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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Collateral Loans Secured Creditor Lender 98

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. The loan documents also typically include one or more personal guaranties. Acceleration of the Loan. 2d 1113, 1114 (Fla.

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Lender Foreclosure Loans Banks 98

Credit Corp

MARCH 6, 2023

[ Disclosure: Lexington Law Firm advertises on Credit.com and Credit.com may receive compensation if you sign up for credit repair services with Lexington Law Firm.] However, a low credit score can make it nearly impossible for you to secure a loan. Your credit score is one of the most important numbers you have.

Auto Insurance 98

Auto Insurance Debt collector Lender Law Firms 98

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. Orders to Show Cause Under Section 702.10, Florida Statutes. Under Section 702.10(1),

Foreclosure 90

Foreclosure Lender Judgment Law Firms 90

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

Credit Corp

JANUARY 21, 2021

This law deals with what information lenders must disclose, how they can advertise their products and rates and what rights you have when a lender isn’t truthful or transparent. Credit law can be complex. Forbearance means the creditor agrees you don’t have to pay the loan for a certain period of time.

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Collections Creditors Fair Debt Collection Law Firms 116

Troutman Sanders

MAY 2, 2023

Prior to joining the firm, Lori held significant legal positions in federal government, in-house, and private practice settings (including two other nationally known law firms), which she leverages to effectively represent her clients’ interests.

Financial Institution 97

Financial Institution Fair Debt Collection Financial services Law Firms 97

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.

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Foreclosure Lender Judgment Collateral 94

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

Credit Corp

SEPTEMBER 12, 2023

FAQ Consider Hiring a Credit Repair Company How Collection Accounts Impact Your Credit Collection accounts have a significantly damaging impact on your credit score because they’re negative marks that indicate to lenders you may not pay your bills on time—or ever. Most lenders wait until you’re several months behind before taking action.

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Collections Collection Agencies Collections Agency Credit Bureau 92

Credit Corp

MARCH 20, 2023

It can determine interest rates on your loans or you even qualify for it. Some credit repair companies can also work with your lenders to negotiate a repayment plan on your behalf. For example, through negotiations, the credit repair company may be able to entice a lender to reduce a portion of the interest to lower your overall bill.

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Law Firms Auto Insurance Lender Loans 97

Credit Corp

AUGUST 25, 2020

It’s a notice on your credit reports that encourages lenders to take extra precautions when approving credit in your name. This makes it harder for someone to pretend to be you and apply for a loan or credit card. Protection against prepay penalties if you pay the loan back early. Special credit card or loan offers.

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Credit Corp

JUNE 12, 2023

And if you are able to get approved for a loan or a credit card, your interest rate and other terms could be less than desirable if your credit isn’t good enough. Check loan statuses, account balances, your payment history, the list of recent credit inquiries, and anything else on the report for accuracy.

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Law Firms Creditors Accrued Interest Credit Bureau 70

Debt Free Colorado

MARCH 1, 2022

Don’t hire an out-of-state “law firm” to modify your loan – there are a number of free options you can take advantage of by contacting your loan servicer directly. The tools available to you depend on the type of mortgage loan you have, so please find the correct option below. Fannie Mae. Freddie Mac.

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Credit Corp

MAY 9, 2023

Once the fraud alert is in place, lenders will take extra steps to verify that you are the one who is seeking the request for new credit. You may be required to submit more than the identity theft affidavit; the lender will tell you what information you need to supply for this process. What’s important is that you get it fixed.

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Lender Law Firms Trade Loans 98

Credit Corp

JUNE 3, 2020

These liens notify lenders of the creditor’s rights to your property. What if the loan company or debt collector has already started the lawsuit? Exceptions apply for things like child support, spousal support, student loans and some property liens. Some states add even more restrictions to the garnishment of bank funds.

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Judgment Garnishment Creditors Law Firms 98

Credit Corp

MAY 30, 2023

For example, if you fail to pay a debt, the lender can take you to court. Ultimately, if you don’t pay a debt , the lender or bill collector can file a lawsuit against you to recoup the money. These liens notify lenders of the creditor’s rights to your property. The judge or jury determines if and how much money you owe.

Judgment 75

Judgment Garnishment Creditors Law Firms 75

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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Secured Creditor Collateral Repossession Creditors 69

Troutman Sanders

FEBRUARY 8, 2022

In 2021, Troutman Pepper was named FinTech Law Firm of the Year by The Deal , becoming the first firm to receive the award. He counsels providers of consumer financial services, including banks, licensed lenders and fintech providers, on regulatory compliance matters and government supervisory and enforcement matters.

Financial services 52

Financial services Government Financial Institution Lender 52

Sawin & Shea

MAY 29, 2024

This affects mortgages , credit cards, and other loans tied to critical benchmarks. Fixed-rate loans remain unchanged, but variable rates adjust, impacting borrowers. Loan approvals: Higher rates can make lenders more cautious, leading to increased loan denials, especially for those with lower credit scores.

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Debt Consolidation Student loans Student Loans Loans 52

Sawin & Shea

MARCH 7, 2023

This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed. What Are Your Bankruptcy Lawyer Fees?

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Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Credit Corp

MAY 1, 2024

Your credit score doesn’t say anything about your worth, but it can affect your ability to qualify for loans, credit cards, and lines of credit. Balance and credit limit errors may artificially inflate your utilization ratio, making it more difficult to qualify for loans and credit cards. How Do Credit Repair Companies Work?

