Troutman Sanders

FEBRUARY 24, 2023

On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has issued orders to nine of the largest auto lenders requesting information about their auto lending portfolios. The data requests are extensive and request information about originations, servicing, and repossessions over the past five years.

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Lender Repossession Loans Collections 52

Sawin & Shea

OCTOBER 26, 2022

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation. Payday loans.

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Personal loans Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy 98

Nerd Wallet

AUGUST 31, 2021

Car loans work by providing a lump sum of money for you to buy a car. Then, it’s yours to drive, while also making monthly payments on the loan (with interest) over time. Until you fully repay the loan, the lender holds the title to the car and can repossess it if you fall behind. The article How Do Car Loans Work?

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Sawin & Shea

MAY 26, 2020

I’m here to talk to you today about repossessions. I know currently with this current COVID-19 crisis, many car lenders have voluntarily suspended repossessions. There is no state mandate keeping them from repossessing cars. The first thing you might want to do is talk to your lender. This is voluntary.

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Jimerson Firm

NOVEMBER 16, 2020

When a borrower applies for a loan, most lenders require the borrower to pledge an asset as security for the repayment of the loan, i.e. collateral. In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. 679.609, Fla.

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Sawin & Shea

JANUARY 18, 2024

As you think about filing bankruptcy, it’s crucial to understand the interaction between Chapter 13 and car loans. Bankruptcy can impact various aspects of your financial life, including existing car loans. How Does Chapter 13 Bankruptcy and Auto Loans Work? What is Chapter 13 Bankruptcy?

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Credit Corp

DECEMBER 14, 2021

Can you transfer your car loan to another person and have them take over your car payments? We’ll begin this guide with a solid answer to the loan assumption question: can someone else assume your car loan , and if so, how do they do that? Can someone take over your car loan? How do you take over someone’s car loan?

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Troutman Sanders

FEBRUARY 29, 2024

Specifically, the CFPB is proposing to collect a set of data annually from lenders that originate or acquire more than 20,000 auto loans in the previous calendar year. The CFPB also proposes to collect a set of data annually from lenders that originate between 500 and 20,000 loans in the previous calendar year.

Repossession 52

Repossession Lender Loans Collections 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. Lenders must liquidate all personal property that has a Recoverable Value over $5,000. In Florida, the lender can choose from the following methods: UCC Sale. Liquidation Methods.

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Credit Corp

JANUARY 11, 2024

Request a loan deferment If your financial difficulties are temporary, you may be able to request a pause on your car loan payments. For example, if you lost your job and need time to find a new one or were off work for a medical emergency, your lender may be willing to work with you. Your current loan balance is $12,600.

Repossession 52

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Jimerson Firm

NOVEMBER 11, 2020

Conducting site visits are an important aspect of servicing SBA loans. Site visits allow lenders and CDCs to gain a first-hand impression of the borrower’s business operations, evaluate risks, and inventory the collateral. Within fifteen (15) days of the occurrence of an adverse event (i.e. SOP 50 57 2 ; SOP 50 55. See SOP 50 57 2.

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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?

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Repossession Student loans Student Loans Lender 83

Collection Industry News

FEBRUARY 21, 2022

BOSTON (AP) — A subprime auto lender has agreed to pay more than $5.5 million to Massachusetts to resolve allegations that it did not provide proper explanations about its auto loan debt collection practices to consumers, the state attorney general’s office said Friday. The post Auto Lender Santander Agrees To Pay $5.5M

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Lender Repossession Collections Loans 40

Credit Corp

MARCH 7, 2021

Everything is online these days—including personal loans. Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. Personal loans were the fastest-growing category of consumer debt in 2019 , according to a survey from J.D. What is an online personal loan?

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Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. All of the original terms of the loan are back in force, including the creditor’s right to repossess the collateral if you get behind on payments in the future.

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Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Roths Child Law

APRIL 10, 2024

What if you still owe money on an auto loan? If you still owe money on your car loan, the lender may consider repossessing the car. Tennessee bankruptcy laws do not offer a motor vehicle exemption, but you could use the $10,000 wildcard exemption to cover your vehicle.

Bankruptcy 52

Bankruptcy Repossession Loans Lender 52

Troutman Sanders

NOVEMBER 18, 2022

On November 17, the Consumer Financial Protection Bureau (CFPB) announced it is seeking public comment on its proposal to develop a new data set to better monitor the auto loan market. Because student loans are largely administered by the federal government, we know more about them too.

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Nerd Wallet

MARCH 21, 2022

Bad-credit car dealerships sell and finance vehicles for people with low credit scores, no credit, past bankruptcies, car repossessions or other credit issues. Some of these dealerships specialize in working with lenders that are more inclined to approve bad-credit borrowers. Shannon Bradley writes for NerdWallet.

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Repossession Bankruptcy Lender Loans 67

Troutman Sanders

APRIL 24, 2023

Earlier this month, a district court for the Eastern District of Michigan dismissed on its own initiative a Fair Credit Reporting Act (FCRA) claim brought by a consumer alleging inaccurate reporting of her charged-off vehicle loan. The court’s opinion in Shelton v. Americredit Financial Services, Inc. Hence, no inaccuracy.

