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

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Mortgage foreclosure is ‘debt collection’ under Fair Debt Collection Practices Act. A foreclosure action was filed in state court on Chase’s behalf, in which the law firm represented that.

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Twenty-six states, plus the City of Buffalo, exempt banks, including out-of-state, state-chartered banks Six of these states include subsidiaries of the bank within the exemption: FL, ID (subject to some limiting language), IL, MA, NC, RI Thirteen states, plus NYC, do not exempt banks (or their subsidiaries) Mortgage Lenders/Brokers/Servicers

A common interest community subject to covenants, conditions, and restrictions was encumbered by a note and deed of trust in favor of U.S. Bank, N.A. The former homeowners fell delinquent on their association dues and defaulted on their obligations to U.S. Bank. The community homeowners’ association (SHHOA) and U.S. Bank separately initiated nonjudicial foreclosure proceedings.

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Bank that initiated foreclosure action not subject to state debt-collection law By Thomas G. Wolfe, J.D. Recently, a Florida appellate court was called to review whether a note-holding bank that initiated a foreclosure action against the real property of a pair of homeowners was subject to a provision of the florida consumer collection practices act (fccpa) governing debt-collection assignments.

The Fair Debt Collection Practices Act (FDCPA) outlaws the use of false. affidavit in a bank garnishment filing averring that the debtor's bank account. The attorney/FDCPA defendant filed court documents required to initiate foreclosure proceedings but instead. did not deny the debt giving rise to the foreclosure action.

Virginia Debt Collection Laws. The Virginia legislature has not written a law similar to the federal Fair Debt Collection Practices Act. File a complaint with the Virginia Office of Attorney General and the FTC if a Virginia collection agent violates the FDCPA. Consult with a lawyer to discuss filing a civil lawsuit against the collection agent.

With regard to the foreclosure-related provisions, the bill, among other things:. ( 2) modifying the bill's procedural requirements for consumer debt collection actions, The bill expands, to banks and credit unions in any state or a bank holding. The bill does not provide additional details on these corridors.

The firm argued that it is not a debt collector and therefore not subject to the myriad of limitations imposed by the Fair Debt Collection Practices Act. The Supreme Court agreed.