Better Credit Blog

MAY 12, 2022

In my recent experience, it’s not hard to remove judgments from your credit report as long as you follow the proper steps. Many readers assume it’s impossible to have the credit bureaus remove civil judgments because they involve the court system. It’s still possible you could see a judgment pulling down your credit score.

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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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Credit Corp

JUNE 14, 2020

The original lender or collection agency fails to collect within the statute of limitations. Zombie Debts and Judgments. If the original creditor went to court and obtained a judgment against you for a debt, the zombie debt cycle can be more complicated. Judgments can also show up on your credit report for years.

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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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Jimerson Firm

JULY 30, 2020

In reviewing a loan file after a default by a borrower, lenders should evaluate whether the loan includes an acceleration clause and whether the loan is secured by any personal guaranties. Part 2 of this series analyzed pre-foreclosure loss mitigation options for lenders dealing with hotel/restaurant mortgage defaults.

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Troutman Sanders

JANUARY 19, 2023

When deciding the amount of homestead exemption to which a debtor is entitled, should a bankruptcy court apply the state exemption in effect on the creation date of the lien or on the bankruptcy filing date? The debtor filed for bankruptcy protection in 2021. In Barclay v. recorded against his home. recorded against his home.

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Sawin & Shea

APRIL 19, 2023

You’ll also learn how bankruptcy can help if you do find yourself in an untenable financial situation. Lenders rarely check your credit, which means you can get a payday loan even if your credit is subpar. If the lender reports the default to your credit company, it can lower your credit score. What Is a Payday Loan?

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Nexa Collect

MARCH 12, 2021

The CFPB has the authority to stretch its long arm as far as the most remote corner of the United States and its territories in order to supervise and audit local banks, credit unions, payday lenders, debt collection agencies, and more. All that being said, in Puerto Rico interest is allowed on money judgments, at a rate of 6%.

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PBWT

DECEMBER 22, 2020

In sophisticated real estate financing transactions, most prudent lenders attempt to deter borrowers from filing for bankruptcy before loans are paid in full by providing in loan documents that such a filing constitutes an event of default. Bankruptcy Code to delay the foreclosure.

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In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. Restructuring and wind-down alternatives, including Chapter 11 bankruptcy and assignments for the benefit of creditors , may need to be considered as well. Zone of Insolvency.

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In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. Restructuring and wind-down alternatives, including Chapter 11 bankruptcy and assignments for the benefit of creditors , may need to be considered as well. Zone of Insolvency.

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In the Red

MARCH 23, 2020

Creditors cannot bring direct claims for breach of fiduciary duty, giving directors and officers flexibility in negotiations with lenders or other creditors. Restructuring and wind-down alternatives, including Chapter 11 bankruptcy and assignments for the benefit of creditors , may need to be considered as well. Zone of Insolvency.

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Credit Corp

MAY 23, 2021

Incorrect Personal Information Lender Inquiries You Don’t Recognize Accounts You Never Opened Credit Utilization Goes Up Credit Score Goes Up or Down Unexpectedly Public Records You Don’t Recognize. Warning Sign 2: Lender Inquiries You Don’t Recognize. Bankruptcies, for instance, often remain on record for up to a decade.

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Debt Free Colorado

FEBRUARY 21, 2022

Bankruptcy may appear to be a scary process, but it does not have to be. You may be able to apply for one of many different types of bankruptcy, each of which accomplishes various aims, depending on your specific situation. The federal Fair Debt Collection Practices Act (FDCPA) does not apply to the actual lender.

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Debt Free Colorado

MARCH 3, 2023

Find Out the 10 Common Questions About Bankruptcy with Colorado Bankruptcy Lawyers. The decision to file for bankruptcy is a significant one, and we are here to assist you in determining whether bankruptcy is the best course of action for your circumstances. Do bankruptcies come in different types?

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Sawin & Shea

JUNE 28, 2023

People file for bankruptcy for any number of reasons, from sky-high medical expenses to loss of income and the inability to make their mortgage payments each month. But filing for bankruptcy isn’t a shameful or immoral act. In some cases, people have spent beyond their means, and now it’s time to repay their debts.

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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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Better Credit Blog

APRIL 1, 2022

This would be money well spent if it restored your good standing with lenders in time to secure a loan with low-interest rates. In this case, you’ll need a more holistic approach to credit repair — a way to develop better habits with your lenders — so your score can increase organically. You may spend $400 to $500.

