Facebook Launches Commercial Collection Program. Is Consumer Collections Next?

Account Recovery

Facebook announced last week a new plan that it will launch in October to help small businesses collect on unpaid invoices, perhaps setting up an eventual entry into consumer debt collections as well. Is Consumer Collections Next?

Commercial Collection Agencies of America Gives Back

Collection Industry News

Commercial Collection Agencies of America recently announced that through its initiative, Commercial Collection Agencies of America Gives Back , a portion of the proceeds of its virtual annual meeting has been given to Mental Health Advocates of WNY, formerly known as the Mental Health Association of Erie, New York. About Commercial Collection Agencies of America. CHICAGO, Ill.

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Personal Guarantees in Commercial Collection: How Helpful Are They?

The McHughes Law Firm

In today’s volatile marketplace, the existence of a personal guarantee may provide the only viable basis for collecting outstanding receivables from a corporate obligor experiencing financial difficulty. Guarantees can be classified as being either guarantees of payment or guarantees of collection, and the distinction is important to recognize. A provision for the recovery of collection expenses and attorney’s fees should be inserted. DEBT COLLECTION

How to Foreclose on Mortgaged Land in Different Counties

Jimerson Firm

Banking & Financial Services Industry Legal Blog Creditors Rights and Commercial CollectionsIn Florida, foreclosure actions must be brought in the county where the land is located. This is typically referred to as the “local action rule.”

Filing a Foreclosure Lawsuit? Make Sure You Check the Local Rules

Jimerson Firm

Banking & Financial Services Industry Legal Blog Creditors Rights and Commercial CollectionsIn Florida, mortgage foreclosure lawsuits are filed in the county where the property is located.

How to Get a Deficiency Judgment After a Foreclosure Sale

Jimerson Firm

Collecting the Deficiency Judgment. When the lender receives a deficiency judgment from the court, it can proceed to collect on that judgment against the borrower using conventional collection methods.

The Top Five Things Lenders Need to Know About Florida’s Construction Lien Law

Jimerson Firm

Banking & Financial Services Industry Legal Blog Banking and Lender Liability Law Creditors Rights and Commercial Collections

How to Maximize Recovery on a SBA Loan by Negotiating a Workout Agreement

Jimerson Firm

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.

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. This article discusses the appointment of receivers during the commercial foreclosure action and provides considerations for whether to seek appointment of a receiver.

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 4 – Assignment of Rents Under Section 697.07, Florida Statutes

Jimerson Firm

Additionally, during a foreclosure action, the lender/mortgagee can request the borrower/mortgagor to deposit the collected rents into the registry of the court or in such other depository as designated by the court. §697.07(4). Losing the Right to Collect Rents: Junior Foreclosure Sales.

SBA Loans: How to Maximize Recovery by Liquidating Personal Property

Jimerson Firm

A secured creditor fulfills this notice requirement by conducting a search using commercial reasonable methods between 20 and 30 days before the sale, and sending notice to those secured creditors identified in the search. Collection of Accounts Receivable.

SBA Loans: How to Maximize Recovery by Liquidating Real Property

Jimerson Firm

Lenders must give careful consideration on choosing this method because it may (unless otherwise negotiated in the written agreement) lose the right to collect any deficiency, and the property will remain subject to any existing liens.

Canceling and Rescheduling a Mortgage Foreclosure Sale Now Requires a Motion

Jimerson Firm

Banking & Financial Services Industry Blog Creditors Rights and Commercial Collections

Serving a Defendant in a Residential Foreclosure Action by Publication

Jimerson Firm

Banking & Financial Services Industry Blog Creditors Rights and Commercial CollectionsA residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court.

SBA Loans: Offers in Compromise

Jimerson Firm

The compromise amount must bear a reasonable relationship to the amount that could be recovered in a reasonable amount of time through enforced collection proceedings, and it must be sufficient to protect the integrity of the SBA program.

Loans 64

Lenders May Still Have to Participate in Foreclosure Mediation in Florida

Jimerson Firm

The court strongly encourages that lenders, whether private lenders, commercial institutions, or mortgage servicing companies, enter the mediation process with their borrowers before filing a foreclosure lawsuit.

Overview of Florida’s New Uniform Commercial Real Estate Receivership Act

Jimerson Firm

On July 1, 2020, the Uniform Commercial Real Estate Receivership Act (“Act”) became law in Florida as part of the newly created Chapter 714 of the Florida Statutes. sell, lease, license, exchange, collect, or otherwise dispose of receivership property.” § 714.02(14),

How to Publish a Legal Notice of a Foreclosure Sale

Jimerson Firm

Banking & Financial Services Industry Legal Blog Creditors Rights and Commercial CollectionsIn every foreclosure action, the foreclosing lender will be required to publish some sort of legal advertisement or notice in a newspaper (e.g. the Notice of Foreclosure Sale).

