Archive for Uncategorized
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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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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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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Deposition of an IC Systems, Inc. Employee
Posted by: | CommentsFellow NACA member firm Law Offices of Dean Malone, P.C. take the sworn statement (deposition) of an employee of well known debt collector I.C. Systems, Inc. According to information on their website, I.C. Systems complies with the Fair Debt Collection Practices Act:
We comply with the Fair Debt Collection Practices Act and the Code of Ethics as adopted by the American Collectors Association (ACA). We stay on top of the latest government and industry regulations so you don’t have to and we comply with all local, state and federal regulations governing collection agencies.
Thanks to Dean Malone for making this video available!
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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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Pennsylvania Law Protects Residents From Out-of-State Collection Suits
Posted by: | CommentsA Pennsylvania law (42 Pa.C.S. Section 8128) makes it unlawful for a creditor (or obligee) to bring an action against a Pennsylvania resident in another state or transfer a claim to another state for the purpose of using that state’s less than favorable exemptions or wage attachment rules to collect on the claim.
Remedies for violation of this law include an injunction, a cause of action against the creditor for three times the amount recovered from the resident, and reasonable attorney fees.
If you are a Pennsylvania resident who has been sued by a creditor in another state, you should contact a lawyer to discuss your options.
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Making a Deal With a Debt Collector After a Lawsuit is Filed Against You
Posted by: | CommentsYou have been sued by a debt collector. You have been served with a Complaint. You contact the debt collector (Plaintiff) to work out a deal. The debt collector says “pay me $X.XX today and $X.XX per month and I will make the lawsuit go away.” You make the payment and arrange for a deduction from your bank account in the requested amount per month. You assume that the lawsuit is over….
DON’T!!!
Never assume that a debt collector will withdraw or dismiss a complaint because you worked out a payment arrangement. You should always follow up with the court where the complaint was filed to see if the complaint was withdrawn or dismissed. If not, you must (even though you worked out a deal) file a response or a default judgment will be entered against you. See this post for what happens after a judgment is entered against you.
If you have been sued by a debt collector, you should contact an attorney to discuss your options. Never ignore a lawsuit that has been filed against you and never assume a debt collector will take any action for your benefit!
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