Better Credit Blog

FEBRUARY 15, 2021

Are collections accounts weighing heavily on your credit report? If you’ve fallen behind on any of your accounts, you could find Fairway Collections on your credit report. As long as the collections entry stays on your report, it’s hurting your score. About Fairway Collections. Self-pay collections.

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Collection Industry News

JULY 18, 2022

The sole metric showing stress is in the foreclosure category, which rose marginally to 2% from 1% and to 3% from 2% for bank and non-bank servicers, respectively. Other exit strategies, such as short sales and deed-in-lieu of foreclosure, account for 26% of monthly loss mitigation workout volume, a small increase from the previous quarter.

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Foreclosure Loans Banks Bankruptcy 40

Burr Forman

MAY 20, 2021

2547 (the “Comprehensive Debt Collection Improvement Act” or “CDCIA”). Originally introduced by House Financial Services Chairwoman Maxine Waters, the CDCIA’s primary purpose is to provide additional financial protections for consumers and place restrictions on debt collection activities by amending several consumer finance statutes.

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Fico Collections

JULY 29, 2020

This all points to the likelihood of a protracted period of economic uncertainty as governments act to contain outbreaks when, and where, they appear. Using this framework, a bank can consider the costs of measures such as fee or interest waivers against the costs of foreclosure and charge off, along with any potential shortfall.

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Collection Industry News

MAY 2, 2023

. – Today, the Consumer Financial Protection Bureau (CFPB) issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations. We are making clear that threatening to sue to collect on expired zombie mortgage debt is illegal.”

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Fraser

JULY 24, 2020

The ruling stems from a lawsuit filed in Oakland County Circuit Court (the “Circuit Court”), that challenged one part of Michigan’s tax foreclosure law contained in the Michigan General Property Tax Act (the “GPTA”). ” The Court conclude that the common law of the State of Michigan recognized that right.

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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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Better Credit Blog

FEBRUARY 12, 2021

Did you know the unpaid tolls can go to collections just like any other type of debt? As long as EZ Pass Collections is on your credit report, it can lower your score and hold you back from getting the financing you need. Instead, you should use one of the strategies below to ensure that EZ Pass Collections gets removed ASAP.

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Collections Collections Agency Collection Agencies Debt collector 52

Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Short foreclosure protection – When your home is faced with foreclosure, the automatic stay is not in effect indefinitely. Complete protection from creditors – This includes wage garnishment and debt collection.

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True Accord

MARCH 31, 2022

The four key trends we’re studying are: resumed foreclosure activity, extensive medical bills, the end of child tax credits and historically high inflation. In January, the foreclosure proceedings that were paused under the CARES Act resumed after an 18-month hiatus. But some definitely feel it more than others. million U.S.

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Debt Free Colorado

APRIL 9, 2020

You can work directly with the mortgage lender on a loan modification, or reach out to the Colorado Foreclosure Hotline for free assistance. While credit cards and other unsecured loans are almost always the most aggressive when it comes to collecting debts, they should generally be your lowest priority. Credit Cards.

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Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

Burr Forman

SEPTEMBER 4, 2020

This leads some to fear that, without direct assistance for renters and/or landlords in the form of government funds, an even greater backlog of eviction cases will flood the courts once this CDC Order expires at the end of the year.

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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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The McHughes Law Firm

AUGUST 29, 2016

New business debt collection may be the last thing on your mind as you juggle all the different moving parts the come with starting a business. If you are in the process of starting a new business, debt collection on past due accounts is likely not even on your radar yet. 1: I Will Lose Customers If I Push Too Hard to Collect.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. During an automatic stay, all parties or entities mentioned above are prohibited from collecting on debts you incurred before filing for bankruptcy.

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Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. During an automatic stay, all parties or entities mentioned above are prohibited from collecting on debts you incurred before filing for bankruptcy.

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Jimerson Firm

FEBRUARY 2, 2021

Environmental Investigations are required, for example, before a lender or CDC can acquire the title to commercial real property collateral by purchasing it at a foreclosure sale or accepting a deed-in-lieu of foreclosure, or taking over the operation of a borrower’s business that uses a hazardous substance. SOP 50 10 5(E), Appendix 2.

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Collection Industry News

APRIL 2, 2021

The number of people seeking bankruptcy fell sharply during the pandemic as government aid propped up income and staved off housing and student-loan obligations. Several rounds of government aid padded incomes with direct payments to households and enhanced unemployment benefits. Source: site. The personal saving rate rose.

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Sawin & Shea

AUGUST 4, 2021

For the lender, it’s all about the bottom line, and if they think they can get more money from a foreclosure, they won’t agree to a short sale. Both short sales and bankruptcies involving foreclosures will show up as negative hits on your credit report. A foreclosure (without bankruptcy) will stay on your credit report for 7.

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Bankruptcy Chapter 7 bankruptcy Foreclosure Lender 52

Troutman Sanders

OCTOBER 11, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. You may access this interactive tool at [link]. For more information, click here. For more information, click here.

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Collection Industry News

MARCH 15, 2021

The report states that “11 million renter and homeowner households were significantly overdue on their regular housing payments as of December 2020, placing them at heightened risk of losing their homes to foreclosure or eviction over the coming months.”

