Jimerson Firm

FEBRUARY 2, 2021

If a borrower defaults on a SBA loan, the lender or CDC must assess the environmental risk of contamination before conducting any liquidation action that could result in a loss, or otherwise increase the risk of loss, due to the actual or alleged presence of contamination. SOP 50 10 5(E), Appendix 2. SOP 50 57 2 ; SOP 50 55.

Lender 76

Lender Collateral Loans Foreclosure 76

Fico Collections

JULY 19, 2021

Lenders face a myriad of challenges these days. Using a pooled model in addition to bureau scores can help creditors make more precise, value-based decisions at the origination stage. It provides better separation of “goods” and “bads” to help creditors decrease risk and reduce losses while approving more profitable applicants.

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

Better Credit Blog

DECEMBER 31, 2020

Have a hard inquiry on your credit report from Comenity Bank/VCTRSSEC? A hard inquiry is simply a way for a lender to check your credit reports before approving your application. Comenity Bank/VCTRSSEC On My Credit Report. How Does a Comenity Bank/VCTRSSEC Hard Inquiry Affect Your Credit Report? Ask Lex Law for Help.

Banks 89

Banks Retail Lender Repossession 89

Credit Corp

NOVEMBER 27, 2023

Sending a financial hardship letter to your creditor can help you salvage your credit score while you get back on your feet. A financial hardship letter is a correspondence you send to a creditor that explains why your current financial situation prevents you from making debt payments. What Is Considered Financial Hardship?

Debt Consolidation 98

Debt Consolidation Creditors Lender Loans 98

Fraser

JULY 21, 2020

Fortunately, the Bankruptcy Code provides creditors with certain defenses they can use to ward off a preference lawsuit, and Congress recently took action that strengthens those defenses. In reality, all kinds of creditors, including those who have valid defenses to preference claims, typically get sued regardless of their defenses.

Creditors 56

Creditors Bankruptcy Debtor Construction 56

Titan Consulting

JULY 8, 2020

Banks are proactively working with consumers during the Coronavirus Pandemic, while quietly working behind the scenes to shed risk in their portfolios wherever possible. Banks are reducing credit lines or closing accounts altogether to lower their exposure to delinquencies and defaults. Banks and Risk. Key Takeaways.

Lender 52

Lender Banks Debt Consolidation Loans 52

Credit Corp

JUNE 8, 2023

In July 2016, the Consumer Federation of America (CFA) and VantageScore Solutions reported that most consumers—more than 80%—knew basic facts about their credit scores, including that credit scores are used by lenders to approve or deny mortgages and by credit card issuers to approve or deny credit cards. And they’re not required to.

Lender 98

Lender Loans Creditors Credit Unions 98

Jimerson Firm

NOVEMBER 23, 2020

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. In Florida, the lender can choose from the following methods: UCC Sale. See SOP 50 57. 679.609(2)(b), Fla.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Troutman Sanders

APRIL 20, 2021

The Act imposes sweeping changes and contains broad language, leaving the state’s lenders and borrowers with an uncertain future. With respect to loan products under the MLA, lenders cannot charge interest and fees that, when added together, would exceed a 36% MAPR. [3].

Lender 52

Lender Loans Credit Unions Credit Unions 52

Jimerson Firm

JANUARY 20, 2021

However, lenders should be aware that judges are still able to refer foreclosure lawsuits to mediation on a case-by-case basis, with or without a referral request to mediation. Although there is no longer a statewide mandatory foreclosure mediation program, lenders must be aware that they may still be required to participate in mediation.

Foreclosure 80

Foreclosure Lender Creditor's Rights Commercial Collection 80

Hudson Weir

SEPTEMBER 11, 2023

According to the British Business Bank , there was a 12.8% increase in gross bank lending to SMEs between 2021 and 2022. In total, banks provided £65.1bn in loans to small companies with more likely to have gone to larger businesses too! But what’s the difference between secured loans and unsecured ones?

