Account Recovery

FEBRUARY 12, 2021

Judge Grants MSJ for Defendant in TCPA, FDCPA Case Over Calls to Cell Phone; FTC Bans Payday Lender appeared first on AccountsRecovery.net.

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FFGN COLLECT NY

SEPTEMBER 23, 2022

Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. Since the documents anticipate a default in payment by the buyer, why then do merchant cash advance companies record judgments in New York? New York is one of the most liberal states when it comes to judgment enforcement.

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Judgment Lender Judgment Enforcement Banks 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. If the Lender Was Unsuccessful, Should It Appeal?

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Foreclosure Lender Judgment Banks 90

Credit Corp

JUNE 3, 2020

A judgment is an order issued by a court of law. If they are successful, the court issues a judgment against you. What Happens After a Judgment Is Entered Against You? The court enters a judgment against you if your creditor wins their claim or you fail to show up to court. What Is a Judgment on Property?

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Jimerson Firm

JUNE 30, 2021

When a borrower defaults on a mortgage, lenders will likely execute their right to foreclose on the property by filing a lawsuit. However, lenders are not always the successful party in the foreclosure and, to the disappointment of the lender, the lawsuit may be dismissed. Greymar Associates , 882 So. 2d 1004 (Fla. 3d 1009 (Fla.

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Lender Foreclosure Banks Judgment 96

Sawin & Shea

APRIL 26, 2023

A judgment lien against you can have a variety of distressing and negative consequences. Read on to learn everything you need to know about judgment liens in Indiana, including how they work and how to avoid them. What Is a Judgment Lien? Judgment Liens in the Hoosier State In Indiana, judgment liens last for 10 years.

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Judgment Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy 52

FFGN COLLECT NY

JUNE 29, 2022

Are you wondering what documentation or proof you will need to provide in order to vacate a default judgment in New York? Similarly, do you need proof to vacate a judgment entered pursuant to a confession of judgment you signed outside of New York that was entered in New York before the law changed prohibiting this practice?

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Judgment Lender Banks Debtor 52

FFGN COLLECT NY

DECEMBER 6, 2022

Can you use a New York debt collection judgment to lien a debtor’s co-op or condo? As a judgment creditor, you want to restrain, attach and lien as many of the judgment debtor’s assets in order to satisfy your judgment. The lender — the bank — has first priority over the stock and lease.

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Judgment Collections Creditors Debtor 52

Jimerson Firm

OCTOBER 28, 2020

Lenders should be cognizant about what expenses are classified by the SBA as recoverable or non-recoverable. Expenses incurred by a 7(a) Lender or CDC that failed to liquidate the SBA Loan in accordance with Loan Program Requirements, including those pertaining to Liquidation or Litigation Plans. What Expenses are Recoverable. .;

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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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Construction Lender Loans Banks 98

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. The property was acquired by a “person affiliated with” the foreclosing lender or the borrower.

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Foreclosure Lender Collateral Judgment 52

FFGN COLLECT NY

MAY 24, 2022

Confessions of judgment may no longer be permitted as part of the necessary documents when buying or selling financial services or products to consumers in New York. Senate bill S2632 is another overt action taken by New York state to limit the entry of judgments without due process to the borrower or debtor.

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Financial services Judgment Debtor Creditors 52

Collection Industry News

MARCH 8, 2021

According to the FTC’s settlement, the company has been “permanently banned from the payday lending industry, including making loans or extending credit of any kind,” in addition to a $114 million monetary judgment to be suspended upon transfer of all the company’s holding accounts to the FTC.

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Lender Loans Judgment Banks 40

FFGN COLLECT NY

MAY 8, 2024

New York allows judgment creditors to restrain bank accounts belonging to judgment debtors once a judgment is entered. Turning over exempt funds to a judgment creditor or their agent is unlawful. Pathward ignored these rules and froze people’s accounts anyway. The courts also maintain a list of exempt funds.)

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Banks Debt collector Judgment Creditors 52

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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Jimerson Firm

MAY 24, 2021

If this happens, the tax lien will become superior to the lender’s mortgage lien. This may be troublesome for lenders because the property may then be sold for taxes, which will eliminate the lender’s mortgage lien. If, however, a tax deed is issued, the lender will have an opportunity to redeem the property. 197.122(a).

Collateral 52

Collateral Lender Foreclosure 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.

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Collection Industry News

MARCH 15, 2021

When Sonja Pennell defaulted on a loan from lender MobiLoans, Pennell sent a letter refusing to pay her debt and requesting that all future debt communications stop. The 7 th Circuit thus vacated the district court’s judgment and remanded with instructions to dismiss for lack of subject-matter jurisdiction.

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Fico Collections

JULY 19, 2021

Lenders face a myriad of challenges these days. The ideal target audience for pooled models are small and regional banks and credit unions that currently use either: a generic score, and/or judgmental score or rules for their originations decisioning. Industry-leading models, like FICO® ARM 4.0,

Lender 52

Lender Credit Unions Credit Unions Financial Institution 52

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.

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Foreclosure Lender Judgment Law Firms 90

Sawin & Shea

DECEMBER 7, 2023

In the state of Indiana, law dictates that the lender must contact you at least 30 days prior to filing the suit with the following information: The lender must inform you of the default. The lender must provide you guidance in seeing the assistance of a mortgage foreclosure counselor. Foreclosures in Indianapolis?

