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. What is Standing? Craven-Lazarus v. 3d 1029, 1030 (Fla.

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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. Is the Recoverable Value of the Property Over $10,000?

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Loans Collateral Foreclosure Lender 98

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

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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Collateral Loans Lender Repossession 98

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. Bankruptcy stops foreclosure before the lender takes the vehicle.

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Repossession Lender Collateral Bankruptcy 52

Jimerson Firm

NOVEMBER 23, 2020

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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Collateral Loans Secured Creditor Lender 98

Jimerson Firm

FEBRUARY 3, 2021

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.

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Foreclosure Collateral Lender Repossession 96

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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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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Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. 60 calendar days), the lender/CDC must move forward with liquidating the collateral.

Loans 98

Loans Collateral Lender Foreclosure 98

Roths Child Law

MAY 11, 2021

Unfortunately, it also means that the car, truck, van or SUV that you drive to your job every day is also collateral for the loan used to purchase it. . When you fall behind on payments, the lender who financed the purchase might decide to repossess the vehicle. Bankruptcy stops foreclosure before the lender takes the vehicle.

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Repossession Lender Collateral Bankruptcy 40

Sawin & Shea

MARCH 13, 2024

Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Jimerson Firm

JANUARY 22, 2021

This series has provided a high-level overview of various options and considerations available to lenders during the current uncertainty surrounding lending in the hospitality industry. The first-half of this series evaluated considerations for lenders faced with borrowers who were unable to meet their mortgage and loan obligations.

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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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Roths Child Law

SEPTEMBER 21, 2023

It prevents any form of harassment, foreclosure and nearly all other collection actions. For instance, if a car is collateral for a loan and the debtor isn't making payments, the lender might be granted permission to repossess that vehicle. Once a bankruptcy petition is filed, this provision comes into immediate effect.

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Sawin & Shea

NOVEMBER 15, 2023

In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt. What is the difference?

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Credit Corp

JUNE 14, 2023

Many lenders give borrowers a grace period before they technically consider the payment late. Lenders consider any payment not made within this allotted time frame a late payment. Since each lender has its own terms and conditions, it’s important to read the terms of your auto loan. So, how late can you be on a car payment?

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Repossession Student loans Student Loans Lender 83

Troutman Sanders

FEBRUARY 26, 2021

In denying summary judgment, this decision serves as a reminder to servicers to ensure a thorough review of correspondence from a borrower to evaluate whether they may file for nonjudicial foreclosure without implicating the FDCPA or state collection laws. In that case, the plaintiffs fell behind on their mortgage payments.

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PBWT

DECEMBER 22, 2020

In sophisticated real estate financing transactions, most prudent lenders attempt to deter borrowers from filing for bankruptcy before loans are paid in full by providing in loan documents that such a filing constitutes an event of default. Bankruptcy Code to delay the foreclosure.

Bankruptcy 52

Bankruptcy Loans Foreclosure Lender 52

Sawin & Shea

SEPTEMBER 14, 2022

An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. For example, if you co-own a house with someone filing Chapter 13 bankruptcy and the house is your primary residence, the automatic stay will protect you from a home foreclosure because it’s considered consumer debt.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

Debt Guru

JULY 19, 2020

You pay off multiple types of loans and credit card balances with your new consolidation loan, and you’re left with a single monthly payment to the new lender. Every time you apply for credit, your lender performs a hard inquiry on your credit report. The difference is that unsecured debts are not backed by collateral.

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Debt Consolidation Unsecured Debt Collateral Personal loans 104

Jimerson Firm

MAY 12, 2021

When a borrower dies, lenders are often left wondering what to do. Based on this, in the event a borrower dies, lenders need to know what actions they should consider doing upon notification of a borrower’s death, who is a “successor in interest,” and what their obligations are to a successor in interest.

Collateral 52

Collateral Lender Loans Foreclosure 52

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?

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Debt Free Colorado

DECEMBER 9, 2021

Short foreclosure protection – When your home is faced with foreclosure, the automatic stay is not in effect indefinitely. The lender protects the borrower against foreclosure. Unsecured debt is debt without collateral. Collateral guarantees debt repayment. Disadvantages of Chapter 13 Bankruptcy.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Debt Free Colorado

APRIL 9, 2020

Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself.

