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Property Tax Forfeiture

What is Property Tax Forfeiture? Property tax forfeiture is a process where the state takes ownership of real property if property taxes are not paid.  When property taxes are not paid in the year due, the taxes become delinquent as of January 1 of the following year.  Those holding liens… Read more »

First Steps in Liquidation and Collection of a 7(a) SBA Loan

While borrowers should repay their indebtedness in accordance with the terms and conditions of the loan, this is not always the case.  Borrowers default and, as a result, lenders must liquidate and commence collection in a prompt, cost-effective, and commercially reasonable manner. … Read more »

The New CFPB Mortgage Rules: A Summary of What They Are and What They Mean

The Dodd-Frank Wall Street Reform Act and Consumer Protection Act (“Dodd-Frank Act”) amended both the Real Estate Settlement Procedures Act (“RESPA”), which is implemented by Regulation X, and the Truth in Lending Act (“TILA”), which is implemented by Regulation… Read more »

What to Know about Filing UCC Financing Statements under the 2010 Amendments

In 2010, a review committee finalized several changes (“2010 Amendments”) to the Uniform Commercial Code’s Revised Article 9.  The 2010 Amendments have been enacted by the State of Minnesota, and will go into effect on July 1, 2013.  Although only eight other states have… Read more »