Collection Industry News

SEPTEMBER 12, 2022

Illinois, Delaware and South Carolina had the Highest Foreclosure Rates; Completed Foreclosures Increase 28 Percent from Last Month. Foreclosure Market Report, which shows there were a total of 34,501 U.S. Foreclosure Market Report, which shows there were a total of 34,501 U.S. IRVINE, Calif.,

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Jimerson Firm

OCTOBER 9, 2020

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. Form 1.996(c), Motion to Cancel and Reschedule Foreclosure Sale. In re Amendments To The Fla.

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Collection Industry News

JULY 18, 2022

Loan portfolio delinquencies for both bank and non-bank servicers remained stable in the first quarter of 2022 from the fourth quarter of 2021 and improved in certain categories,” said Fitch Structured Finance Director Richard Koch. Non-bank servicers, however, saw loan modification volume increase slightly to 21% from 20%.

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Jimerson Firm

SEPTEMBER 28, 2020

A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court. It is important for the plaintiff to check the local rules in the county where the foreclosure action is filed to determine if there are any procedural requirements. 49.08, Fla. 1)(c), Fla. 702.035, Fla.

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Jimerson Firm

JANUARY 20, 2021

In response to the mortgage foreclosure crisis, the Supreme Court of Florida established a statewide mandatory mediation program for residential mortgage foreclosures. Check the Local Foreclosure Mediation Requirements. In re: Managed Mediation Program for Residential Mortgage Foreclosure Cases , AOSC11-44 (Fla.

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Jimerson Firm

DECEMBER 15, 2020

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 the value of the underlying collateral and to minimize further losses.

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Jimerson Firm

OCTOBER 22, 2020

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 with hotel/restaurant mortgage defaults. 702.015(4) , Fla. York, 903 So.

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Better Credit Blog

MARCH 1, 2021

Is Bank of America bringing down your credit score? If your credit report is displaying a collections account for Bank of America, it’s probably because you missed a payment somewhere down the line. How you should respond to a collections entry from Bank of American depends on several factors. Hunt and Henrique’s.

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Better Credit Blog

MARCH 1, 2021

Is Bank of America bringing down your credit score? If your credit report is displaying a collections account for Bank of America, it’s probably because you missed a payment somewhere down the line. How you should respond to a collections entry from Bank of American depends on several factors. Hunt and Henrique’s.

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Jimerson Firm

MAY 25, 2021

In every foreclosure action, the foreclosing lender will be required to publish some sort of legal advertisement or notice in a newspaper (e.g. the Notice of Foreclosure Sale). Since publishing a legal notice concerning a foreclosure action is inevitable, it is imperative for lenders to know how to do so properly. Conclusion.

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Jimerson Firm

MAY 19, 2021

Although a lender may have won the battle by obtaining a final judgment of foreclosure from the court, it may not win the war. Although a lender may not be able to avoid this from happening, it should be aware of how and why their final judgment of foreclosure may be set aside. Why Would a Final Judgment of Foreclosure be Set Aside?

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Jimerson Firm

JANUARY 14, 2021

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. 1), directs the defendants to show cause why a foreclosure judgment should not be entered.

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Jimerson Firm

MAY 26, 2021

Lenders need to be aware that borrowers and other lienholders can bring an action or proceeding to set aside, invalidate, or challenge the validity of a final judgment of foreclosure of a mortgage, even after the foreclosure sale. When Can the Foreclosure Sale Be Invalidated? Nationstar Mortg., Diaz , 227 So. 3d 726, 730 (Fla.

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FFGN COLLECT NY

MARCH 15, 2022

It’s important you verify the information contained in a debt collection affidavit before you sign it. An affidavit is sworn testimony used to support your debt collection case. Chase was one of 13 financial institution censured for robo-signing documents in support of debt collection suits and foreclosure.

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Jimerson Firm

FEBRUARY 10, 2022

The first consideration that lenders (banks and credit unions alike) often face is when, and if, to conclude that the account owner does not intend to, or is not able to, clear the negative balance or loan deficiency. Charging Off” Uncollectable Debt. Ocwen Loan Servicing, LLC, 8:14-CV-3214-T-35MAP, 2015 WL 12938920, at *1 (M.D.

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Better Credit Blog

DECEMBER 31, 2020

Have a hard inquiry on your credit report from Comenity Bank/VCTRSSEC? Comenity Bank/VCTRSSEC On My Credit Report. Comenity Bank is a premier producer of retail credit cards, partnering with 145 popular brands to offer credit cards to consumers. How Does a Comenity Bank/VCTRSSEC Hard Inquiry Affect Your Credit Report?

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Jimerson Firm

MARCH 12, 2021

In Florida, foreclosure actions must be brought in the county where the land is located. However, lenders often wonder where they should file the foreclosure action if the loan is secured by mortgaged land situated in different counties. Intercredit Bank, N.A. , Flagship Cmty Bank , 96 So. 2d 863, 864 (Fla. 3d DCA 2006).

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Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Lenders holding defaulted loans will first need to consider relevant Florida laws prior to beginning any foreclosure proceedings. Foreclosures are a state law proceeding first and foremost. Busey Bank, N.A.,

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Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

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Collections Law

APRIL 1, 2020

Collecting debts from debtors having assets in Massachusetts while you are in another state or a different country used to be difficult, even if you had a judgment against them. Our Experienced Collections Attorneys Knows How to Enforce Foreign Judgments in Massachusetts. By law, a judgment debtor has so many ways to defend themselves.

