Collection Industry News

JULY 18, 2022

Fitch Ratings-New York-15 July 2022: Borrowers continue to work with their servicers post-forbearance to avoid loan default, according to Fitch Ratings’ 1Q22 U.S. 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.

Foreclosure 40

Foreclosure Loans Banks Bankruptcy 40

Troutman Sanders

MAY 10, 2022

On May 3, the New York State Senate passed S5473D (Bill), which will apply immediately in all actions “in which a final judgment of foreclosure and sale has not been enforced.” ( See S5473D at Section 10.) 3d 1 (2021), and retroactively annul lenders’ longstanding right to revoke their option to accelerate mortgage loans after default.

Foreclosure 59

Foreclosure Lender Judgment Loans 59

Collection Industry News

FEBRUARY 22, 2021

Department of Agriculture has announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA). USDA will work with the U.S. For servicing information, access farmers.gov.

Foreclosure 40

Foreclosure Loans Collections Garnishment 40

Credit Corp

JANUARY 24, 2024

A VA home loan is a mortgage backed by the Department of Veterans Affairs (VA) for service members, veterans, and their families. The purpose of VA loans is to help veterans purchase homes with lower interest rates and better terms. Read on to learn how to get a VA loan with bad credit. What Are the Benefits of a VA Loan?

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Loans Chapter 7 bankruptcy Foreclosure 52

Account Recovery

DECEMBER 21, 2023

The Consumer Financial Protection Bureau yesterday announced it had filed suit against a developer and lender for operating an illegal land sale scheme and targeting Hispanic borrowers with loans they couldn’t afford, many of which ended up in foreclosure and allowed the company to repeat the process.

Foreclosure 147

Foreclosure Lender Loans 147

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Section 362 of title 11 of the United States Code (the “Bankruptcy Code”) provides that the filing of a bankruptcy petition results in an automatic stay generally enjoining all actions, including a foreclosure sale, against a debtor or its property. [1]

Foreclosure 40

Foreclosure Debtor Bankruptcy Judgment 40

Jimerson Firm

MARCH 19, 2021

When a lender holds a defaulted loan there are several issues that need to be considered before initiating a foreclosure. Additionally, specific Federal regulations may also apply and provide additional requirements for lenders holding VA loans or FHA loans, or provide protections for service members. Florida State Laws.

Loans 98

Loans Foreclosure Lender Accrued Interest 98

Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. On February 14, 2023, the New York Court of Appeals overturned the Appellate Division, Second Department’s Kessler decision, which had applied a strict application of Real Property Actions and Proceedings Law § 1304, also known as a 90-day notice.

Foreclosure 52

Foreclosure Lender Bankruptcy Judgment 52

Jimerson Firm

JUNE 28, 2021

In Florida, a lender initiates a foreclosure by commencing a lawsuit in the county where the property is located. If the lender is successful, the lender will receive a final judgment of foreclosure from the court and the property will be sold at a public auction. Sometimes, a lender’s foreclosure lawsuit will be dismissed.

Foreclosure 90

Foreclosure Lender Judgment Banks 90

Jimerson Firm

MARCH 24, 2021

On Tuesday, March 23, 2021, four of our partners presented Properly Handling Mortgage Foreclosures. This webinar addressed what is new in foreclosures, including recent developments in the law since the last foreclosure crisis and how banks can utilize the law to their advantage. There is a tenant in the foreclosed property.

Foreclosure 52

Foreclosure Financial services Banks Financial Institution 52

Burr Forman

JULY 27, 2021

In just a few days, on July 31, 2021, the national moratoriums on residential evictions and foreclosures are set to expire. The new program is aimed at reducing the monthly payments for individuals with qualifying mortgage loans. Department of Agriculture. 1] The White House, www.whitehouse.gov , July 23, 2021.

Foreclosure 52

Foreclosure Loans 52

Jimerson Firm

MAY 17, 2021

In order to maintain a foreclosure action against a borrower, lenders must ensure they can establish “standing”. Standing is a fundamental requirement for a foreclosure, as lenders who desire to initiate a foreclosure proceeding are required to have standing. Aurora Loan Services, LLC, 163 So. What is Standing?