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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. People who are trying to establish credit or rebuild credit after such major problems as bankruptcy may want a credit-builder loan.

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PBWT

SEPTEMBER 8, 2021

Debtors and trustees seeking to avoid the hardship of a foreclosure often attempt to employ sections 547 and 548 of the Bankruptcy Code. [1] A recent adversary proceeding in the United States Bankruptcy Court for the District of New Jersey, Cedrick Goodman v. Debtor filed his bankruptcy on January 15, 2020.

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The Creditors Rights

JULY 5, 2016

Lenders often go to great lengths to ensure their borrowers are Special Purpose Entities —entities whose assets will not be commingled with the assets of parent or affiliated companies—rendering bankruptcy filings by the SPE less likely. In Opportunity Finance , the debtors were Petters Company, Inc. (“PCI”) The Eighth Circuit agreed.

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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. Upon default by the borrower, the lender/mortgagee can enforce the assignment of rents provided the lender/mortgagee makes written demand to the borrower for payment of the rents.

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Jimerson Firm

AUGUST 7, 2020

This new legislation is likely to be important to lenders and borrowers due to the anticipated higher volume of commercial foreclosures due to economic effects of the current COVID-19 pandemic. What is a Receiver, and Why are They Important? 714.14, Fla.

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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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Fraser

SEPTEMBER 28, 2020

When a company files for bankruptcy and it owes you money, it means you have a “claim” in the debtor’s bankruptcy proceedings. The bankruptcy court will establish a deadline, or “bar date,” by which claims must be filed. A claim, in short, is a right to payment. By When Must You File a Claim?

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Debt Guru

APRIL 12, 2020

n]: A financially detrimental debt arrangement that only benefits the lender. Unfortunately, while the former is pretty straightforward, there’s a lot of confusion surrounding the latter – something that shady or disreputable lenders use to their advantage. And storefront operations can run differently than online lenders.

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Sawin & Shea

MAY 2, 2024

If you’re struggling with overwhelming debt, you may be wondering if bankruptcy is the right solution for your financial situation. One of the most common questions people have is “How Much Debt is Needed to File for Bankruptcy?” However, that doesn’t mean bankruptcy is the best option for everyone with debt.

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Credit Corp

JUNE 14, 2023

Lenders don’t necessarily continue to report activity for the entire limit. Pro tip: If you can’t pay your mortgage due to financial hardship, contact your lender as soon as possible. Hard inquiries occur when you apply for credit, like a new credit card, and your potential lender is evaluating your application.

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Credit Corp

JUNE 8, 2023

In July 2016, the Consumer Federation of America (CFA) and VantageScore Solutions reported that most consumers—more than 80%—knew basic facts about their credit scores, including that credit scores are used by lenders to approve or deny mortgages and by credit card issuers to approve or deny credit cards. What’s On Credit Reports?

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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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Credit Corp

AUGUST 18, 2021

Mortgage lenders use various different FICO score iterations to make lending decisions—specifically FICO 2, FICO 4 and FICO 5 scores. It’ll show you the credit score that auto, home, credit card lenders see—and more. . Bankruptcies are shown, but judgments and tax liens are no longer listed. See Your Full Credit Reports.

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BN Lawyers

MARCH 23, 2020

It can make the difference between being able to work out an arrangement with a landlord or equipment lessors and needing to file for a chapter 11 bankruptcy to save your business. Most creditors (lenders, suppliers, employees) will be aware of the distress facing the entire service industry. Work with Creditors.

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Credit Corp

APRIL 2, 2024

Credit reports should no longer include details about liens and judgments, but bankruptcies do still appear. However, bankruptcies should fall off your credit report after seven or 10 years, depending on the type of bankruptcy. Next, you’ll see an informational breakdown for each line of credit you have.

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Troutman Sanders

MARCH 1, 2023

In 2017, the Lender moved for summary judgment against Mr. Kessler on its foreclosure complaint. Mr. Kessler cross-moved to dismiss, arguing that the inclusion of the final two paragraphs in his 90-day notice, addressing bankruptcy status and military membership, violated section 1304’s “separate envelope” provision.

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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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Sawin & Shea

JANUARY 25, 2022

Dealing with debt can be scary and overwhelming, especially if you don’t know what will happen if you miss too many payments and default or have to file bankruptcy. While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation.

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PBWT

MARCH 2, 2021

. – a North Carolina-based department store chain – and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code. Less than 24 hours later, Bankruptcy Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas entered an order confirming Belk’s Chapter 11 plan.

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