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

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.

Although Florida is a judicial foreclosure State (meaning, that a foreclosure action must be filed with the Court to start the action), Colorado does not require the filing of a case in order to.

Archives: Collection and Foreclosure. Banking & Finance Law Report Top 10: News and Trends from 2013. Depending on state law, bankers may or may not be able to reach the assets of their debtors’ SMLLCs through a charging order. Furthermore, changes to Ohio law have recently been.

As part of the sweep, the states initiated 32 enforcements actions, the CFPB filed three lawsuits, and the FTC filed six. 4. Actions under Dodd-Frank Section 1042 Another trend in state enforcement of.

Judicial foreclosure is also available in Virginia. Lenders may pursue a borrower to collect a deficiency balance relating to mortgage foreclosure (Title 8.9A and Title 55). Virginia Debt Collection Laws. Virginia does not require collection agents to register with or be licensed by the state.

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Draper & Goldberg, P.L.L.C., 443 F.3d 373, 375-77 (4th cir. 2006), where it held that a law firm that provided notice that it was preparing foreclosure papers and thereafter initiated foreclosure proceedings could be a debt collector as defined by the FDCPA.

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On March 20, 2019, the united states supreme court issued a unanimous decision in Obduskey v. 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 limited purposes of the prohibited actions listed in Section 1692f(6).

powers from federal law, national banks are not wholly immune from state law. Rather, national banks are often subject to generally applicable state laws concerning contracts, torts, property rights, and debt collection when those laws do not conflict with or frustrate the purpose of federal law.

The banks asked the court to apply its ruling only to future transactions, but the court rejected that. The court said it had not made a significant change in common law and. were subject to.