Jimerson Firm

SEPTEMBER 28, 2020

A residential mortgage foreclosure action is initiated in Florida by filing a verified complaint with the appropriate court. If a defendant cannot be located, then service may be effected by constructive service, i.e., service by publication, which is governed by Chapter 49, Florida Statutes. 49.08, Fla.

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Jimerson Firm

DECEMBER 15, 2020

As discussed in parts 1-4 of this series, lenders have several options prior to instituting a commercial foreclosure action. Additionally, as briefly discussed in part 5 of this series, during the foreclosure action, lenders have options to try to preserve the value of the underlying collateral and to minimize further losses.

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Consumer Finance

NOVEMBER 9, 2021

Today, the Consumer Financial Protection Bureau (CFPB), jointly with other government agencies, announced a return to enforcement of critical protections for families and homeowners.

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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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Collection Industry News

AUGUST 18, 2020

Does a judicial foreclosure action constitute “debt collection activity” under the Fair Debt Collection Practices Act (“FDCPA”)? Due to a mortgage borrower’s payment default, Federal National Mortgage Association (“Fannie Mae”) filed a judicial foreclosure action in Oregon state court, seeking to force a sheriff’s sale of the property.

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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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Nerd Wallet

NOVEMBER 18, 2020

A wave of foreclosures will begin in 2021 unless lenders, nonprofits and the federal government coordinate effectively to prevent it. The COVID-19 pandemic will continue to touch every corner of the housing market in 2021. It will keep mortgage rates low and affect who will be able to buy homes. That’s not all. And housing.

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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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Sawin & Shea

APRIL 13, 2021

If you are struggling to pay your mortgage and other bills, the good news is that the CARES Act (Coronavirus Relief and Economic Security) has extended the deadline for when the foreclosure moratorium is due to expire. Can you sell your house if you are in a foreclosure situation?

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Collection Industry News

MAY 2, 2023

The advisory opinion clarifies that a covered debt collector who brings or threatens to bring a state court foreclosure action to collect a time-barred mortgage debt may violate the Fair Debt Collection Practices Act and its implementing regulation. A time-barred debt is one whose statute of limitations has expired.

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Jimerson Firm

JANUARY 26, 2021

Although the lender and borrower may agree to the assignment of rents in the loan documents, the procedure for enforcing the assignment of rent is governed by Section 697.07, Florida Statutes. This method can only be used if there is a pending mortgage foreclosure lawsuit. The Assignment of Rents Should be Recorded. 3d 932, 934 (Fla.

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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. After providing such notice, condominium associations must wait forty-five (45) days before filing a foreclosure action.

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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 case is now headed back to the Circuit Court to determine a remedy.

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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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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

MARCH 9, 2021

In deciding the issue presented to the court — “[w]hether the federal government has authority to order property owners not to evict specified tenants.” The court acknowledged the public health concern and the transmission of COVID-19 but was not persuaded by the government’s argument. Centers for Disease Control and Prevention, et al.

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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.

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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. You may access this interactive tool at [link]. For more information, click here.

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Financial services Student loans Student Loans Foreclosure 52

Burr Forman

JULY 7, 2021

The Consumer Financial Protection Bureau (“CFPB”) hopes that these provisions will prevent a new foreclosure crisis when the majority of existing foreclosure moratoria implemented by state and federal governments expire over the course of this summer.

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Burr Forman

JULY 7, 2021

The Consumer Financial Protection Bureau (“CFPB”) hopes that these provisions will prevent a new foreclosure crisis when the majority of existing foreclosure moratoria implemented by state and federal governments expire over the course of this summer.

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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. An example of this is when the stay is lifted to allow a creditor to continue a foreclosure action against real property or to allow the repossession of a vehicle.

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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. An example of this is when the stay is lifted to allow a creditor to continue a foreclosure action against real property or to allow the repossession of a vehicle.

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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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Debt Guru

JULY 28, 2021

The CARES Act allows people with a government-backed mortgage to request a 180-day forbearance on their mortgage. If your mortgage loan isn’t a government-backed loan such as a Fannie May, VA, or FHA loan, your private lender may offer you a forbearance – you will just need to call and request it. Deed-In-Lieu-of-Foreclosure.

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Jimerson Firm

OCTOBER 21, 2020

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. In other words, a legal action to foreclosure the lien must be commenced within one (1) year of filing the claim of lien. Perfecting the Lien.

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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. Student Loans Outstanding student loan debt stood at $1.57 trillion in Q2 2023.

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Collection Industry News

MAY 18, 2021

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. Clarify FDCPA coverage for non-judicial foreclosures. Specifically, the organizations opposed Title VIII of H.R.

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Qualco

MARCH 12, 2024

Lending: To manage banking portfolios, one must understand good lending practices and the regulatory framework that governs them. Understanding concepts like legal notices, lawsuits, executable orders, foreclosure and auction is necessary for those working in the legal stages of collections.

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Jimerson Firm

JUNE 23, 2021

Quiet title actions are governed by Section 65.061 of the Florida Statutes. Therefore, lenders who have a mortgage interest in property, i.e., mortgagees, do not have a right to bring a quiet title action, unless it purchases the property at a foreclosure sale. What is a Quiet Title Action? Malt & Co. , 2d 53, 55 (Fla. 65.041, Fla.

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Debt Free Colorado

MARCH 10, 2023

They are encouraged to short-sell by lenders, and the government is pushing for repayment plan negotiations, which gives them hope. A planned foreclosure or repossessed property can be prevented right away with either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Yet, fewer than 10% of these efforts succeed. Definitely not.

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Troutman Sanders

SEPTEMBER 14, 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]. While some individuals may receive benefits automatically, others may need to apply.

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Financial services Student loans Student Loans Foreclosure 52

Burr Forman

JULY 21, 2021

Jade Sipes’ experience includes representing clients in matters involving consumer protection laws, wrongful foreclosure claims, and defense against charges of liability and fraud. For more than a century, Burr & Forman LLP’s experienced legal team has served clients at the intersection of business and government.

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Troutman Sanders

JULY 21, 2021

The trial court held that Mrs. Palmero was not a “co-borrower,” but denied foreclosure “based on a federal statute that governs the insurability of reverse mortgage by the Secretary of the Department of Housing and Urban Development.” However, it held that the Third District erred in finding that Mrs.

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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). 1024.41.”.

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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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Sawin & Shea

JULY 19, 2023

Chapter 13 , or reorganization bankruptcy, stops repossessions and foreclosures so you can save your home or investment. Government employers can’t refuse to hire you because you filed for bankruptcy, but private companies can. Chapter 7 bankruptcy also stops lawsuits and wage garnishments. How Does Bankruptcy Affect Future Employment?

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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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