Foreclosure 52

Foreclosure Lender Judgment Banks 52

Troutman Sanders

DECEMBER 21, 2023

Department of Justice (DOJ) filed a complaint in a Texas federal court against Colony Ridge Development, LLC (Colony Ridge), its affiliates, and Loan Originator Services, a Texas mortgage company, for allegedly operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans.

Loans 52

Loans Foreclosure Lender Banks 52

Jimerson Firm

MAY 26, 2021

Lenders need to be aware that borrowers and other lienholders can bring an action or proceeding to set aside, invalidate, or challenge the validity of a final judgment of foreclosure of a mortgage, even after the foreclosure sale. When Can the Foreclosure Sale Be Invalidated? Nationstar Mortg., Diaz , 227 So. 3d 726, 730 (Fla.

Foreclosure 52

Foreclosure Lender Collateral Judgment 52

Jimerson Firm

OCTOBER 22, 2020

Sometimes, foreclosure of a commercial property is the only option available to lenders and servicers to limit losses as a result of defaults on hotel and restaurant mortgages. Parts 1-4 of this series discussed pre-foreclosure options available to lenders dealing with hotel/restaurant mortgage defaults. 702.015(4) , Fla. York, 903 So.

Foreclosure 94

Foreclosure Lender Judgment Collateral 94

Jimerson Firm

JANUARY 14, 2021

The first half of this series evaluated options available to lenders prior to instituting a commercial foreclosure action. The second-half of this series has evaluated available options to lenders during the pendency of the foreclosure action. 1), directs the defendants to show cause why a foreclosure judgment should not be entered.

Foreclosure 90

Foreclosure Lender Judgment Law Firms 90

Jimerson Firm

NOVEMBER 13, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. if the collateral is likely to be acquired by SBA or the lender at the foreclosure sale, the expenses associated with the care, preservation and resale of the acquired collateral. Lien Foreclosure.

Loans 98

Loans Collateral Foreclosure Lender 98

Jimerson Firm

MAY 25, 2021

In every foreclosure action, the foreclosing lender will be required to publish some sort of legal advertisement or notice in a newspaper (e.g. the Notice of Foreclosure Sale). Since publishing a legal notice concerning a foreclosure action is inevitable, it is imperative for lenders to know how to do so properly. Conclusion.

Foreclosure 52

Foreclosure Lender Judgment Construction 52

Troutman Sanders

FEBRUARY 23, 2021

Engel, the Court of Appeals established a bright-line rule that when the acceleration of a mortgage debt occurs by filing a foreclosure complaint, a lender’s voluntary discontinuance of that action constitutes a revocation of acceleration as a matter of law, absent an express, contemporaneous statement to the contrary by the lender.

Foreclosure 52

Foreclosure Lender Loans Banks 52

Jimerson Firm

MAY 21, 2021

Except in cases of an owner-occupied residence, lenders are entitled under Florida law to receive payments during the pendency of a foreclosure proceeding. Courts have held that reference to “some other method of enforcement” of a court’s payment order includes the entry of a foreclosure judgment. 2), Florida Statutes.

Foreclosure 52

Foreclosure Lender Judgment Loans 52

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.

Foreclosure 98

Foreclosure Lender Banks Collateral 98

Jimerson Firm

JULY 20, 2020

In 2013, the Legislature enacted Section 702.015 , Florida Statutes, which sets forth new pleading requirements for residential foreclosure actions. At that time, the Legislature requested the Florida Supreme Court to amend the Florida Rules of Civil Procedure to provide expedited foreclosure proceedings in conformity with Section 702.015.

Foreclosure 52

Foreclosure Banks Judgment Financial services 52

Jimerson Firm

NOVEMBER 23, 2020

When a small business association (“SBA”) loan is converted to liquidation status, the lender must begin liquidating the collateral. if the collateral is likely to be acquired by SBA or the lender at the foreclosure sale, the expenses associated with the care, preservation and resale of the acquired collateral. Liquidation Methods.

Collateral 98

Collateral Loans Secured Creditor Lender 98

Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. a bankruptcy filing, business shutdown, or foreclosure by a prior lienholder) that caused the loan to be classified in liquidation status or sooner if the collateral could be removed, lost, or dissipated. SOP 50 57 2 ; SOP 50 55.

