Tag: Federal Consumer Financial Protection Bureau

Debt Collection

Can Debt Collectors Contact You on Social Media?

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Debt collectors will attempt to contact a consumer through any means necessary to collect on a debt. As more consumers communicate with each other via social media, debt collectors are utilizing these platforms as another means to contact consumers.

A federal agency issued a new rule that would allow debt collectors to contact people by email, text message, and social media platforms, including Twitter, Facebook, and Instagram.

The new rule limits how many times the collection agency can contact the consumer via telephone. Collectors will be limited to seven debt-collection phone calls weekly, but they are allowed to send an unlimited number of text messages, email messages, and social media private posts.

Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

New Lawsuit Accuses Ocwen Financial Corp. of filing bad foreclosures… Again

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A lawsuit filed by the State of Florida alleges Ocwen Financial Corp.’s errors have resulted in “significant harm to borrowers, including but not limited to improper late fees, inaccurate negative credit reporting and borrower frustration.”

Twenty states have filed similar actions, along with the federal Consumer Financial Protection Bureau. The Florida lawsuit, filed by the state Attorney General and the Florida Office of Financial Regulation, says the West Palm Beach-based company filed illegal foreclosures, mishandled loan modifications, misapplied mortgage payments, failed to pay insurance premiums from escrow and collected excessive fees.

“When Ocwen has sent escrow statements, in many instances the escrow statements have contained inaccurate information pertaining to the borrowers’ account histories, escrow balances, and escrow payments,” the lawsuit said.

The complaint filed in federal court in West Palm Beach alleges violations of the Real Estate Settlement Procedures Act, the Florida Deceptive and Unfair Trade Practices Act and Chapter 494, Florida Statutes.

This is not the first time Ocwen has been accused of foreclosure misconduct. In 2014, a court approved a $2.1 billion settlement between Ocwen and 49 states, as well as the District of Columbia and the Consumer Financial Protection Bureau, to address allegations of Ocwen’s mortgage servicing misconduct.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

 

Debt Relief, Foreclosures, Timothy Kingcade Posts

Widows, divorcees struggle with foreclosure rules

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According to a recent report from the National Consumer Law Center, widows as well as surviving family members and the recently divorced continue to struggle to stay in their homes.  It is estimated that thousands of homeowners, usually women who did not sign the original loan documents, are having trouble getting access to relief that the new federal guidelines have provided other homeowners since the foreclosure crisis.

The Federal Consumer Financial Protection Bureau is being urged to adopt rules that would expand protections to others who may have homeownership interest in a property, aside from just the borrower.  Every month of delay increases the interest that the homeowner owes, increasing the fees on the loan amount and decreasing the changes of a loan modification.

Federal regulators need to do more to educate borrowers.  Borrowers can fill out paperwork allowing lenders and mortgage companies to disclose financial and loan information to family members or spouses.  Many borrowers are unaware that they can agree to disclosures so family members and spouses communicate with lenders to avoid undue hardships after death.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.