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Law Firms Creditors Credit Bureau Loans 52

Better Credit Blog

APRIL 3, 2022

Portfolio Recovery Associates, LLC, is a collection agency that buys old debts from lenders and companies that have been unable to collect the debt themselves. I suggest you check out Lexington Law. Lexington Law Firm knows all about debt collectors’ efforts to intimidate consumers.

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Debt collector Collection Agencies Collections Agency Garnishment 87

Credit Corp

APRIL 2, 2024

Due to the loss of income, you had trouble paying your bills, such as your car loan or electric bill. Negotiate Debt Settlements With your permission, your attorney can also speak to lenders on your behalf. Most lenders’ top priority is getting a debt paid. Lawyers tend to work alone or in a law firm with several other lawyers.

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Lawyers Lender Repossession Debt settlement 52

Collection Industry News

AUGUST 10, 2024

billion records including names, addresses, Social Security numbers and relatives dating back at least three decades, according to law firm Schubert, Jonckheer & Kolbe, which filed the suit. “A fraud alert is more of a heads up to lenders, which they can easily ignore. Stolen from National Public Data (NPD) were 2.9

Financial Institution 40

Financial Institution Law Firms Lender Loans 40

Katabat

JANUARY 5, 2021

January 5, 2021, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today that it has acquired Simplicity Collection Software of Idaho Falls, Idaho. Terms of the transaction were not disclosed.

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Collections Acquisition Collection Agencies Collections Agency 40

Katabat

JANUARY 5, 2021

January 5, 2021, Wilmington, DE – Katabat, a leading global provider of debt management software solutions for lenders, fintechs, and collection agencies, announced today that it has acquired Simplicity Collection Software of Idaho Falls, Idaho. Terms of the transaction were not disclosed.

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Collections Acquisition Collection Agencies Collections Agency 40

Better Credit Blog

AUGUST 31, 2020

There are two key distinctions here: Third-party debt collectors: The FDCPA pertains to collection attempts by third-party collectors/debt collection agencies, who either purchase debts from lenders/service providers or are employed by them to help collect payments. The law does not pertain to the initial creditor or provider.

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Fair Debt Collection Third-party Debt Collectors Collections Debt collector 53

Collection Industry News

JUNE 1, 2023

The growing complexity of financial products, such as credit cards, mortgages, and student loans, has led to a surge in outstanding debts. This presents a substantial opportunity for debt collection agencies to assist lenders in recovering unpaid debts and managing default risks.

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Collections Collection Agencies Collections Agency Debtor 40

Jimerson Firm

JULY 20, 2020

Therefore, a copy of an electronic promissory note is sufficient to prove the identity of the electronic note’s owner and to provide authorization to the loan servicer to pursue a foreclosure action. The issuer of the electronic record expressly has agreed is a transferable record. Wells Fargo Bank, N.A. , 3d 323 (Fla.

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Foreclosure Banks Judgment Financial services 52

Collection Industry News

OCTOBER 2, 2023

If the high court sides with the CFSA, a trade group representing payday lenders, its ruling could have broad and significant impacts for consumers, according to legal experts and consumer advocates. In the current case, the CFSA trade group sued the CFPB in 2018, seeking to invalidate a 2017 rule that cracked down on payday lenders.

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Government Credit Unions Credit Unions Trade 40

Debt Free Colorado

MARCH 3, 2023

Every case is unique, and every case merits the careful consideration of a law firm dedicated to providing specialized bankruptcy solutions. For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. What Debts are Discharged in Bankruptcy?

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Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

FDCPA Defense

FEBRUARY 3, 2019

1992) (emphasis added, citation and quotation marks omitted) (personal loan from friend used to start software business not a “debt” under the Act: “Neither the lender's motives nor the fashion in which the loan is memorialized are dispositive of this inquiry.”). Litton Loan Serv. Federal Home Loan Mortg.

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Foreclosure Debt collector Law Firms Debtor 40

Collection Industry News

SEPTEMBER 29, 2020

Secured lenders, whose long-term secured loans typically flow through the restructuring, will also enjoy the additional benefit of more economically viable borrowers emerging from Subchapter V. Jerry received his JD/MBA from UCLA and is licensed to practice law in California, Colorado and New York.

Bankruptcy 45

Bankruptcy Creditors Debtor Lawyers 45

Jimerson Firm

JULY 1, 2020

When lenders take life insurance policies as collateral for loans, they need to be aware of what needs to occur to place a claim in the event their borrower dies. Therefore, it is critical for lenders to confirm that no prior assignment exists on life insurance collateral prior to taking the collateral on as security for a loan.

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Better Credit Blog

JANUARY 11, 2022

Scott, a Managing Partner at the Minnesota bankruptcy law firm LifeBack Law recommends that you choose “only bankruptcy law firms that are within your state and do nothing but Chapter 7 and 13 Bankruptcy work.” Future lenders don’t care if you are currently $100k in debt. ” Ads by Money.

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Bankruptcy Chapter 13 bankruptcy Debt Consolidation Lawyers 63

Troutman Sanders

JANUARY 17, 2023

On January 11, the CFPB reached a settlement in its lawsuit against a law firm for illegal debt collection practices. Supreme Court in support of the Biden administration’s student loan forgiveness plan. For more information, click here. For more information, click here.

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Financial services Student loans Student Loans Education 52