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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Jimerson Firm

AUGUST 19, 2021

While both bills affect the laws governing Florida condominium and homeowners’ associations, Senate Bill 56, specifically, changed the collection and notification procedures for these associations. The association intents to foreclose the lien and collect the unpaid amount within 45 days of this letter being provided to you.

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Collection Industry News

JANUARY 4, 2021

While, in theory, the intention is to protect residential tenants from eviction and owners from foreclosure and tax lien sales, we may yet find that the unintended consequence of the expansion of these protections may be a disparate negative impact on small residential landlords.

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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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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. This article explores Section 697.07, Florida Statutes, which governs the assignment of rents. Losing the Right to Collect Rents: Junior Foreclosure Sales.

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Public Citizen

JULY 6, 2020

Today, the Supreme Court held that collecting government debt by robocalling cellphones didn’t deserve special First Amendment treatment. The Federal Government receives a staggering number of complaints about robocalls—3.7 Second, if not, could the debt collection provision be severed? American Assn. American Assn.

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Jimerson Firm

OCTOBER 21, 2020

The ability of condominium associations to collect assessments from unit owners is provided for in Chapter 718, Fla. and in the condominium’s governing documents. If a unit owner fails to pay assessments, the association has a statutory right to file a claim of lien and subsequent lien foreclosure. How Do I Collect?

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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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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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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. 3d 932, 934 (Fla.

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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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Troutman Sanders

MAY 16, 2022

The SCIF intends to collect information about the borrower’s language preference, if any, and on any homebuyer education or housing counseling the borrower received, so lenders can better understand borrower needs during the home buying process. million for consumer restitution,” and “includes up to $900,000 in civil penalties.”

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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 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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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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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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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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Troutman Sanders

MAY 17, 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. 248, which limits a collection agency’s ability to collect on medical debt. You may access this interactive tool at [link].

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Troutman Sanders

APRIL 12, 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. The second debt collection rule clarifies disclosures debt collectors must provide to consumers at the beginning of collection communications.

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Troutman Sanders

FEBRUARY 13, 2024

Supreme Court unanimously ruled that government agencies can be sued for violations of the Fair Credit Reporting Act (FCRA). However, the Court upheld the Third Circuit’s decision that the FCRA allows for suits against “any person,” including government agencies. The final settlement required the defendants to pay $10.9

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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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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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Credit Corp

JUNE 12, 2023

This program offers a flexible framework for loans that helps eligible borrowers to modify their monthly mortgage payments and avoid foreclosure. The mortgage market has a few essential entities, including the government-sponsored enterprises called Fannie Mae and Freddie Mac. How Do Fannie Mae and Freddie Mac Work?

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Troutman Sanders

AUGUST 9, 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. s emergency debt collection bill. You may access this interactive tool at [link]. For more information, click here.

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Troutman Sanders

JANUARY 19, 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. Currently set to expire on February 1, the collection actions subject to the moratorium include garnishment, attachment, and levy.

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Collection Industry News

FEBRUARY 5, 2021

The good news, however, is that foreclosure activity hit a record low last year. We can thank the foreclosure moratorium for that. In fact, the Federal Housing Finance Agency (FHFA) recently extended its ban on foreclosures and evictions to Feb. So what can delinquent borrowers do once those foreclosure bans expire?

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Troutman Sanders

SEPTEMBER 7, 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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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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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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Troutman Sanders

NOVEMBER 7, 2023

On October 30, the FTC announced that it had banned the owner of a small business funding company from both the merchant cash advance and debt collection industries. The AG’s office alleged that the company used “deceptive methods” to solicit homeowners facing foreclosure and failed to provide the services they promised.

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Troutman Sanders

AUGUST 14, 2023

Government Accountability Office (GAO) updated its priority open recommendations to the OCC, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. On July 27, B25-0363, the Foreclosure Moratorium and Homeowner Assistance Fund Coordination Emergency Amendment Act of 2023, was signed by Mayor Muriel Bowser (D).

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Troutman Sanders

JUNE 1, 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. The loan forgiveness could total $4 billion as the government intends to retire bank loans granted to minority farmers with USDA loan guarantees.

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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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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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Collection Industry News

AUGUST 16, 2021

In the summer of 2008, the Neighborhood Assistance Corporation of America staged an event that promised a fast track for struggling borrowers to avoid foreclosure. million foreclosures , according to the Federal Reserve Bank of Chicago. The federal foreclosure moratorium has ended. was called “Save the Dream of Homeownership.”

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Troutman Sanders

MAY 10, 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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