Jimerson Firm

JUNE 28, 2021

In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. If the Lender Was Unsuccessful, Should It Appeal?

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Jimerson Firm

JUNE 30, 2021

When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Bank National Ass’n , 211 So. 2d 1004 (Fla.

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FFGN COLLECT NY

SEPTEMBER 23, 2022

Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. Since the documents anticipate a default in payment by the buyer, why then do merchant cash advance companies record judgments in New York? If you were wrong, the bank or other institution is entitled to costs and possible legal fees.

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Credit Corp

JUNE 3, 2020

A judgment is an order issued by a court of law. This includes opening a credit card account, getting a line of credit from your bank and obtaining financing for a big purchase. If they are successful, the court issues a judgment against you. What Happens After a Judgment Is Entered Against You? These laws vary.

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Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. Subordinate Liens. Pinellas County v. York, 903 So. 2d DCA 2005).

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FFGN COLLECT NY

JUNE 29, 2022

Are you wondering what documentation or proof you will need to provide in order to vacate a default judgment in New York? Similarly, do you need proof to vacate a judgment entered pursuant to a confession of judgment you signed outside of New York that was entered in New York before the law changed prohibiting this practice?

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FFGN COLLECT NY

DECEMBER 6, 2022

Can you use a New York debt collection judgment to lien a debtor’s co-op or condo? 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. When a bank lends against a co-op, they hold the stock and lease as security.

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Jimerson Firm

MARCH 10, 2021

Oftentimes, individuals or businesses borrow money from a bank or lender, and unfortunately, are unable to pay the loan payments. In this event, the borrower may try to shift the blame of their inability to pay on the bank or lender, by filing a claim for negligent loan processing or underwriting, and/or breach of fiduciary duty.

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Jimerson Firm

FEBRUARY 18, 2021

However, there are important aspects of the Construction Lien Law that can directly affect the rights and obligations of lenders in numerous ways. Accordingly, lenders making construction loans or those whose loan will be secured by a mortgage on real property, must be aware of notices of commencement and their requirements under Fla.

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Better Credit Blog

MAY 12, 2022

In my recent experience, it’s not hard to remove judgments from your credit report as long as you follow the proper steps. Many readers assume it’s impossible to have the credit bureaus remove civil judgments because they involve the court system. It’s still possible you could see a judgment pulling down your credit score.

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Sawin & Shea

APRIL 26, 2023

A judgment lien against you can have a variety of distressing and negative consequences. Read on to learn everything you need to know about judgment liens in Indiana, including how they work and how to avoid them. What Is a Judgment Lien? Judgment Liens in the Hoosier State In Indiana, judgment liens last for 10 years.

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FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the borrower or debtor.

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Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Expenses incurred by a 7(a) Lender or CDC that failed to liquidate the SBA Loan in accordance with Loan Program Requirements, including those pertaining to Liquidation or Litigation Plans. What Expenses are Recoverable. .;

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

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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.

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Collection Industry News

MARCH 8, 2021

In many cases, this conduct would continue until borrowers either instructed their banks to reject the initiated withdrawal or borrowers closed out their accounts all together. The post FTC Settles With Payday Lender appeared first on Collection Industry News. Lastly, the company must forgive any outstanding consumer loans.

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FFGN COLLECT NY

FEBRUARY 15, 2024

No Regulation From the Banking Industry The banking industry does not regulate MCAs since these types of advances are not considered “business loans.” This allows merchant cash providers to charge interest rates that are well beyond that permissible under banking usury laws.

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Jimerson Firm

JANUARY 31, 2023

Banks and credit unions should not only routinely require, but also closely scrutinize, criminal background checks during the hiring process in order to maintain compliance with applicable regulatory schemes. As lenders and depositories, banks and credit unions are subject to numerous regulatory schemes under both federal and Florida law.

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Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

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Fico Collections

JULY 19, 2021

Lenders face a myriad of challenges these days. This makes them an ideal solution for banks and credit unions that don’t have enough data to create their own custom models but still want the flexibility to grow their portfolios responsibly. Pooled models can be licensed as “off-the-shelf” and quickly used. What Are the Options?

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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.

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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.

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Collection Industry News

MAY 18, 2021

While consumer groups praised the bill for its recourse for consumers harassed by debt collectors, CUNA and NAFCU saw the bill as complicating the legal relationship between consumers, members and lenders. In the letter, Nussle stated, “Lenders rely on complete and accurate credit reports when underwriting loans.

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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).

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FFGN COLLECT NY

MAY 9, 2022

New York state law governs most merchant cash advance agreements – even though neither the borrowers nor lenders are typically located in New York. When there is a default on these agreements, the lender must pursue the borrower through debt collection in New York. Immediate Access to the Bank Accounts.

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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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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. They also offer cards for shoppers at: ABT. Pay for Professional Help.

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Jimerson Firm

MARCH 12, 2021

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. allows the lender to bring a single foreclosure action on all mortgages in just one county. 2d 863, 864 (Fla.

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Credit Corp

FEBRUARY 9, 2024

Foreclosure means that your mortgage lender can legally repossess your house due to nonpayment. Home mortgage rates will define when lenders can begin the foreclosure process—this is typically determined by how behind on your payments you are. Not all states allow deficiency judgments in all circumstances. What Is Foreclosure?

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Collection Industry News

JULY 27, 2021

The industry trade teams challenging the CFPB’s rule that is final Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a movement for summary judgment. The plaintiffs argue that the payments provisions should be held unlawful and set aside for the following reasons in their summary judgment motion.

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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. What’s On Credit Reports?

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Troutman Sanders

JULY 15, 2022

District Court for the Eastern District of Pennsylvania held that a purported public records vendor (Credit Lenders Service Agency or CLSA) is a consumer reporting agency (CRA) under the Fair Credit Reporting Act (FCRA). Credit Lenders Service Agency, Inc. CLSA filed a motion for summary judgment. can be found here.

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Jimerson Firm

FEBRUARY 15, 2021

Although Florida foreclosures are governed by Chapter 702 of the Florida Statutes , foreclosing lenders must also check the local rules of the court where the lawsuit is filed to make sure that they comply with any additional requirements. In addition, foreclosing lenders in Duval county will be required to pay an additional $140.00

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Jimerson Firm

MAY 17, 2021

In order to maintain a foreclosure action against a borrower, lenders must ensure they can establish “standing”. Standing is a fundamental requirement for a foreclosure, as lenders who desire to initiate a foreclosure proceeding are required to have standing. PNC Bank National Association, 239 So. Wells Fargo Bank, N.A.

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Better Credit Blog

JUNE 1, 2022

Credit builder loans are sometimes offered by community banks and credit unions as a way to give borrowers a chance to show they can make regular payments and complete a loan, and ultimately be able to build or rebuild a positive credit history. Having unresolved financial judgments can make it difficult to get.

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Troutman Sanders

JANUARY 10, 2023

The Engel decision allowed lenders and servicers to voluntarily pause the statute of limitations on foreclosures and reserve the right to restart the action again, as long as it was done within six years. Engel , 37 N.Y.3d 3d 1 (2021).

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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 must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Busey Bank, N.A., Florida State Laws. Konsulian v. 3d 1283, 1285 (Fla.

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