Loans 52

Loans Collateral Secured Creditor Unsecured Creditor 52

In the Red

MARCH 23, 2020

When a company is insolvent, meaning it’s not able to pay its creditors in full, the directors and officers still owe their fiduciary duties of due care and loyalty to the corporation. However, upon insolvency, creditors have standing to bring derivative claims for breach of fiduciary duty against directors and officers.

Creditors 130

Creditors Lender Judgment Government 130

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. Bank of Am. Pursuant to Section 702.07 Conclusion.

Foreclosure 52

Foreclosure Judgment Lender Bankruptcy 52

Fico Collections

MARCH 2, 2021

In fact, many banks and institutions have doubled headcount in key areas to help handle the demands. As restrictions continue to affect regular branch banking and heap further pressure on alternative channels, many customers may feel they lack options for thorny discussions around the financial impact of the pandemic.

Banks 52

Banks Debt Management Financial services Financial Institution 52

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. The property was acquired by a “person affiliated with” the foreclosing lender or the borrower.

Foreclosure 52

Foreclosure Lender Collateral Judgment 52

Credit Corp

MAY 10, 2023

Your credit score is an important aspect of your financial health and is oftentimes used by lenders, landlords, and even employers to determine your creditworthiness. Hard inquiries , also known as hard pulls, are typically made by lenders and other financial institutions and can harm your credit score. What’s a Hard Inquiry?

Creditworthiness 97

Creditworthiness Lender Financial Institution Loans 97

Sawin & Shea

SEPTEMBER 14, 2022

They can assist you through the bankruptcy process and can keep creditors from unlawfully harassing you. An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. This test calculates whether an individual can repay lenders and creditors without declaring Chapter 7 bankruptcy.

Chapter 13 bankruptcy 122

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

Nexa Collect

APRIL 27, 2021

Also, removing a genuine late payment from the credit report risks lenders who will loan money to that person in the future. Creditors and collection agencies who prefer to do credit reporting quickly will likely see lower recovery rates. However, by law, they cannot be reported before 180 days anyway.

Collection Agencies 130

Collection Agencies Collections Agency Debtor Debt Recovery 130

Jimerson Firm

MAY 24, 2021

If this happens, the tax lien will become superior to the lender’s mortgage lien. This may be troublesome for lenders because the property may then be sold for taxes, which will eliminate the lender’s mortgage lien. If, however, a tax deed is issued, the lender will have an opportunity to redeem the property. 197.122(a).

Collateral 52

Collateral Lender Foreclosure Judgment 52

Credit Corp

JUNE 14, 2023

A hard credit inquiry is when a credit card issuer or another lender reviews a credit report as part of your credit application. It happens when the lender or bank associated with your credit card company checks your credit report to see if you are eligible for acceptance. What Are Hard Inquiries?

Lender 69

Lender Creditors Loans Banks 69

Troutman Sanders

SEPTEMBER 6, 2023

The plaintiff incurred a debt to a bank, which sold the account to a new creditor. The new creditor then placed the account with the defendants for collection. In October of 2019, the defendants sent the plaintiff a letter which identified the original creditor, the new creditor, and the assignee for collection purposes.

Fair Debt Collection 52

Fair Debt Collection Creditors Original Creditor Banks 52

Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults.

Lender 98

Lender Loans Foreclosure Judgment 98

Nexa Collect

APRIL 27, 2022

Inform future creditors about bills on which a person has defaulted so that they can access their own risk to lend money to that person or not. Then let the lenders decide which one they want to consider or ignore. Wouldn’t this increase the risk of the bank/credit union with whom he takes that mortgage?

Healthcare 130

Healthcare Credit Unions Credit Unions Creditors 130

Jimerson Firm

NOVEMBER 13, 2020

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 $10,000. Is the Recoverable Value of the Property Over $10,000? See SOP 50 57.

Loans 98

Loans Collateral Foreclosure Lender 98

Sawin & Shea

OCTOBER 26, 2022

If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Common unsecured loans include: Bank loans with no collateral. Personal loans from lenders that you know, such as acquaintances, co-workers, employers, friends, and family. Unsecured loans are loans that don’t have collateral. Payday loans.

