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Independent Foreclosure Review - Federal Reserve Board Program
Posted by: | CommentsBackground
“The Federal Reserve Board issued enforcement actions against four large mortgage servicers
–GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, and EMC Mortgage Corporation–in April 2011. Under those actions, the four servicers were required to retain independent consultants to review foreclosures that were initiated, pending, or completed during 2009 or 2010. The review is intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process. The servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.
If you had a mortgage loan on your primary residence and believe you were financially harmed during the mortgage foreclosure process by any of the four servicers in 2009 or 2010, you can request an independent review and potentially receive compensation. The four servicers are required to make the independent reviews available to borrowers as part of their compliance with the April 2011 enforcement actions.
A number of servicers supervised by the Office of the Comptroller of the Currency (OCC) are also required to conduct independent reviews. (See below for the full list of servicers.)
Eligibility for Review
Borrowers are eligible for an independent foreclosure review if
- the property securing the loan was the borrower’s primary residence;
- the mortgage was in the foreclosure process (initiated, pending, or completed) at any time between January 1, 2009, and December 31, 2010; and
- the mortgage was serviced by one of the following mortgage servicers: Read More→
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Consumers Beware! IRS Warns of Email Scam
Posted by: | CommentsThe Internal Revenue Service continues to warn consumers that it does not initiate taxpayer contact through email. If you received such an email, click here to view the IRS’s suggested course of action. As always, if you receive an unsolicited email demanding that you provide money or other personal information to any government agency or private company, you should proceed with extreme caution!
“Remember, the IRS does not initiate e-mail communication with taxpayers regarding EFTPS or tax account matters.
The IRS does not …
… request detailed personal information through e-mail.
… send any communication requesting your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts.”
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FTC Warns Small Businesses: Don’t Open Email Falsely Claiming to be From FTC
Posted by: | CommentsThe FTC is warning small businesses that an email with a subject line “URGENT: Pending Consumer Complaint” is not from the FTC. The email says that a complaint has been filed with the agency against their company. The FTC advises not to click on any of the links or attachments with the email. Clicking on the links may install a virus on the computer.
The FTC’s advice: Delete the email. For more information on malware, visit www.OnGuardOnline.gov/malware.
Source: http://www.ftc.gov/opa/2011/09/scamemail.shtm
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A Discussion of the FDCPA and Consumer Bankruptcy
Posted by: | CommentsAttorney Good-Ashman\’s appearance on BCTV\’s Ask A Lawyer program.
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The New Consumer Financial Protection Bureau
Posted by: | CommentsIn July 2010, a new federal agency was created to help protect consumers. It is called The Consumer Financial Protection Bureau. The CFPB’s tasks include:
- Conducting rule-making, supervising, and enforcing Federal consumer financial protection laws
- Restricting unfair, deceptive, or abusive acts or practices
- Creating a center to take consumer complaints
- Promoting financial education
- Researching consumer behavior
- Monitoring financial markets for new risks to consumers
- Enforcing laws that outlaw discrimination and other unfair treatment in consumer finance.
While the CFPB is still gearing up its operations, it has launched a new website full of helpful information for consumers, including information regarding:
- Bank Accounts
- Budgeting
- Credit Cards
- Credit Counseling Agencies
- Credit Reports and Credit Scores
- Debt Collection
- Gift Cards
- Home Foreclosure
- Home Ownership
- Investments
- Student Education Loans
If you are facing a consumer law issue, there is help available! Contact our office for a free consultation with a knowledgable consumer law attorney today!
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FBI Warns of Payday Loan Collection Scam
Posted by: | CommentsIn a recent post, the Federal Bureau of Investigation warns of a telephone collection scam related to delinquent payday loans where the scammer calls the victim and demands payment for a delinquent payday loan in order for the victim to avoid legal consequences. These “collection” calls usually involve outrageous threats, including arrest or physical violence, upon the victim’s refusal to pay.
The FBI warns that these scams are particularly effective because the scammers often have accurate information regarding the victim such as a Social Security number, date of birth, and other similar personal information.
If you are the victim of such a call, the FBI recommends the following actions:
- Contact your bank;
- Contact the three major credit bureaus and place an alert on your file;
- Contact your local law enforcement if you feel you are in danger; and
- File a complaint with the FBI.
If you have been harassed by a debt collector, contact our office to discuss your options.
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Creditors Garnishing Bank Accounts - Understanding Federal Benefits Exemption
Posted by: | CommentsThe Federal Trade Commission published an informative article discussing federal benefits in your bank account that may be exempt from garnishment by your creditors.
Click here to view the Article: Creditors Seeking Federal Benefits in Your Bank Account? Understanding Your Rights.
The Article provides informative details regarding:
- What federal benefits are ordinarily exempt from garnishment.
- How does my bank account get garnished?
- When do banks freeze accounts?
- What should I do if my bank account is frozen?
If you are facing garnishment of your bank account, or any other consumer-related issue, contact our office for a free consultation with a consumer attorney to discuss your options.
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What Practices are Off Limits for Debt Collectors Under the FDCPA?
Posted by: | CommentsThe following are examples of conduct that is not permitted in the collection of debts by a debt collector:
Harassment. Debt collectors may not harass, oppress, or abuse you or any third parties they contact. For example, they may not:
- use threats of violence or harm;
- publish a list of names of people who refuse to pay their debts (but they can give this information to the credit reporting companies);
- use obscene or profane language; or
- repeatedly use the phone to annoy someone.
False statements. Debt collectors may not lie when they are trying to collect a debt. For example, they may not:
- falsely claim that they are attorneys or government representatives;
- falsely claim that you have committed a crime;
- falsely represent that they operate or work for a credit reporting company;
- misrepresent the amount you owe;
- indicate that papers they send you are legal forms if they aren’t; or
- indicate that papers they send to you aren’t legal forms if they are.
Debt collectors also are prohibited from saying that:
- you will be arrested if you don’t pay your debt;
- they’ll seize, garnish, attach, or sell your property or wages unless they are permitted by law to take the action and intend to do so; or
- legal action will be taken against you, if doing so would be illegal or if they don’t intend to take the action.
Debt collectors may not:
- give false credit information about you to anyone, including a credit reporting company;
- send you anything that looks like an official document from a court or government agency if it isn’t; or
- use a false company name.
Unfair practices. Debt collectors may not engage in unfair practices when they try to collect a debt. For example, they may not:
- try to collect any interest, fee, or other charge on top of the amount you owe unless the contract that created your debt – or your state law – allows the charge;
- deposit a post-dated check early;
- take or threaten to take your property unless it can be done legally; or
- contact you by postcard.
If you have been the victim of an abusive debt collector, contact us.
Source: Federal Trade Commission
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A Frightening Look at Debt Collectors (Part 2) as reported by Dateline NBC
Posted by: | CommentsVisit msnbc.com for Breaking News, World News, and News about the Economy
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Abusive Debt Collection Tactics (Part 1) as reported by Dateline NBC
Posted by: | CommentsVisit msnbc.com for Breaking News, World News, and News about the Economy
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