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Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 82

Sawin & Shea

JUNE 7, 2023

When a borrower applies for a loan or credit card, the lender will assess their creditworthiness by looking at their income, credit score, and debt-to-income ratio. If the lender is concerned about the borrower’s ability to repay the debt, they may require a co-signer. Considering Filing for Bankruptcy?

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Troutman Sanders

JULY 27, 2023

Examiners found some servicers engaged in blanket cross-collateralization by accelerating and requiring payments from consumers on unrelated debts, such as credit cards, before consumers could reclaim their repossessed vehicles.

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Collections Lender Repossession Debt collector 52

Qualco

MARCH 12, 2024

This is quite surprising given the importance of collections operations for lenders, even more so for servicers, with collections being their core business. Understanding concepts like legal notices, lawsuits, executable orders, foreclosure and auction is necessary for those working in the legal stages of collections.

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Credit Corp

OCTOBER 25, 2023

Keep in mind that some lenders charge an up-front, one-time origination fee ranging from 1% to 10% of the total loan amount. To get a credit card consolidation loan, take the following steps: Step 1: Research lenders, such as credit unions, banks, or online lenders. Step 2: Get prequalified with a couple of lenders.

Credit Card Debt 52

Credit Card Debt Debt Consolidation Credit Unions Credit Unions 52

Troutman Sanders

DECEMBER 4, 2023

On December 1, the House of Representatives approved a resolution to repeal a Consumer Financial Protection Bureau (CFPB) rule that mandated banks to gather data on loan applications from women-owned, minority-owned, and small businesses to help lenders identify business development needs and opportunities. For more information, click here.

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Financial services Collateral Banks Trade 52

Fico Collections

JULY 29, 2020

In the wake of the Global Financial Crisis, lenders in several markets were presented with an almost unprecedented increase in bad debts accompanied by a sharp drop in property prices. This program was set up to help lenders establish loan modification criteria and provide terms that would allow customers to continue to service their debt.

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Banks Loans Foreclosure Lender 95

Credit Corp

AUGUST 8, 2021

They operate as a hard money lender, issuing purchase-rehab loans to flippers. A “note” is the legal document that a lender and borrower sign, as a promise to repay the loan according to specific terms. Whether you secure your note against a property as collateral is up to you. In fact, their minimum investment is only $10.

Trade 106

Trade Loans Collateral Lender 106

Fraser

JUNE 25, 2020

Because debtors require sufficient cash to operate their businesses and pay for the administrative expenses of the chapter 11 process, many seek interim court approval for financing (called “debor-in-possession” or “DIP” financing) and/or the use cash collateral that is subject to a secured creditor’s lien. Proof-of-Claim Bar Date.

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Creditors Bankruptcy Unsecured Creditor Debtor 72

Troutman Sanders

FEBRUARY 13, 2024

The judge stated that since Genesis never transferred the assets, they cannot be considered as collateral pledged by the debtor. However, the judge found that the contracts between Genesis and Gemini clearly required a transfer for the assets to be pledged as collateral. The final settlement required the defendants to pay $10.9

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52

Better Credit Blog

AUGUST 9, 2021

Other factors to consider include: Fees: Some lenders will charge what is called an Origination Fee, usually as a percentage of the amount owed, often around 1% to 5%. Make sure this is mentioned upfront, as “good lenders will be direct about fees,” Toms notes. Can’t secure a loan with collateral such as a car.

Debt Consolidation 52

Debt Consolidation Loans Lender Debt settlement 52

Better Credit Blog

AUGUST 9, 2021

Other factors to consider include: Fees: Some lenders will charge what is called an Origination Fee, usually as a percentage of the amount owed, often around 1% to 5%. Make sure this is mentioned upfront, as “good lenders will be direct about fees,” Toms notes. Can’t secure a loan with collateral such as a car.

Debt Consolidation 52

Debt Consolidation Loans Lender Debt settlement 52

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. Sherrod Brown (D-OH) announced that he is prioritizing legislation that would set a national cap on the amount that lenders can charge in interest.

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Financial services Government Foreclosure Loans 52