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BANK OF AMERICA FINED $45M FOR IMPROPER FORECLOSURE PROCEEDINGS
A large bank has been given hefty fines for handling a foreclosure case improperly. The Bank of America, a popular bank in Florida and across the country, has been fined $45 million for its response to one couple who tried in vain to stop their home from being...
SOME DEBT COLLECTORS RESORT TO EXTREME TACTICS
Last week we wrote a post on debt collectors who were seeking to collect using social networking sites such as Facebook. While this approach may feel invasive it is certainly not the only approach taken by debt collectors that seems extreme. In all too many instances...
NEW BILL HELPS SANDY VICTIMS AVOID FORECLOSURE
A new law in one northeastern state will help the victims of Hurricane Sandy and could be a stepping stone for aid to others in coastal areas. For those victims who are still having a hard time paying their mortgages, this law could keep them out of foreclosure....
DEBT COLLECTIONS LETTER MAY CONFUSE SOME CONSUMERS
A lower court judgment that was overturned by the Third Circuit Court of Appeals recently regarding the wording of a letter from a debt collection agency may have a positive effect on Florida consumers plagued by such letters. The ruling was made on the basis that the...
FAMILY OF TEEN WITH CEREBRAL PALSY FACING FORECLOSURE
Two parents and a teenager, who was diagnosed with cerebral palsy at the age of 6 months, could face losing the home the girl has lived in for most of her life. The Florida family is facing foreclosure because of a high-interest, short-term mortgage with a balloon...
HOW TO DEAL WITH DEBT COLLECTOR HARASSMENT
If someone living in Florida is receiving constant calls from a creditor, they have options for stopping the harassment. There are federal laws regulating the way that companies attempting to collect on a debt can contact individuals, so creditor harassment isn't...
WEIGHING THE BENEFITS AND COSTS OF PAYING A DEBT COLLECTOR
Many Florida residents have old debts that were not disputed properly or were simply left unpaid due to lack of financial means. Paying these old debts off does provide some benefits, but it's not something that should be done without careful consideration, according...
FLORIDIANS MAY BE SUBJECTED TO UNFAIR DEBT COLLECTION PROCEDURES
Many Floridians with debt may be subjected to unfair debt collection practices. When businesses such as a hospital or credit card company stop trying to persuade Floridians to pay debts owed, they often sell the debts to debt collectors. These debt collectors often...
HOMEOWNERS DUPED INTO HOMELESSNESS BY FORECLOSURE SCAM
In today's world, it is unfortunately common to hear about new scams being perpetrated. Many of these schemes are designed to take money, information or even an identity from the victim. One such swindle could dupe Florida residents, as well as residents in other...
REGULATORS LOOK AT DEBT COLLECTION AGENCIES
Regulators in a variety of states are concerned that debt collection agencies are abusing the legal system to go after individuals who are late paying credit cards. The concern is that Florida residents, and people across the nation, are being taken to court for debts...
NEW BUREAU FIGHTS ABUSIVE COLLECTION PRACTICES
The Consumer Financial Protection Bureau, or CFPB, is a federal agency that checks to see if large banks with assets over $10 billion are compliant with rules meant to protect consumers, including those in Florida. It was created by the Dodd-Frank law in 2010. The...
GOVERNMENT HELP ON THE WAY FOR DEALING WITH DEBT COLLECTORS
For Florida residents who are currently behind in their bills and feel they are being harassed by pesky debt collectors, help is on the way. A relatively new government agency, the Consumer Financial Protection Bureau (CFPB), formed in 2011 has begun targeting...
MAN SENTENCED TO NINE YEARS FOR FORECLOSURE SCAM
ccording to state prosecutors, a man will spend nine years in jail for scamming homeowners and evading his taxes. The man preyed upon those who were desperate to save their family's home from foreclosure. He was sentenced to 108 months in prison, plus another three...
CONSUMER PROTECTION AGENCY PUSHES BACK AGAINST CREDIT HARASSMENT
Harassment from debt collectors can be a huge problem for Florida residents with debt such as unpaid medical bills or student loans. Unless borrowers assert their rights, debt collection agencies often use abusive tactics like calling multiple times a day. Even people...
UNCLE SAM ENCOURAGES REPORTING PROBLEM DEBT COLLECTORS
Florida residents who have been harassed by debt collectors may be interested to hear about some help from Uncle Sam. According to a news report, consumers who feel that they've been subjected to creditor harassment now will have two federal government agencies to...
TRY THESE METHODS TO STOP FORECLOSURE
To many people, receiving a notice of default on their home means that they have very little if any hope of saving it. Truth is, even if a homeowner is over three months behind on their payments, there are still a few things they can do in order to stop foreclosure....
FRAUDULENT DEBT RELIEF COMPANIES PUT OUT OF BUSINESS BY FTC
Two fraudulent debt relief service companies, including one based in Florida, have been shut down by the Federal Trade Commission after it was determined that they duped unsuspecting consumers into paying for debt relief services that were never provided. The...
JPMORGAN CHASE ORDERED TO FIX CREDIT CARD PROCEDURES
Florida residents may be interested to know that JPMorgan Chase & Co was recently ordered to fix credit card procedures including debt collection. They were also told by U.S. bank regulators to pay back over $300 million to customers who were harmed by the bank's...
FAY SERVICING FINED $1M FOR ILLEGAL FORECLOSURE PRACTICES
Fay Servicing has been fined over a million dollars for what the Consumer Financial Protection Bureau calls illegal foreclosure practices. During the investigation, it was discovered that the servicing agency was not upfront with its clients about the choices that...
HARASSING DEBT COLLECTION TEXTS DEEMED ILLEGAL
Miami area residents may have heard of a recent Federal Trade Commission lawsuit that cost a harassing debt collection agency $1 million. The company not only harassed people with text messages, it also violated the Fair Debt Collection Practices Act by informing the...
BANK ACCUSED OF ILLEGALLY CHANGING MORTGAGES TO STOP FORECLOSURE
After the scandal that rocked Wells Fargo last year, one might think that the company's officials would be careful to make sure that all of their activities were legitimate. With that said, it seems a bit unbelievable that they are now being accused of making changes...
NOT ALL STATES ARE EQUAL IN REGARDS TO CREDITOR PROTECTIONS
According to a report released by the National Consumer Law Center, state laws vary as far as affording protection from creditors is concerned. The advocacy group found that few places had adequate exemption laws, or laws designed to protect families from losing all...
MAN DETAINED PENDING CHARGES OF FORECLOSURE, BANKRUPTCY FRAUD
One man was arrested this month and ordered to be detained on claims that he ran a scheme that targeted those who were trying to avoid losing their homes. The foreclosure avoidance scheme is reported to have earned the man $7 million from homeowners who were already...
NEW REGULATIONS FOR COLLECTION AGENCIES BEING DISCUSSED
Florida consumers should know that the Consumer Financial Protection Bureau is looking to create new guidelines that will place restrictions on the actions of debt collectors. While a representative for the CFPB states that collection is an important part of...