example, if your debt is reduced through a restructuring of your mortgage or in connection with a foreclosure, it may be excluded. Bankruptcy Title 11 B. By agreement G.

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