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Collection Industry News

MAY 18, 2021

Despite objections from CUNA and NAFCU, the House of Representatives passed the Comprehensive Debt Collection Improvement Act on Thursday. 2547, the Non-Judicial Foreclosure Debt Collection Clarification Act, which would reverse the unanimous decision made by the Supreme Court of the United States (SCOTUS) in 2019.

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Collections Law

APRIL 9, 2021

In theory, it should be as simple as collecting the monies owed to you and being on your way. Very often your initial attorney who obviously excels at winning the case for you does not know the ins and outs of debt recovery or post-judgment collection. Bank and Real Estate Attachments. But it rarely is that easy. Receivership.

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Better Credit Blog

DECEMBER 9, 2020

Is Belk/Synchrony Bank on your credit report as a hard inquiry? Belk/Synchrony Bank On My Credit Report. Belk/Synchrony Bank may show up on your report if you apply for a Belk retail credit card. Synchrony is the bank that issues these rewards cards. Collections-stage debt. Foreclosures. Charge offs.

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Jimerson Firm

SEPTEMBER 22, 2020

Parts 1-3 of this series explored alternative pre-foreclosure loss mitigation options for lenders including acceleration and enforcement of personal guarantees. The answer to the question of whether hotel revenues constitute rent under Section 697.07, Florida Statutes, may depend upon the district in which the foreclosure action is pending.

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Jimerson Firm

JANUARY 26, 2021

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. Section 697.07

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Sawin & Shea

NOVEMBER 23, 2022

Judgment creditors can actually take money right out of your bank account, garnish wages from your paycheck, and put a lien on your real estate in order to collect what you owe. House foreclosure. If you don’t repay it, it’s their right to seize the real estate through a foreclosure action.

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Qualco

JANUARY 26, 2024

Greece: Out of Court Workout process Legal Provisions in Greece such as the " Katseli Law" aim to protect debtors' primary residences from foreclosure and eviction due to over-indebtedness , by provid ing avenues for debt relief while allowing debtors to keep their homes. CLICK TO LEARN MORE

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Qualco

JANUARY 26, 2024

Greece: Out of Court Workout process Legal Provisions in Greece such as the " Katseli Law" aim to protect debtors' primary residences from foreclosure and eviction due to over-indebtedness , by provid ing avenues for debt relief while allowing debtors to keep their homes. CLICK TO LEARN MORE

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Collections Law

APRIL 9, 2021

In theory, it should be as simple as collecting the monies owed to you and being on your way. Very often your initial attorney who obviously excels at winning the case for you does not know the ins and outs of debt recovery or post-judgment collection. Bank and Real Estate Attachments The Law Offices of Alan M.

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Fico Collections

NOVEMBER 3, 2022

Debt Collection: Have We Learned the Lessons of the Last Crises? While the current series of economic shocks may seem "unprecedented", there are clear lessons from past crises that should shape our collections strategies today. Four Key Collections Factors Shaping Analytic Insights, Strategy, Policy and Execution. FICO Admin.

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Better Credit Blog

FEBRUARY 15, 2021

If you’ve received calls or letters from FCO Collections or noticed the name on your credit report, you probably have questions. Collections agencies like FCO may show up on your report when you forget to pay a bill or fall behind on your payments. About FCO Collections. Fair Collections & Outsourcing Inc.

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Consumer Financial Services Law

MARCH 15, 2019

In those cases, the Sixth Circuit concluded that foreclosure proceedings are debt collection. In 2016, the bank engaged the defendant law firm to foreclose on the underlying real property. Tyler the following letter: Dear Borrower(s), BANK OF AMERICA, N.A., successor by merger to LaSalle Bank Midwest, N.A.

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True Accord

DECEMBER 17, 2020

How will these changes impact the worlds of finance, fintech, and collections? Here are the headlines we’re watching as we consider the changes to come in 2021: • As we covered in November, the CFPB’s new debt collection rule signals a continued shift towards more protections for consumers in debt.

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Jimerson Firm

FEBRUARY 3, 2021

If the mobile home has been retired and is part of the real property, it will be included in the foreclosure. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired? 319.261 (7).

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Jimerson Firm

JULY 30, 2020

Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults. Bank of America, N.A., and a foreclosure sale netted the lender $3,675,000 leaving a deficiency of $918,398.49. Bank, N.A. See, e.g. , Flagship Bank of Orlando v. 2d 1113, 1114 (Fla.

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Better Credit Blog

FEBRUARY 24, 2021

Whether you came across First National Collection Bureau while checking your credit or received a phone call or letter from the agency, you need to respond quickly. As long as a collections account is on your report, it hurts your credit, not to mention adding stress to your daily life. What Is First National Collection Bureau?

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Fico Collections

JULY 29, 2020

The six month pause on payments instituted by Australian Banks was certainly not designed to accommodate the situation we now find ourselves in. Currently, banks are moving to phase 2 where their customers’ individual circumstances are discussed at length and an assessment is made on the need for ongoing support. Source: [link].

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