A recent federal appellate court ruling illustrates the traps lenders could trip when state court collection actions against joint borrowers intersect with federal bankruptcy law.
Appellate court ruling allows receivers to sell property even if proceeds fail to compensate junior lien holders.
https://www.ftc.gov/system/files/documents/statutes/fair-credit-reporting-act/545a_fair-credit-reporting-act-0918.pdfCourt rules that bank, which accepted a borrower's voluntary payments post-bankruptcy and opted not to foreclose its security interest in the mortgage, did not violate the FCRA by reporting the loan as closed on the borrower's credit report.
Appellate court rules on whether lender can sue to enforce other security in a loan default situation without also foreclosing on the borrower's mortgage.
Subscribe
RSSTopics
- Commercial Liability
- Business Risk Management
- Tax Law
- Contracts
- Business Torts
- Commercial Real Estate
- Business Tax Controversy
- Commercial Loans
- Commercial Leasing
- Personal Tax Controversy
- Civil Litigation
- Property tax
- COVID-19
- Alternative Dispute Resolution (ADR)
- Banking Law
- Lending
- Bankruptcy
- Standing
- Real Estate
- Real Estate Mortgages
- Facilitation
- Coronavirus
- Appellate Law
- Mortgage Foreclosure
- Trade Secrets
- Litigation Discovery
- Corporate Formation
- Risk Management
- Fraud Activity
- Shareholder Liability
- Cryptocurrency
- Regulatory Law
- Cyber Attack
- Insurance
- Damages Recovery
- privacy
- Cybersecurity
- Class Action
- Product Liability
- Statute of Limitations
- Pensions
- Biometric Data
- e-Discovery
- Noncompete Agreements
- e-Commerce
- Internet Law
- Consumer Protection
- Residential Liability
- Venue
- Zoning and Planning
- Clawback
- Department of Education (DOE)
- Receiverships
- Fair Debt Collection Practices Act
- Fair Credit Reporting Act
- Garnishments
- Unfair Competition
- Uniform Commercial Code (UCC)
Recent Updates
- IRS and State Payment Plan Options - Part 1: The Installment Agreement
- What can Homeowners do When Property Taxes are too High?
- Understanding the Michigan Property Tax Appeals Process for Commercial, Industrial Properties
- 6 New Year’s 'Business Resolutions' Worth Considering
- What You Can do Now to Prepare for an IRS Employee Retention Credit Audit
- Calling Blanket Purchase Order a “Requirement Contract” in Supplier of Goods Dispute Doesn’t Make it so
- Understanding the 3 Options for IRS Notice Compliance
- Intervention Protects Your Rights, Interests in Litigation Filed by Others
- Michigan Supreme Court Rules Usury Savings Clauses no Longer Protect Lenders Charging Facially Usurious Interest Rates
- 5 Things to Consider Before you Begin Facilitation