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. 697.07 (2).

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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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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. Modifying the loan terms can make mortgage payments more affordable and sustainable for struggling homeowners. How Do Fannie Mae and Freddie Mac Work? But how does it work?

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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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Debt Guru

JULY 28, 2021

First, Make Contact With Your Loan Servicer. Before deciding how to move forward, your first step is to contact your mortgage loan servicer. Because loans are often sold to other lenders, it might not be the servicer that first agreed to grant you the mortgage. Refinance Your Loan. Loan Modification.

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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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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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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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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. Further assistance was announced in July offering customers a further four month deferral or the option to restructure their loan. Financial Cliff: More Problems to Come.

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Qualco

MARCH 12, 2024

This is quite surprising given the importance of collections operations for lenders, even more so for servicers, with collections being their core business. Lending: To manage banking portfolios, one must understand good lending practices and the regulatory framework that governs them.

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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. For more information, click here. For more information, click here. On August 3, the Washington, D.C.

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Debt Free Colorado

MARCH 10, 2023

Short sales and loan modifications are viable alternatives to bankruptcy. You can never obtain a loan or a mortgage. The following are some of the most common bankruptcy myths in Littleton, Colorado: Myth #1: Short sales and loan modifications are viable alternatives to bankruptcy. Definitely not.

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The Creditors Rights

JUNE 7, 2016

Many lenders attempt to render their borrower bankruptcy remote by requiring the borrower to have on its board a director, known as a “blocking director,” whose consent is required for any bankruptcy filing. This harsh lesson was learned by the lender in In re: Lake Michigan Beach Pottawattamie Resort, LLC , 547 B.R. 899 (Bankr.

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Titan Consulting

AUGUST 23, 2020

When government assistance is not providing enough income to cover job losses, should you file for bankruptcy or hold out for the economic recovery? Filers can typically retain the home and vehicle as long as you make payments on the loan. Federally managed student loans received an automatic six-month payment waiver.

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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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Sawin & Shea

OCTOBER 6, 2021

While the government created programs to assist those financially affected—such as the CARES Act—many who were already struggling before the hit of COVID-19 fell even further into debt. After the pandemic hit and it was evident that Americans were struggling to make ends meet, the government took action and enacted the CARES Act.

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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. The department estimates the waiver will make roughly 22,000 borrowers immediately eligible to have their loans erased automatically.

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

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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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Better Credit Blog

JANUARY 29, 2021

If you’ve come across a new entry on your credit report from Microbilt, it’s probably the result of a recent application for a loan or credit card. Credit applications result in hard inquiries, which allow lenders to access your credit reports. However, you shouldn’t constantly apply for new credit cards and loans.

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Troutman Sanders

JULY 21, 2021

Luisa Palmero signed five documents related to a reverse mortgage on their primary residence and homestead: (1) a residential loan application; (2) a home equity conversion loan agreement; (3) an adjustable-rate note; (4) a nonborrower spouse ownership interest certification; and (5) a reverse mortgage.

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Credit Corp

MAY 1, 2024

Your credit score doesn’t say anything about your worth, but it can affect your ability to qualify for loans, credit cards, and lines of credit. Balance and credit limit errors may artificially inflate your utilization ratio, making it more difficult to qualify for loans and credit cards.

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

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Troutman Sanders

NOVEMBER 30, 2020

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. These preliminary investigations indicate that some lenders could face civil and/or criminal charges relating to the PPP.

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Financial services Foreclosure Student loans Student Loans 52

Sawin & Shea

OCTOBER 6, 2021

While the government created programs to assist those financially affected—such as the CARES Act—many who were already struggling before the hit of COVID-19 fell even further into debt. After the pandemic hit and it was evident that Americans were struggling to make ends meet, the government took action and enacted the CARES Act.

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Bankruptcy Chapter 13 bankruptcy Lender Government 52

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. When the lead debtor on a co-signed loan is discharged in bankruptcy, the co-signers may still be required to pay back all or part of the loan. What Can’t Bankruptcy Do?

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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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Credit Corp

FEBRUARY 23, 2021

Amidst the chaos of the pandemic, federal and state governments have made efforts to protect against the financial strain U.S. consumers are enduring—including mortgage payment forbearance of foreclosure. Repayment terms are negotiated between the borrower and lender. What Is a Forbearance? There’s an important distinction here.

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Collection Industry News

MAY 30, 2022

The CFPA allows such concurrent actions except in a few instances, such as for mortgage loan modification and foreclosure rescue services. In the days leading up to the closing of a credit facility, it is not uncommon for the administrative agent to ask each lender a simple question, “do you need a note?”.

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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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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.” On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans.

Financial services 52

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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. – 12:00 noon PST.

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Better Credit Blog

FEBRUARY 15, 2021

Education loans, tuition, fines and fees. Government fines and fees. Mortgages and loans. Lenders and companies who provide you with paid services will attempt to reach you to collect payment on late accounts for a period of time. Foreclosure. Self-pay collections. Parking tickets. Utility bills. Credit cards.

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Troutman Sanders

JULY 20, 2020

The Federal Reserve Board approved two new loan options to provide support to a broad set of nonprofit organizations that were in sound financial condition prior to the pandemic. The SBA has prohibited banks from favoring a PPP loan application from a director or equity holder. For more information, click here.

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Credit Corp

FEBRUARY 22, 2021

Amidst the chaos of the pandemic, federal and state governments have made efforts to protect against the financial strain U.S. consumers are enduring—including mortgage payment forbearance of foreclosure. Repayment terms are negotiated between the borrower and lender. What Is a Forbearance? There’s an important distinction here.

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Foreclosure Loans Lender Government 52

Credit Corp

JUNE 7, 2021

Two common loan options are conventional and FHA loans. A Federal Housing Administration loan, or FHA loan, is insured by the federal government. A conventional loan is not. But when it comes to conventional loans vs. FHA loans, which one is right for you? Conventional Loan vs. FHA Loan.

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