Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. However, lenders should only use this option if it maximizes recovery on the SBA loan. draft settlement statement. See SOP 50 57.

Loans 98

Loans Collateral Foreclosure Lender 98

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. 9) The signatures of the lender/CDC and all obligors on the loan.

Loans 98

Loans Collateral Lender Foreclosure 98

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 decision and justification for abandoning the collateral, including the basis for the Recoverable Value estimate, must be documented in the loan file. Collection of Accounts Receivable.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. The loan documents also typically include one or more personal guaranties. Acceleration of the Loan. & Loan Ass’n, 538 So.

Lender 98

Lender Loans Foreclosure Judgment 98

Jimerson Firm

NOVEMBER 16, 2020

When 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. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. 679.609, Fla.

Secured Creditor 69

Secured Creditor Collateral Repossession Creditors 69

Jimerson Firm

JANUARY 14, 2021

If the borrower fails to make the required payments or post a bond for the balance on the loan, the lender will be entitled to possession of the premises. Alternatively, if the borrower can make the loan payments, but refuses nonetheless, an order to show cause may lead to the borrower making payments during the foreclosure action.

Foreclosure 90

Foreclosure Lender Judgment Law Firms 90

Jimerson Firm

MAY 26, 2021

The statute defines a “person affiliated with the foreclosing lender” as: (a) the foreclosing lender or any loan servicer for the loan being foreclosed; (b) any past or present owner or holder of the loan being foreclosed; (c) any maintenance company, holding company, foreclosure services company, or law firm under contract to any entity listed in (..)

Foreclosure 52

Foreclosure Lender Collateral Judgment 52