Personal loans 98

Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

Debt RR

AUGUST 3, 2020

Bank account garnishment can create serious cash flow blocks for companies of all sizes, and those cash flow problems can compound into other issues, like payroll concerns and late payments on other accounts. Review this guide for everything businesses need to know about bank account garnishment in Texas and how to avoid it.

Garnishment 40

Garnishment Banks Student loans Student Loans 40

FFGN COLLECT NY

DECEMBER 6, 2022

As a judgment creditor, you want to restrain, attach and lien as many of the judgment debtor’s assets in order to satisfy your judgment. To lien real property in New York, the judgment creditor needs to take a federal court judgment and register it with the county clerk in the county where the property is located.

Judgment 52

Judgment Collections Creditors Debtor 52

Debt Free Colorado

FEBRUARY 21, 2022

The Fair Debt Collection Practices Act (FDCPA) does not apply to original creditors or cover company obligations. It mandates that debt collectors post a bond to pay the amount owed to the creditor for whom they are collecting. The federal Fair Debt Collection Practices Act (FDCPA) does not apply to the actual lender.

Debt collector 98

Debt collector Fair Debt Collection Collection Agencies Collections Agency 98

Sawin & Shea

APRIL 20, 2021

When an Indiana homeowner is unable to make their mortgage payments, the lender eventually starts a foreclosure. If a mortgage lender determines that an Indiana homeowner is failing to make their mortgage payments, the lender will start contacting the borrower to demand payment. How the Foreclosure Process Works in Indiana.

Foreclosure 93

Foreclosure Bankruptcy Lender Repossession 93

Sawin & Shea

FEBRUARY 28, 2024

Types of personal loans include: Installment Plan Payday Peer-to-Peer Lending Cosigner /Guarantor Debt Consolidation Variable Rate Fixed Rate During your bankruptcy proceeding, at least a portion of these loans will be discharged, whether you borrowed from brick-and-mortar or online lenders. Unsecured loans don’t have collateral.

Personal loans 52

Personal loans Bankruptcy Chapter 13 bankruptcy Loans 52

Troutman Sanders

JULY 28, 2023

On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post , positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings accounts, may provide lenders with a better picture of a consumer’s ability to repay their loans than using a credit score.

Lender 52

Lender Banks Consumer Credit Creditors 52

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.

Collateral 98

Collateral Loans Lender Secured Creditor 98

Troutman Sanders

APRIL 11, 2023

On April 5, the Federal Deposit Insurance Corporation (FDIC) released its Consumer Compliance Supervisory Highlights report, providing a high-level overview of consumer compliance issues identified by the agency during 2022 in its supervisory activities of state non–member banks and thrifts. Department of Justice (DOJ).

Financial Institution 52

Financial Institution Banks Lender Creditors 52

Jimerson Firm

JANUARY 27, 2021

SBA lenders should understand the appropriate protocols after receiving an offer in compromise from a borrower, including what an offer in compromise is, when it is appropriate, the general requirements, and the process for reviewing, approving and completing a compromise. If there are any discrepancies, the lender must investigate them.

Loans 96

Loans Lender Collateral Creditors 96

Qualco

NOVEMBER 11, 2021

The number of customers likely to face distress constantly increases and creditors are at the crossroads. Being into effect from the 30th of June 2021, they apply to all credit institutions in Europe and state that lenders must implement Early Warning Systems (EWS) for the effective management of their portfolios.

Credit Management 52

Credit Management Lender Financial Institution Banks 52

Credit Corp

AUGUST 23, 2021

This code can mean two different things: You don’t have enough accounts for lenders or credit scoring models to effectively gauge your risk as a borrower. Even if you’ve paid your bills on time, if you only have one credit card that’s been open three months, that’s not enough information for many lenders.

Lender 104

Lender Loans Personal loans Trade 104

Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more. of the inhabitants unemployed. After the pandemic started, that number more than doubled.

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Collection Agencies Collections Agency Collections Garnishment 130