Oftentimes, when a lender forecloses on real estate collateral, the lender will purchase the property at the foreclosure sale. Once the lender has title to the property, it has the right to take possession of the property. However, sometimes, the previous homeowner or a tenant may not voluntarily vacate the […]
Featured in the January 2021 Issue Partner’s Perspective: What Are You Doing For Others? Hunter Faulkner Joins Jimerson Birr as Partner Expanding Firm’s Real Estate Service Capabilities Register Now for the Community Association Board Member Certification Course Webinar Charles Jimerson Appointed to Committee of The Boss of the Sauce Festival […]
When a lender obtains a final judgment of foreclosure from the court, the mortgaged property is sold at public auction and, if bought by someone other than the foreclosing lender, the proceeds are applied to the debt owed by the delinquent borrower. However, sometimes the sale proceeds are insufficient to […]
A. Hunter Faulkner is interviewed by Attorney at Law Magazine to discuss his new position as a partner at Jimerson Birr, and how he will contribute to the continued growth and expansion of the firm’s real estate team.
If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in comprise allows borrowers to settle their debt on the SBA loan for less than the full […]
In Florida, lenders typically obtain an “assignment of rents” if the property produces income by collecting rent, such as an apartment complex, rental home, rental space, or office building. An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. Although […]
When underwriting and servicing SBA loans, it is important for lenders and CDCs to ensure appropriate insurance coverages are in place to protect the collateral. The SBA does require some types of insurance coverages to be in place on all loans. However, it is the responsibility of lenders and CDCs […]
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. It is without question that lending institutions will see significant changes as a result of COVID-19 and with the incoming presidential administration. The first-half of […]
In response to the mortgage foreclosure crisis, the Supreme Court of Florida established a statewide mandatory mediation program for residential mortgage foreclosures. Due to the mandatory mediation program being largely unsuccessful, the Supreme Court of Florida terminated the program on December 19, 2011. However, lenders should be aware that judges […]
Subcontractors are often stuck in a situation where the general contractor refuses to pay them because the general contractor has not been paid by the owner. In support of their refusal to pay, general contractors may rely on a “pay-if-paid” provision in the subcontract. Due to the risk of nonpayment, […]