Collateral Financial services Judgment Lender 
Jimerson Firm
MAY 24, 2021
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?
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. Pinellas County v. York, 903 So. 2d DCA 2005).
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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.
Jimerson Firm
OCTOBER 28, 2020
Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Recoverable Expenses” are defined as SBA approved, necessary, reasonable, and customary costs incurred to collect and enforce the terms of the Loan Documents, or to preserve or dispose of collateral. See SOP 50 51 3.
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. Is the Recoverable Value of the Property Over $10,000?
Collection Industry News
MAY 18, 2021
2547 was sponsored by House Financial Services Committee Chairwoman Rep. 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. The bill, H.R. Maxine Waters (D-Calif.),
Jimerson Firm
FEBRUARY 3, 2021
In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. 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?
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