Bank that initiated foreclosure action not subject to state debt-collection law

Bank that initiated foreclosure action not subject to state debt-collection law

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McCarthy & Holthus LLP, No. 17-1307, finding a business solely engaged in non-judicial foreclosure actions is not a debt collector under the fair debt collection practices act, except for the.

2012, and Bank of America has never informed her of the status of that application. Instead, on October 9, 2012, Bank of America initiated foreclosure proceedings in oklahoma state court. In her answer, Ms. Morgan counterclaimed for breach of contract based on Bank of America’s alleged failure to follow loss-mitigation procedures.

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SCOTUS Determines Foreclosure Firm is Not a Debt Collector Under the. The decision provides helpful guidance to law firms and loan servicers who. SCOTUS to Decide Whether Non-Judicial Mortgage Foreclosures are Subject to the fdcpa. sovereign bank had loaned the defendants $1 million in exchange for a.

 · The U.S. Supreme Court ruled Wednesday that law firms that conduct nonjudicial foreclosures, or foreclosures outside of the court system, are.

The Court of Special Appeals of Maryland, the intermediate appellate court in that state, recently held that a party who authorizes a foreclosure trustee to initiate a foreclosure action on a deed of trust must be licensed as a collection agency in the state before filing the foreclosure lawsuit, and that this licensing requirement applies to trusts formed outside of the State of Maryland.

A "deficiency judgment" is a money judgment against a borrower for the difference between the mortgage debt and the foreclosure sale price. Not all states allow deficiency judgments. But homeowners who go through a foreclosure in Utah might have to pay a deficiency judgment after a foreclosure.

It applies only to outside, or third-party debt collectors (not creditors. Took or Threatened to Take Negative or Legal Action. There are also state laws that are in place regarding debt collection. It is not a bank advertiser's responsibility to ensure all posts and/or.. I began disputing this in Jan 2013.

Once you default on your monthly home loan payments, your lender has the right to start the process of foreclosure. However, even though your bank has initiated the foreclosure process, you do have some options to try during the pre-foreclosure period to try to avoid losing your home.

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