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Posts tagged "Banking & Business Transactions"

Collection agencies can help lenders recover debts

Sometimes, when a borrower in Tennessee fails to make payments on a loan, such as an auto loan or credit card account, the lender may need to enlist the services of a collection agency. A collection agency is a business that lenders contract with to recover debts owed to them, usually after the lender has made numerous attempts to collect on the loan on their own.

Can lenders seek a deficiency judgment following foreclosure?

When a house is foreclosed upon, the proceeds of the sale generally go first to the lender that issued the mortgage. However, sometimes those proceeds are insufficient to cover all that is still owed on the mortgage. When this happens, Tennessee law permits lenders to pursue a deficiency judgement. This is a lawsuit brought against the mortgagor in which the lender seeks the remainder of what they are owed per the terms of the mortgage.

How do mergers differ from acquisitions in Tennessee?

Mergers and acquisitions refer to a variety of legal transactions two businesses undertake to consolidate their companies or assets. A successful merger or acquisition can be financially beneficial to both businesses. It is important for businesses in Tennessee to learn the difference between a merger and acquisition, so they can determine which option is right for them.

Banks might prefer short sales over foreclosure

When a person is underwater on their mortgage, and is not making the payments they owe, banks will want to make sure they get what they are due. This means that a bank could foreclose upon the property or the property owners might pursue a short sale. There are various reasons why sometimes accepting a short sale offer is better for the bank than pursuing a foreclosure.

How do foreclosures in Tennessee generally proceed?

Lenders in Tennessee issue mortgages to homeowners with the expectation that the home loan will be paid back on time with interest. Unfortunately, some homeowners do not meet this obligation. When a lender is not receiving what they are due on a mortgage they issued, they may need to initiate foreclosure proceedings.

Helping Tennessee businesses and lenders reach their goals

The financial transactions between borrowers and lenders in Tennessee is an essential component of our state's economy. When businesses can secure financing, they are able to grow and expand their operations. Then, when they pay back the loans, the lenders secure the financial resources they need. In the end, financial transactions between businesses and banks benefit both parties and the state as a whole.

Debt collectors in Tennessee have options to recover debts

Lenders in Tennessee naturally expect that when they issue a loan, it will be paid back. Unfortunately, things do not always run so smoothly and, sometimes, lenders must work with debt collectors to recover debts. Therefore, it is important to understand what debt collectors can and cannot due.

Tennessee businesses can benefit from an exit strategy

Many entrepreneurs in Tennessee looking to start their own small business will first establish a business plan. A business plan can address many important topics regarding how the business will be run and what role the owner will play in it. This can be important not just for the day-to-day operations of the business but also to outline the direction of the business in the future.

What steps can lenders take to recover debts?

Many people in Tennessee carry some sort of debt. It may be a mortgage, a car loan or credit card debt, to name a few. While most people dutifully pay back their debts, there will always be some that do not make the required monthly payments on their debts. When this happens, lenders may work with debt collectors to try to recover what they are owed.

Lenders have options to try to recover debts

Banks and other lenders in Tennessee are in the business of loaning money to people, with the expectation they will be paid back what they loaned plus interest. Unfortunately, for a variety of reasons, sometimes, debtors do not make the required payments on their loans. This can hurt a lender's bottom line, so lenders need to be proactive and take steps to try to recover what they are owed.

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Spragins, Barnett & Cobb, PLC
312 East Lafayette
Jackson, TN 38301

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