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. And lenders are happy to lend. million U.S.

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Lender Personal loans Foreclosure Loans 58

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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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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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

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.

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Foreclosure Lender Loans Collections 96

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. This Bulletin serves as an update to that non-exhaustive compilation of information.

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Financial Institution Garnishment Collections Foreclosure 52

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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Loans Foreclosure Lender Government 94

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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Collections Collection Agencies Collections Agency Debt collector 74

Sawin & Shea

AUGUST 4, 2021

This is when a lender agrees to take less than the total amount owed on the real estate from the sale. Your lender has to approve the short sale and will require quite a bit of documentation and paperwork from you. Your lender has to approve the short sale and will require quite a bit of documentation and paperwork from you.

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Bankruptcy Chapter 7 bankruptcy Foreclosure Lender 52

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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Collections Creditors Debt Consolidation Debt Recovery 52

Debt Free Colorado

APRIL 9, 2020

Many creditors such as mortgage servicers, auto lenders, and credit card companies are offering assistance to individuals financially affected by the pandemic. Unlike mortgage lenders, most landlords are simply not in a financial position to weather the loss of rental income due to the high expenses associated with the rental property itself.

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Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 82

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.

Financial services 52

Financial services Student loans Student Loans Foreclosure 52

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. If finalized, this rule would require lenders to disclose information about their lending to small businesses.

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Financial services Student loans Student Loans Foreclosure 52

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. In the wake of the Global Financial Crisis, lenders in several markets were presented with an almost unprecedented increase in bad debts accompanied by a sharp drop in property prices.

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Banks Loans Foreclosure Lender 95

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.

Financial services 52

Financial services Loans Lender Foreclosure 52

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

DECEMBER 28, 2020

Getting it right is paramount for lenders and servicers as 2021 customer contact volumes will increase with the potential sunset of COVID-19 relief measures. 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.

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Foreclosure Lender Loans Government 40

Better Credit Blog

MAY 11, 2022

Even with the recent White House announcement that the pause on student loan repayment, interest, and collections will extend until May 1, 2022, millions of people struggle with the amount of debt they owe from attending college. But finding a good lender can feel intimidating when you don’t know what to look for. Ads by Money.

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Student loans Student Loans Loans Lender 71

Better Credit Blog

FEBRUARY 12, 2021

EPR may show up on your report if you’ve fallen behind on payments to a service provider or a lender. 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. Government.

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Collection Agencies Collections Agency Debt collector Lender 52

Better Credit Blog

JANUARY 29, 2021

Credit applications result in hard inquiries, which allow lenders to access your credit reports. Microbilt is a third-party credit report provider that helps lenders assess how risky prospective borrowers are. They occur when you apply for credit, and they allow lenders access to all the data in your credit reports. Charge offs.

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Lender Loans Repossession Foreclosure 52

Troutman Sanders

OCTOBER 26, 2020

Federal Activities: On October 23, the Financial Action Task Force concluded its 32nd plenary meeting and continued to focus on the impact of the COVID-19 pandemic on detecting and countering fraud, including attempts to defraud government-backed stimulus programs. For more information, click here. For more information, click here.

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Financial services Financial Institution Foreclosure Banks 52

Collection Industry News

MAY 30, 2022

abusive acts or practices); (2) any of the 18 enumerated consumer laws listed within the CFPA ( e.g. , Equal Credit Opportunity Act, Fair Debt Collection Practices Act, Truth in Lending Act); or (3) any rule or order prescribed by the CFPB, such as consent orders. The interpretive rule is meaningful more for its timing than its content.

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Fair Debt Collection Foreclosure Retail Trade 40

Fraser

SEPTEMBER 3, 2020

” Landlords can still charge and collect of fees, penalties, and interest as a result of the failure to pay rent, assuming they are allowed for under the lease. A court could find that the general common law of contracts and court eviction-governing statutes could be the exact laws that shall not be preempted by the federal scheme. .

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Foreclosure Legal Rights Judgment Lender 40

Debt Free Colorado

MARCH 3, 2023

For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. Are you at risk of falling into foreclosure, being evicted, or having your utilities cut off? Those who are no longer able to pay their debts can, however, start over through a legal process.

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Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 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

JANUARY 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. The PPP will open to all participating lenders shortly thereafter. You may access this interactive tool at [link].

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

JULY 20, 2020

On June 30, 2020, Fannie Mae updated its “COVID-19 Frequently Asked Questions” as part of an ongoing effort to provide guidance to lenders and servicers in connection with the COVID-19 national emergency. Interest accrual and collection of fees on outstanding state medical and student debt are suspended until August 15 as well.

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Financial services Loans Banks Financial Institution 52

Troutman Sanders

MAY 9, 2023

On May 4, the White House published technology standard document “United States Government National Standards Strategy for Critical and Emerging Technology.” For more information, click here. competitiveness and national security ….” For more information, click here. On May 4, Colorado Governor Jared Polis signed SB93 into law.

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Financial services Student loans Student Loans Loans 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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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

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].

Financial services 52

Financial services Foreclosure Collection Agencies Collections Agency 52

Troutman Sanders

AUGUST 14, 2023

The extensive network of loan-broker channels and increased involvement of nonbank lenders have resulted in growth in the availability of loans for purchase. Government Accountability Office (GAO) updated its priority open recommendations to the OCC, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. 1139 and S.

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Financial services Foreclosure Banks Loans 52

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. This is one of the top lenders we’ve used personally to secure big savings.

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Foreclosure Lender Loans Collections 40

Troutman Sanders

JANUARY 30, 2023

In 2021, the Office of Comptroller of Currency (OCC) issued Interpretive Letters 1174 and 1179 , governing the permissibility of national banks to issue dollar tokens. On January 20, the CFPB urged mortgage servicers to remind homeowners with sufficient home equity that a traditional sale could provide a better alternative to foreclosure.

Financial services 52

Financial services Foreclosure Banks Trade 52

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. The portal will open fully on January 19 to all participating PPP lenders to submit First and Second Draw loan applications to the SBA.

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Financial services Garnishment Foreclosure Government 52

Collection Industry News

AUGUST 16, 2021

Mortgage lenders often ignored pleas for assistance when borrowers fell behind on their loans. 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.

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Foreclosure Loans Banks Lender 40

Troutman Sanders

FEBRUARY 22, 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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Financial services Student loans Student Loans Financial Institution 52

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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