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Foreclosure Chapter 13 bankruptcy Lender Bankruptcy 52

Collection Industry News

JANUARY 24, 2022

On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor BrightSpeed Solutions and its founder Kevin Howard (collectively, “defendants”), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors.

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Judgment Acquisition Law Firms Financial Institution 40

Collection Industry News

JULY 27, 2021

The industry trade teams challenging the CFPB’s rule that is final Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a movement for summary judgment. The plaintiffs argue that the payments provisions should be held unlawful and set aside for the following reasons in their summary judgment motion.

Trade 40

Trade Judgment Loans Accrued Interest 40

Jimerson Firm

FEBRUARY 15, 2021

Although Florida foreclosures are governed by Chapter 702 of the Florida Statutes , foreclosing lenders must also check the local rules of the court where the lawsuit is filed to make sure that they comply with any additional requirements. In addition, foreclosing lenders in Duval county will be required to pay an additional $140.00

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Foreclosure Judgment Lender Government 98

Credit Corp

FEBRUARY 9, 2024

Foreclosure means that your mortgage lender can legally repossess your house due to nonpayment. Home mortgage rates will define when lenders can begin the foreclosure process—this is typically determined by how behind on your payments you are. Not all states allow deficiency judgments in all circumstances. What Is Foreclosure?

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Foreclosure Lender Bankruptcy Loans 52

FFGN COLLECT NY

MAY 9, 2022

New York state law governs most merchant cash advance agreements – even though neither the borrowers nor lenders are typically located in New York. When there is a default on these agreements, the lender must pursue the borrower through debt collection in New York. What Happens When Borrowers Default on Merchant Cash Agreements.

Collections 52

Collections Judgment Lender Banks 52

Troutman Sanders

FEBRUARY 26, 2021

SN Servicing, LLC , a district court in the Ninth Circuit denied a defendant’s motion for summary judgment regarding the plaintiffs’ allegations that the defendant violated the Fair Debt Collection Practices Act and Oregon Unlawful Debt Collection Practices Act in its mortgage servicing activity.

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Foreclosure Judgment Collateral Fair Debt Collection 52

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.

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Foreclosure Lender Judgment Loans 59

Troutman Sanders

MARCH 11, 2024

A person is a consumer loan lender if the totality of the circumstances show that the person is the lender and the transaction is “structured to evade” the requirements of the CLA or if such person holds, acquires, or maintains (directly or indirectly), the predominant economic interest in the loan.

Banks 52

Banks Lender Loans Judgment 52

Troutman Sanders

JANUARY 10, 2023

The Engel decision allowed lenders and servicers to voluntarily pause the statute of limitations on foreclosures and reserve the right to restart the action again, as long as it was done within six years. Engel , 37 N.Y.3d 3d 1 (2021).

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Foreclosure Lender Judgment Loans 52

Troutman Sanders

JULY 28, 2020

That remedy, called a deficiency judgment, is often available in judicial foreclosure proceedings. But unless a deficiency judgment is on the table in the proceeding, a person judicially enforcing a deed of trust is seeking only the return or sale of the security, not to collect a debt.”.

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Foreclosure Judgment Collections Fair Debt Collection 52

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 real property, the lender must liquidate all parcels of real property that has a Recoverable Value over $10,000. Is the Recoverable Value of the Property Over $10,000? See SOP 50 57.

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Loans Collateral Foreclosure Lender 98

Troutman Sanders

JANUARY 19, 2023

Boskoski , the appeal arose out of the debtor’s attempt to avoid, in bankruptcy, a 2014 judgment lien in the original amount of $256,075.95 Our Take Lenders to homeowners in the Ninth Circuit should take note of this decision, as it materially increases the risk that lenders’ liens may be avoided under 11 USC 522(f).

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Bankruptcy Debtor Judgment Lender 52

Jimerson Firm

FEBRUARY 3, 2021

In Florida, lenders may find themselves foreclosing on real property with a mobile home attached to the land. On the other hand, if the mobile home is not retired and the lender has a perfected lien on the mobile home, the lender must use replevin in addition to the foreclosure. Is the Mobile Home Retired?

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Better Credit Blog

JUNE 1, 2022

The lender puts the payments from a traditional credit-builder loan into a certificate of deposit, which may earn interest and is given to the borrower when the loan is paid off, usually within a year. Having unresolved financial judgments can make it difficult to get. Who Needs a Credit Builder Loan? Importance of Credit History.

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Loans Credit Unions Credit Unions Lender 95

Sawin & Shea

FEBRUARY 28, 2023

Foreclosure is when a lender exercises its right to seize your mortgaged property if you fail to repay your loan. Your lender will then notify you that you are in default and begin foreclosure proceedings. Your lender will then notify you that you are in default and begin foreclosure proceedings. What is foreclosure?

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Foreclosure Chapter 13 bankruptcy Loans Bankruptcy 75

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. Lenders must ensure compliance with all relevant State and Federal laws and regulations to preserve their remedies for recovery. Florida State Laws. Foreclosures are a state law proceeding first and foremost.

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