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Collection Industry News

AUGUST 25, 2020

No doubt, delinquent consumer debt will cause bankruptcies and foreclosures, flooding our courts and weakening our communities. In 2008, the federal government funded programs to help consumers restructure debt repayments with sustainable long-term modifications. billion in foreclosures and community costs.

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Collection Industry News

DECEMBER 28, 2020

The clear priority is helping consumers avoid foreclosure, a risk we know will continue throughout 2021. Some borrowers suffered improper foreclosure activity as a result. implement procedures to ensure that before a foreclosure action is taken it is permitted under Regulation X, 12 C.F.R. b)(2)(i)(B).

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Better Credit Blog

FEBRUARY 12, 2021

The longer you ignore a collections entry, the more damage it can do to your report. Evergreen Professional Recoveries is a legitimate debt collection agency and member of the American Collectors Association. Evergreen Professional Recoveries is a legitimate debt collection agency and member of the American Collectors Association.

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Collection Industry News

MARCH 15, 2021

It has taken actions to collect data on a number of new industries, including debt relief and earned wage access providers, and has filed a cease-and-desist order against a student loan debt relief company charging borrowers exorbitant fees for the false promise of getting their student debt wiped.

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Collection Industry News

APRIL 27, 2021

The proposed amendments would establish a pre-foreclosure review period to provide an opportunity for borrowers affected by the Covid-19 pandemic to be evaluated for loss mitigation before a servicer files for foreclosure. The post CFPB Issues Proposed Rule To Amend Regulation X appeared first on Collection Industry News.

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Collection Industry News

JUNE 29, 2024

These reports are generated every quarter and are based on data collected from Equifax, which is one of the three major credit reporting agencies in the country. The government also provided stimulus checks to help alleviate the financial burden for consumers. The agency will attempt to collect the debt from you. trillion.

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Collection Industry News

AUGUST 17, 2023

About 39,000 individuals had new foreclosure notations on their credit reports, a very small increase from the first quarter. New foreclosures have stayed very low since even since the CARES Act moratorium was lifted. Trillion in Q2 2023; Credit Card Debt Exceeds $1 Trillion appeared first on Collection Industry News.

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Credit Card Debt Student loans Student Loans Foreclosure 40

Jimerson Firm

FEBRUARY 18, 2021

2] This result can be potentially disastrous to a mortgage lender that may lose the value of a first priority mortgage lien as security for the loan, and potentially have the mortgage subject to being foreclosed in a construction lien foreclosure lawsuit. Notices of commencement are governed by Fla. Notices of Commencement Under Fla.

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FDCPA Defense

FEBRUARY 1, 2018

Attorneys and other entities that regularly engage in collection work for community associations may be subject to the requirements of the Fair Debt Collection Practices Act, 15 U.S.C. as well as analogous state laws governing the consumer collection process. The issue in Ho v. 21, 2017) (No.

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Collection Industry News

SEPTEMBER 19, 2022

The report listed nearly 600 US counties vulnerable to value decline, based on “home affordability, underwater mortgages, foreclosures and unemployment,” the report says. The post The US cities where home values are most likely to plummet in a recession appeared first on Collection Industry News.

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Foreclosure Collections Government 40

Collection Industry News

MARCH 14, 2022

New York SPOC Requirements : As created effective January 2, 2022 , Section 6-o of the New York Banking Law required a lender to provide a single point of contact (“SPOC”) to a borrower who: (a) is 60 or more days delinquent on a “home loan”; and (b) chooses to pursue a loan modification or other foreclosure prevention alternative.

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Debt Free Colorado

MARCH 3, 2023

Are you at risk of falling into foreclosure, being evicted, or having your utilities cut off? What Benefits Can I Get from Filing for Bankruptcy? What Can’t Bankruptcy Do? Not all financial issues can be resolved through bankruptcy. Do you make purchases for your needs with credit cards?

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Debt Free Colorado

DECEMBER 7, 2016

Lawsuits, garnishments, foreclosures, and other collections stop at this time. Certain taxes, student loans, child or spousal support, fees owed the government, and other debts aren’t affected. The Trustee collects these assets. Once you’ve reviewed and signed everything, we’ll file it with the court.

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Chapter 7 bankruptcy Bankruptcy Student Loans Student loans 40

Click Notices

OCTOBER 29, 2020

The order protects tenants who sign and submit a declaration swearing to the fact that they: Have used their best efforts to obtain government assistance for housing. Facing a severe reduction of cash flows, property owners risk bankruptcy, foreclosure, and staff layoffs. Who Does the CDC Order Protect?

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Foreclosure Bankruptcy Government Collections 52

Fraser

JUNE 25, 2020

Creditors of a bankrupt company must be aware of the various deadlines and procedures that govern the chapter 11 process in order to protect and enforce their rights. As chapter 11 bankruptcies continue to increase (many analysts are forecasting the “ wave ” of filings to grow), more businesses and individuals will be impacted by the fallout.

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Creditors Bankruptcy Unsecured Creditor Debtor 72

Troutman Sanders

APRIL 26, 2021

Our bank and loan servicing clients also face novel challenges affecting their industry due to COVID-19, particularly the ever-changing rules and regulations concerning evictions and foreclosures. million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. You may access this interactive tool at [link].

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