Debt Buyers

News & Analysis as of

Take the Fear out of Your Debt Collection Lawsuit

Getting served with a lawsuit can ruin anyone’s day. First, the way the law requires that you get notice of the lawsuit is very intrusive. A process server must come to your home, unannounced, and give you the summons and...more

New York AG Bars Collection Of Time Barred Debt By Debt Buyers

On May 8, New York Attorney General (AG) Eric Schneiderman announced that two debt buyers agreed to resolve allegations that they engaged in improper collection of untimely debt against New York consumers. ...more

How to Appeal a Debt Collection Judgment from an Arizona Justice Court

What if you lose? When it comes to debt collection lawsuits there are no guarantees. While cases filed by junk debt buyers are often similar in the underlying facts, there are several procedural and evidentiary issues...more

The Nevada U.S. District Court Narrowly Interprets Sandpointe Apartments when Ruling in Favor of Entity that Acquired Loan Before...

On June 10, 2011, Nevada enacted Assembly Bill 273 (AB 273). As codified at NRS 40.459(1)(c), AB 273 limits the ability of a loan purchaser to collect a deficiency on the note and guarantees by basing the deficiency...more

Watch Out for This Sneaky Debt Buyer Tactic!

Recently I had a conversation with an attorney who represents Midland Funding, LLC here in Arizona. He said that about 95% of Midland Funding cases are filed in the Arizona Justice Courts. In Arizona, debt collection cases...more

New Jersey Appeals Court Rules on Debt Buyer’s Right to Collect Debt Based on Electronic Business Records

The Appellate Division of the Superior Court of New Jersey ruled in two consolidated appeals from summary judgment rulings issued in favor of plaintiffs, debt buyers, affirming one and reversing the other based largely on the...more

Federal Court: California Finance Lenders Law Does Not Prohibit a Licensee from Selling Loans to Non-Institutional Investors

The U.S. District Court for the Northern District of California has held that Section 22340(a) of the California Financial Code does not restrict licensed finance lenders to selling loans secured by real estate to only...more

New Jersey Appellate Court Clarifies Debt Buyers’ Burden Of Proof

On March 5, the Superior Court of New Jersey, Appellate Division issued an opinion clarifying the proof necessary for debt buyers to prevail on efforts to collect an assigned debt on a closed and charged-off credit card...more

New Jersey Appellate Court Clarifies Debt Buyers’ Burden Of Proof

On March 5, the Superior Court of New Jersey, Appellate Division issued an opinion clarifying the proof necessary for debt buyers to prevail on efforts to collect an assigned debt on a closed and charged-off credit card...more

Autopsy of a Debt Collection Lawsuit – How to Overturn a Default Judgment in Arizona

Autopsy of a Debt Collection LawsuitRecently I read an article that said nearly 98% of debt collection lawsuits ended up in a default judgment. A default judgment is entered with the person getting sued doesn’t respond to...more

2 Things You Can Learn from My Latest Debt Buyer Trial

Recently I had a trial where a debt buyer had sued one of my clients. When debt buyers like Midland Funding, Portfolio Recovery, and CACH, LLC file lawsuits they often struggle to prove their case due to their lack of...more

Mortgage buyer’s thin paper trail sufficient to avoid summary judgment in borrowers’ favor

Disastrous results can befall a financial institution that buys a mortgage loan but does not obtain or keep adequate documentation related to the purchase. Yet over the past several years, many mortgages have exchanged hands...more

Eleventh Circuit Considers Permissibility under FDCPA of Percentage-Based Debt Collection Fees

In a per curiam decision last week, the U.S. Court of Appeals for the Eleventh Circuit suggested that percentage-based debt collection fees are permissible under the Fair Debt Collection Practices Act (FDCPA) if they are...more

Colorado AG Files Suit Against Debt Buyers Alleging Fraudulent Collection Practices

On December 10, the Colorado Attorney General (AG) announced a lawsuit against a debt buyer and its principal for allegedly engaging in fraudulent conduct in attempting to collect charged-off debt purchased from two national...more

Buyers and Sellers Beware – Disallowance of Purchased Bankruptcy Claims

The Third Circuit recently held that claims purchased from trade creditors by a claims trader will be disallowed under section 502(d) of the Bankruptcy Code when the seller of the claim received, and did not repay, a...more

Don’t Ignore Your Midland Funding Lawsuit (No…Seriously…Don’t Ignore It)

I don’t know how much more I can take. Day in and day out I meet with people that have been sued by Midland Funding, Equable Ascent, LVNV, LLC, Portfolio Recovery – and a long list of the other debt buyers. And many – too...more

Midland Funding Lawsuit? Understanding the Debt Buying Industry and Why You Should Care

Midland Funding Before being sued by Midland Funding most don’t have a clue who this company is or why they being served with a lawsuit. Midland Funding is a debt buyer. Companies like Midland Funding, Portfolio Recovery...more

Sued by Portfolio Recovery? Two Simple Steps To Winning Your Lawsuit

Portfolio Recovery files a lot of debt collection lawsuits here in Arizona. If you are reading this you are likely having the misfortune of being on the receiving end of one of their lawsuits. And if you are like most, your...more

Debt Buyer Lawsuits: The Illusion of Evidence

Midland Funding Law suitIf you have been sued by one of the debt buyers, Midland Funding, Portfolio Recovery, LVNV Funding, you may have felt intimidated not only by the debt collection process but by the fact that you are...more

Caveat Emptor: Emerging Issues for Buyers of Bankruptcy Claims

In a large Chapter 11 bankruptcy case, claims against the debtor are actively traded in the secondary markets. A debtor’s original creditors may lack the liquidity to wait for uncertain payment at the end of the bankruptcy...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - February 1, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - E-COMMERCE - PRIVACY/DATA SECURITY -...more

Remarks of Kent Markus at DBA Annual Conference

While attending this year’s DBA International Annual Conference, I had the opportunity to hear remarks from Kent Markus, the CFPB’s Director of Enforcement, regarding the CFPB’s approach to enforcement actions generally, as...more

FTC Releases Debt Buyer Study

On January 30, the FTC released the results of a first-of-its-kind empirical study of the debt buying industry. The FTC looked at more than 5,000 portfolios of consumer debt with a face value of $143 billion, the majority of...more

FTC Issues Debt Buying Industry Study

The Federal Trade Commission has issued a report, The Structure and Practices of the Debt Buying Industry, which the FTC has described as “the first of its kind” empirical study of debt buyers. ...more

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