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What Lenders Need to Know About § 702.036 and the Finality of Foreclosure Sales

Jimerson Firm

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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How Lenders Can Avoid Losing Their Collateral by Paying Off the Borrower’s Property Tax Obligations

Jimerson Firm

This may be troublesome for lenders because the property may then be sold for taxes, which will eliminate the lender’s mortgage lien. This may leave some lenders wondering how it can protect their mortgage interests, if the borrower is delinquent in paying its property taxes. How Do Property Taxes Result in Loss of Collateral?

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 5 – Commercial Foreclosures 101

Jimerson Firm

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.

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SBA Loans: How to Maximize Recovery by Liquidating Real Property

Jimerson Firm

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. If the collateral is real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000. Is the Recoverable Value of the Property Over $10,000?

Loans 98
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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

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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SBA Loans: How to Maximize Recovery by Liquidating Personal Property

Jimerson Firm

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. See SOP 50 57.

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Foreclosing on Property With a Mobile Home

Jimerson Firm

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. If the mobile home has been retired and is part of the real property, it will be included in the foreclosure. If the mobile home has been retired and is part of the real property, it will be included in the foreclosure.