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

Foreclosure is the legal process by which a lender can repossess your home and sell it to try to recover all or some of the debt owed. Once you default on your monthly home loan payments, your.

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Although Obduskey disputed the debt, McCarthy & Holthus failed to provide verification, and instead initiated a non-judicial foreclosure proceeding. Obduskey filed an action against McCarthy & Holthus and the national bank in the United States District Court for the District of Colorado alleging the defendants violated the FDCPA and Colorado state law.

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The Court of Special Appeals of Maryland, the intermediate appellate court in that state, recently held that a party who authorizes a foreclosure trustee to initiate a foreclosure action on a deed of trust must be licensed as a collection agency in the state before filing the foreclosure lawsuit, and that this licensing requirement applies to trusts formed outside of the State of Maryland.

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A foreclosure action consists of both an action at law to collect on a promissory note to repay a mortgage debt and an action in equity to enforce a mortgage interest by sale of the property through foreclosure, the Ohio Supreme Court explained today.. before Deutsche Bank initiated the.

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Defendant argues that bringing a foreclosure action does not violate FCCPA because it does not qualify as collection of a debt.5 For the following reasons, Count I is not subject to dismissal on this ground.6 1. Debt collection activity under FCCPA To determine what is covered as debt collection activity under FCCPA, the Court looks

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.

How to Handle Debt Collectors It describes an office of nine or 10 employees in San Antonio, Texas, who were FedExed paperwork for 50 to 100 collection actions per state per day. of the Currency ordered the bank to clean up its.

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