News & Analysis as of September 20, 2024

Foreclosure › Time-Barred Debt

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

CFPB warns debt collectors on “zombie mortgages”

Orrick, Herrington & Sutcliffe LLP on 5/1/2023

On April 26, the CFPB issued an advisory opinion affirming that the FDCPA and implementing Regulation F prohibit covered debt collectors from suing or threatening to sue to collect time-barred debt. As such, a debt collector...more

CFPB Issues Advisory Opinion on Debt Collection Practices

Shipkevich PLLC on 4/26/2023

On April 26, 2023, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion to clarify that it is against the law for a debt collector to sue or threaten to sue in order to collect a time-barred debt, as...more

The Foreclosure Abuse Prevention Act is Now Law

Perkins Coie on 1/18/2023

On December 30, 2022, New York Governor Kathy Hochul signed into law the Foreclosure Abuse Prevention Act (FAPA) after the bill’s passage by both the New York state senate and the assembly. FAPA is a direct response to a New...more

11th Circuit Court Rejects Claim that Mortgage Statements Sought Time Barred Debt in Violation of FDCPA

Burr & Forman on 3/27/2019

In Green v. Specialized Loan Servicing, LLC, 17-15681, the Eleventh Circuit Court of Appeals rejected a consumers contention that his monthly mortgage statement should only seek his last five years of mortgage installments...more

Allegedly Time-Barred Foreclosures Do Not Form Basis for FDCPA/FCCPA Lawsuits Outside Bankruptcy Context

Burr & Forman on 1/11/2017

In an order issued yesterday, Judge Dalton of the Middle District of Florida held that in a non-bankruptcy context, allegations that collection of a mortgage debt is barred by the statute of limitations do not form a...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 8/26/2016

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

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