Troutman Sanders

MAY 2, 2023

However, due to partisanship in the Senate, Senator Lummis believes her bill is unlikely to pass before the House Financial Service Committee’s bill is introduced. Khan appeared before the House Appropriations Subcommittee on Financial Services and General Government to discuss its FY 2024 budget request and the agency’s ongoing work.

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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

MAY 24, 2021

How Do Property Taxes Result in Loss of Collateral? If the borrower is delinquent in paying its property taxes, a tax certificate may be sold for the past-due taxes, which could lead to a tax deed sale of the collateral. How to Get a Deficiency Judgment After a Foreclosure Sale.

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Troutman Sanders

OCTOBER 13, 2020

On October 1, the Federal Reserve Board extended temporary actions, increasing the availability of intraday credit extended by Federal Reserve Banks on both a collateralized and uncollateralized basis until March 31, 2021. On October 17, the Massachusetts’ Eviction and Mortgage Foreclosure Moratorium Act (EMFM Act) is set to expire.

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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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Jimerson Firm

NOVEMBER 13, 2020

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. Lien Foreclosure. See SOP 50 57.

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Troutman Sanders

JUNE 1, 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].

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Jimerson Firm

NOVEMBER 11, 2020

Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Frequent site visits help lenders and CDCs make prudent lending decisions by keeping them up-to-date with the condition of the collateral and the borrower’s business operations.

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Jimerson Firm

FEBRUARY 3, 2021

If the mobile home has been retired and is part of the real property, it will be included in the foreclosure. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired? 319.261 (7).

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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 “Recoverable Value” is “the net dollar amount that a prudent lender could reasonably expect to recover by liquidating a particular piece of collateral.” See SOP 50 57. Liquidation Methods.

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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. Services, Inc. Subordinate Liens. York, 903 So.

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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. allows the lender to bring a single foreclosure action on all mortgages in just one county.

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Jimerson Firm

JANUARY 22, 2021

We have explored pre-foreclosure loss mitigation options ( Part 2) ; commercial mortgage default options including acceleration and enforcement of personal guarantees ( Part 3 ); and assignment of rents under Section 697.07, Florida Statutes (Part 4 ). Part 2: Pre-Foreclosure Loss Mitigation Options. Avoiding Lender Liability.

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Jimerson Firm

DECEMBER 30, 2020

Before liquidating any collateral or incurring costs of litigation, Lenders and CDCs should make a good faith effort to first negotiate a “workout agreement” with the borrower. 60 calendar days), the lender/CDC must move forward with liquidating the collateral. SOP 50 57 ; SOP 50 55. SOP 50 57 2; SOP 50 55.

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Jimerson Firm

FEBRUARY 2, 2021

Environmental Investigations are required, for example, before a lender or CDC can acquire the title to commercial real property collateral by purchasing it at a foreclosure sale or accepting a deed-in-lieu of foreclosure, or taking over the operation of a borrower’s business that uses a hazardous substance.

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Collection Industry News

MAY 18, 2021

2547 was sponsored by House Financial Services Committee Chairwoman Rep. 2547, the Non-Judicial Foreclosure Debt Collection Clarification Act, which would reverse the unanimous decision made by the Supreme Court of the United States (SCOTUS) in 2019. Clarify FDCPA coverage for non-judicial foreclosures. The bill, H.R.

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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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Jimerson Firm

MAY 12, 2021

Lenders need to be aware of these obligations and implement standard procedures to get into compliance with the Rule, and follow best practices to preserve the value of the collateral. Continued reading: Certification of Original Promissory Note is Required to Bring a Mortgage Foreclosure Action. Who is a “Successor in Interest”?

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Consumer Financial Services Law

MARCH 15, 2018

Pursuant to our conversation, I informed you that we have received the executed Warranty Deed in Lieu of Foreclosure signed by the Hagy[s]. Furthermore, you inquired as to should a deficiency balance be realized after the sale of the collateral would Green Tree pursue Mr. & Mrs. Hagy for the amount of the deficiency. Hagy at *7-8.

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