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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Credit Corp

AUGUST 25, 2021

In 2020, the federal government signed the Coronavirus Aid, Relief and Economic Security Act into law. The CARES Act was the first act passed by the federal government to provide financial relief to businesses and individuals in light of the economic strain caused by the COVID-19 pandemic. The first was a foreclosure moratorium.

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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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Credit Corp

JUNE 12, 2023

Handling mortgage payments is challenging, especially if you’re facing economic difficulties and don’t know where or how to get financial assistance. How to Apply for the FMP Other Mortgage Payment Help Options FAQS What Is the Flex Modification Program? Are you looking to improve your mortgage management but don’t know where to start?

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Jimerson Firm

JANUARY 26, 2021

An “assignment of rents” allows the lender to collect the rent payments, if the borrower defaults on their loan payments. 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. 697.07 (3).

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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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Credit Corp

MARCH 25, 2024

Key Takeaways: An ideal down payment is 20% to 25% of a home’s value. USDA and VA home loans traditionally don’t require down payments. If you make a down payment below 20%, you may be required to get private mortgage insurance. A down payment that’s 20% to 25% of a home’s value can help you secure a property.

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Burr Forman

SEPTEMBER 4, 2020

The CDC Order protects eligible residents facing eviction from residential property due to the non-payment of rent, and could potentially subject landlords who violate the ban to criminal penalties.

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Troutman Sanders

MAY 16, 2022

The businesses allegedly impersonated law enforcement officers, government officials, process servers, and law firm personnel to scare or intimidate consumers into paying alleged debts. For more information, click here. For more information, click here. Engel , 37 N.Y.3d For more information, click here.

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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. You may access this interactive tool at [link]. For more information, click here. For more information, click here. On May 12, Oregon H.B.

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Debt Guru

JULY 28, 2021

Some of the things they will ask you are: What is your reason for not being able to make the payment? Combine that with the fact that the loan amount will be lower than your original loan (because you’ve paid off a portion of it), and the payment will be lower. All of these modifications will result in lower mortgage payments for you.

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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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Debt Free Colorado

OCTOBER 12, 2023

Key information needed includes the applicant’s Social Security Number, business name (if applicable), chosen bankruptcy chapter, filing fee payment method, past bankruptcy filings, home rental status, ownership of hazardous property, and completion of a credit counseling course. What Information Does a Bankruptcy Form Need?

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Bankruptcy Collateral Chapter 13 bankruptcy Chapter 7 bankruptcy 52

Debt Free Colorado

DECEMBER 9, 2021

The United States Bankruptcy Code governs both chapter 7 and chapter 13 bankruptcy. Your budget determines your monthly payment. Short foreclosure protection – When your home is faced with foreclosure, the automatic stay is not in effect indefinitely. The lender protects the borrower against foreclosure.

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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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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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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 14, 2023

Government Accountability Office (GAO) updated its priority open recommendations to the OCC, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve. The decision establishes a determination of the amended CCPA’s equivalence with the Data Protection Law, DIFC Law No. 5 of 2020 (DP Law 2020). For more information, click here.

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Credit Corp

MAY 1, 2024

Creditors may also make errors when reporting payment dates and payment amounts. FICO® bases its scores on five factors: Payment history (35%) Amounts owed (30%) Length of credit history (15%) Credit mix (10%) New credit (10%) Removing errors from your credit reports may have a positive impact on these factors.

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Troutman Sanders

JANUARY 4, 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. Governor Inslee allocated $54 million to these payments, which total $550 per claimant. You may access this interactive tool at [link].

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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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Collection Industry News

AUGUST 16, 2021

Or, a payment plan would offer a glimmer of hope, only to collapse into a sinkhole of paperwork and delays. 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. The federal foreclosure moratorium has ended.

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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. The six month pause on payments instituted by Australian Banks was certainly not designed to accommodate the situation we now find ourselves in. Source: [link].

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Qualco

MARCH 12, 2024

There is no need for human resources to be involved in simple payment plan extension agreements with a well-intended debtor when this can be done through a portal or an application. Lending: To manage banking portfolios, one must understand good lending practices and the regulatory framework that governs them.

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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. Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic.

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Financial services Garnishment Foreclosure Government 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. This provision is will end on October 1, 2022.

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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. This provision is will end on October 1, 2022.

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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. On April 5, the CFPB proposed a set of rule changes to help prevent foreclosures as the emergency federal foreclosure protections expire.

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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

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. On August 5, the Department of Education announced that it is extending the moratorium on federal student loan payments through January 31, 2022.

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Financial services Student loans Student Loans Foreclosure 52

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]. For more information, click here. For more information, click here.

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Debt Free Colorado

APRIL 9, 2020

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. Car Payments. Car payments should be another high priority item. Triage your finances.

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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. However, some Chapter 13 bankruptcies stipulate that your employer takes Chapter 13 bankruptcy payments from your wages. Maintaining a consistent payment history after bankruptcy can help rebuild your credit.

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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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Jimerson Firm

APRIL 29, 2021

As a subcontractor, payment for your work is critical. Does the General Contractor Have Grounds to Withhold Payment? If a subcontractor is not getting paid for work on a construction project, the subcontractor must first determine whether the general contractor has grounds to withhold payment and consult the subcontract.

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