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

Jimerson Firm

The person who bought the certificate will have the right to collect the tax debt from the property owner, plus interest. Banking & Financial Services Industry Legal Blog Creditors Rights and Commercial Collections

Lenders Beware: Foreclosure Judgments Can be Set Aside At Any Time Before The Sale Occurs

Jimerson Firm

Banking & Financial Services Industry Legal Blog Creditors Rights and Commercial CollectionsAlthough a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Pursuant to Section 702.07

Foreclosing on Property With a Mobile Home

Jimerson Firm

Banking & Financial Services Industry Legal Blog Creditors Rights and Commercial CollectionsIn Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land.

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 3: Commercial Mortgage Default Options Including Acceleration and Enforcement of Personal Guaranties

Jimerson Firm

With commercial loans, typically the loan documents will include an acceleration clause, which allows the lender to accelerate all or most of the remaining amounts due under the loan. Personal guaranties offer lenders additional tools when seeking to collect on defaulted loans.

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

Jimerson Firm

Banking & Financial Services Industry Legal Blog Creditors Rights and Commercial Collections

Dealing with Deceased Borrowers Since the 2016 Mortgage Servicing Rule

Jimerson Firm

Banking & Financial Services Industry Legal Blog Creditors Rights and Commercial CollectionsWhen a borrower dies, lenders are often left wondering what to do.

What Makes a Good Debt Collection Agency?

Taurus Collect

When you’re looking for a commercial debt collection agency, it’s easy to feel overwhelmed. We know what makes a good debt collection agency because we strive to be the best we can be. Debt Collection Process. What are their methods for debt collection?

Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges – Part 7: Expediting the Commercial Foreclosure Process Under Section 702.10, Florida Statutes

Jimerson Firm

The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action. Part 3: Commercial Mortgage Default Options Including Acceleration and Enforcement of Personal Guaranties. Part 5: Commercial Foreclosures 101.

Florida’s Fast-Track Residential Foreclosure Process

Jimerson Firm

Banking & Financial Services Industry Blog Creditors Rights and Commercial Collections

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. Practically speaking, a commercial foreclosure action proceeds much the same as other civil actions.

How Can a Secured Creditor Repossess Collateral Without Breaching the Peace?

Jimerson Firm

Banking & Financial Services Industry Blog Creditors Rights and Commercial CollectionsWhen a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral.

Does a Commercial Landlord Have a Duty to Mitigate Damages After a Tenant Breaches the Lease Agreement?

Jimerson Firm

Generally, a commercial landlord does not have a duty to mitigate or reduce its damages after a tenant breaches the commercial lease agreement. However, there is an exception where the commercial landlord retakes possession of the premises for the benefit of the tenant.

Brown & Joseph Welcomes Mike McClellan

Brown and Joseph

Brown & Joseph/Altus, the leading commercial collections company in the U.S., Articles News Spotlights debt collection news press release

Brown & Joseph Welcomes Ellen Reinhardt

Brown and Joseph

ITASCA, IL – Brown & Joseph / Altus, the leading Commercial Collections company in the U.S., is very pleased to announce that Ellen Reinhardt has joined… The post Brown & Joseph Welcomes Ellen Reinhardt appeared first on Brown & Joseph, LLC. Articles News news

Tom Yodzis Joins Brown & Joseph

Brown and Joseph

ITASCA, IL – Brown & Joseph, an international commercial collection agency for Insurance Premium Recovery announces that Tom Yodzis, formerly with CNA Insurance and Zurich… The post Tom Yodzis Joins Brown & Joseph appeared first on Brown & Joseph, LLC.

How Long Can a Collection Agency Attempt to Collect Business Debts?

Enterprise Recovery

If your business has sent bad debt accounts off to a collections agency, you likely have questions about recovering that debt. Typically, commercial collections agencies only charge a fee if they're able to collect.

National Service Bureau Earns Certificate of Accreditation and Compliance

Collection Industry News

Tuesday, October 21, 2021-Chicago-Commercial Collection Agencies of America is proud to. announce that National Service Bureau-Commercial Division has recently earned the industryrespected Certificate of Accreditation and Compliance. Member agencies adhere to requirements promulgated by an esteemed Independent Standards Board, which is charged with the creation, review and amendment of certification standards met by each collection agency member.