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Sawin & Shea

SEPTEMBER 13, 2023

A foreclosure is a process used by mortgage lenders to recover their money when a homeowner defaults on their mortgage payments. During this process, the lender will typically repossess the house and then sell it off at a public auction. The individual (you) The lender Who controls the property? What’s the Difference?

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Roths Child Law

SEPTEMBER 21, 2023

For instance, if a car is collateral for a loan and the debtor isn't making payments, the lender might be granted permission to repossess that vehicle. Sometimes, a creditor might request the court to lift the stay, especially if they believe it's not serving its intended purpose.

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Credit Corp

JULY 25, 2021

The Prime Rate Good Mortgage Interest Rates Good Car Loan Interest Rates Good Credit Card Interest Rates Good Personal Loan Interest Rates Good Student Loan Interest Rates. The prime rate at any given time is generally the best possible rate you can get, though lenders may offer rates below prime. In This Piece.

Student loans 98

Student loans Student Loans Loans Lender 98

Sawin & Shea

SEPTEMBER 14, 2022

Some examples of consumer debt include: Personal credit card debt Store financing Home mortgages Rental furniture Personal lines of credit and bank loans Vehicle leases, which can include cars, planes, boats, and more Cosmetic-based medical debt Family or personal legal fees. Are Student Loans Consumer or Non-Consumer Debts?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Student loans 122

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. Some states may also allow you to reinstate the loan up until a specific deadline.

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Foreclosure Lender Bankruptcy Loans 52

Credit Corp

APRIL 26, 2024

A 1099-c cancellation of debt form is issued when a lender forgives or cancels a debt. A property is foreclosed or repossessed. For example, you don’t need to file a 1099-C form if you loaned your brother $1,000 and then told him on his birthday you’ve decided he doesn’t have to pay you back. Your mortgage is modified.

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Repossession Creditors Bankruptcy Foreclosure 59

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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Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 82

Credit Corp

AUGUST 23, 2021

It’s a common scenario: You apply for a personal loan or credit card and get denied. The reason seems shrouded in mystery, and you receive a letter with language such as “lack of recent installment loan information” or “proportion of balances to credit limits.” 8 Common Reasons You Were Denied Credit. .”

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Lender Loans Personal loans Trade 104

Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. Obtaining Personal Loans with a Cosigner Having a co-signer on a personal loan or credit card means that you associate another individual with your debt. Additionally, having a co-signer may enable you to secure more favorable interest rates.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Collection Industry News

DECEMBER 18, 2022

The government said the programme, which was due to close at the end of December, would help buyers “navigate difficult times” It was originally designed to encourage lenders to give home loans to people offering a 5% deposit – a product that was far less available during Covid.

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Repossession Lender Government Loans 40

Sawin & Shea

NOVEMBER 15, 2023

Unsecured debt would include things like: Medical bills Credit card bills Utility bills Back rent Personal loans At the end of the bankruptcy process, the remaining balances for these types of unsecured debts will likely be forgiven. The two most common examples of secured debt are mortgages and auto loans.

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Troutman Sanders

APRIL 17, 2023

District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition on discrimination covers every aspect of an applicant’s dealings with a creditor, not just the specific terms of a loan (like the interest rate or fees). Health Career Institute, LLC, et al. Townstone Financial, Inc.

Student loans 94

Student loans Student Loans Repossession Loans 94

Sawin & Shea

APRIL 20, 2021

When an Indiana homeowner is unable to make their mortgage payments, the lender eventually starts a foreclosure. If a mortgage lender determines that an Indiana homeowner is failing to make their mortgage payments, the lender will start contacting the borrower to demand payment. How the Foreclosure Process Works in Indiana.

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Foreclosure Bankruptcy Lender Repossession 93

Sawin & Shea

APRIL 17, 2024

The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. You will not be able to discharge: Family and child support Most student loans Most local, state, and federal taxes How Does Filing Bankruptcy Impact Your Standing with Credit Bureaus?

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Credit Corp

JULY 26, 2021

Joint mortgages pass directly to co-borrowers, who become responsible for the loan. the decedent—pass to listed beneficiaries, who then become responsible for the loan. If beneficiaries can’t or won’t assume the loan, they can sell the property to settle the debt instead. Car Loan Debt. Student Loan Debt.

Student loans 98

Student loans Student Loans Credit Card Debt Loans 98

Troutman Sanders

MAY 5, 2022

Summarized below are those issues identified in the areas of auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. The CFPB sees wrongful repossessions everywhere. Student Loan Servicing. Auto Servicing.

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Troutman Sanders

JANUARY 5, 2023

In the event a car is totaled in an accident, the car buyer’s primary automobile insurance typically pays only fair market value, which may be less than the amount owed on the loan due to a vehicle’s depreciation. GAP is designed to cover a portion of this remaining balance or “gap” owed to the lender on the finance agreement.

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Credit Unions Credit Unions Financial services Repossession 52

Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.

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Unsecured Debt Collateral Secured debt Bankruptcy 52