Tag Archives: Creditors Rights and Commercial Collections

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

The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action.  The second-half of this series has evaluated available options to lenders during the pendency of the foreclosure action.  Since there are additional … Read Full Post

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

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 … Read Full Post

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 6 – Considerations for the Appointment of a Receiver During Commercial Foreclosures

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 … Read Full Post

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A Proper Final Judgment of Foreclosure: Form 1.996(a)

The Florida Supreme Court has published the proper form to use when seeking a final judgment of foreclosure: Form 1.996(a), Final Judgment of Foreclosure (8-18-20). Form 1.996(a) is incorporated in the Florida Rules of Civil Procedure under Rule 1.900. Pursuant … Read Full Post

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SBA Loans: How to Maximize Recovery by Liquidating Personal Property

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. If the Recoverable Value is over $5,000, the … Read Full Post

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

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 … Read Full Post

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SBA Loans: How to Maximize Recovery by Liquidating Real Property

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 … Read Full Post

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Mitigating Risks Associated with Hotel, Restaurant and Entertainment Industry Economic Challenges: Part 5 – Commercial Foreclosures 101

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.  Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing … Read Full Post

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Canceling and Rescheduling a Mortgage Foreclosure Sale Now Requires a Motion

In 2010, the Florida Supreme Court approved an amendment to the Florida Rules of Civil Procedure regarding mortgage foreclosures and enacted new forms, such as Form 1.996(b), Motion to Cancel and Reschedule Foreclosure Sale. In 2014, the Florida Supreme Court … Read Full Post

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Serving a Defendant in a Residential Foreclosure Action by Publication

A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court.  All named defendants will need to be notified of the lawsuit by being served process with a copy of the complaint and … Read Full Post

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