Collateral 98

Collateral Loans Lender Repossession 98

Credit Corp

DECEMBER 14, 2020

And her bank wouldn’t give her and her husband Larry a loan to buy a replacement home. Brenda’s still tending her garden, though, thanks to a second-chance loan from the New Hampshire Community Loan Fund-a Community Development Financial Institution (CDFI). Flexible loan amounts. Flexible loan amounts.

Lender 98

Lender Loans Financial Institution Personal loans 98

Jimerson Firm

DECEMBER 30, 2020

In the event a borrower is seriously delinquent on making payments under a SBA loan, or the SBA loan is classified in liquidation status, lenders and CDCs must develop a prudent and commercially reasonable strategy to maximize their recovery on the loan. SOP 50 57 ; SOP 50 55. SOP 50 57 2; SOP 50 55.

Loans 98

Loans Collateral Lender Foreclosure 98

Jimerson Firm

JUNE 30, 2021

However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. 2016) , lenders may be able to file a foreclosure lawsuit on the same property more than once. In this case, the mortgagee brought two foreclosure lawsuits against the mortgagor.

Lender 96

Lender Foreclosure Banks Judgment 96

Better Credit Blog

SEPTEMBER 30, 2021

Department of Veterans Affairs offers what are called VA Loans to people who currently serve or have served in the armed forces, or their surviving spouses. These loans can save them money and make the home-buying process go a little smoother. VA loans and how they differ from a regular loan. Benefits of a VA loan.

Loans 76

Loans Lender Credit Unions Credit Unions 76

Credit Corp

MARCH 9, 2021

When you’ve missed a mortgage payment your mind may immediately spiral to foreclosure. Foreclosure. But, it should bring you some peace of mind to know that foreclosure is not the immediate consequence for missing a loan payment. Foreclosure doesn’t really come up until you’ve missed two or three payments.

Foreclosure 112

Foreclosure Lender Loans 112

Jimerson Firm

APRIL 2, 2021

Lenders must pay particular attention to subordinate liens and encumbrances prior to initiating any foreclosure action. Lenders can discover whether subordinate liens and encumbrances exist on a property by performing a title examination prior to initiating foreclosure. & Loan Ass’n, 214 So.2d Subordinate Liens.

Lender 97

Lender Foreclosure Judgment Collateral 97

Jimerson Firm

JANUARY 22, 2021

The first-half of this series evaluated considerations for lenders faced with borrowers who were unable to meet their mortgage and loan obligations. The second-half of this series evaluated options available to lenders during the commercial foreclosure process. Opportunities to Gain Concessions in Loan Workouts with Existing Borrowers.

Foreclosure 98

Foreclosure Lender Loans Collateral 98

Better Credit Blog

MAY 11, 2022

million people carry some form of student loan debt, with most averaging around $39,000 —although many of us have a lot more. Refinancing your student loans could help lower your monthly payments and reduce your overall repayment amount. Keep reading for a deep dive into our picks for the seven best student loan refinancing companies.

Student loans 71

Student loans Student Loans Loans Lender 71

Credit Corp

JUNE 14, 2023

More than 10% of subprime auto loan customers were behind on payments by 60 days or more in early 2021. We’ll break down when a car payment is late, as well as other common loans, so you’ll be prepared to pay your loans on time. How Late Can You Be on a Mortgage Loan Payment? How Late Can You Be on Student Loans?

Repossession 83

Repossession Student loans Student Loans Lender 83

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?

Loans 94

Loans Foreclosure Lender Government 94

Troutman Sanders

DECEMBER 9, 2021

& Loan Ass’n , No. 2021), the Sixth Circuit held that an alleged denial of a loan is a sufficient injury to confer standing under Article III of the Constitution. The plaintiff, Judy Fillinger, applied for a loan with Third Federal Savings and Loan Association (Third Federal) in August 2020. In Fillinger v.

Loans 52

Loans Foreclosure Bankruptcy Lender 52

Better Credit Blog

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

Debt Consolidation 52

Debt Consolidation Loans Lender Debt settlement 52

Better Credit Blog

AUGUST 9, 2021

Even just one outstanding debt is a headache that can drag down your credit rating and make it tough to get a loan for a home or a car. Having several outstanding loans is even worse, as it can be difficult to keep track of payments and due dates, which makes it easier to miss a payment and thus damage your score even further.

Debt Consolidation 52

Debt Consolidation Loans Lender Debt settlement 52