Hopefully you have never received a call from a debt collector about a delinquent debt. However, the fact is that millions of Americans have delinquent debt and interactions with debt collectors are part of their daily routine. Whether that debt stems from student loans, unpaid medical bills or credit cards, the calls from debt collectors will start coming eventually. Whether you are one of the people currently dealing with these calls or not, it is important that you understand what conduct is prohibited under the Federal Debt Collection Practices Act (“FDCPA”).
Speaking from a recent graduate’s point of view, getting approved for a loan at my age, on your own is a tough venture. Many companies offer lower interest rates and better loan terms with a co-signer.
The instant you realize that you are financially overextended the walls of your reality start closing in fast. The financial burdens begin to dramatically take effect and the weight of the debt and the pressures associated with creditor collection efforts start taking its toll on you psychologically, mentally and oftentimes physically. So whether you seek information out via the internet, talking to friends and family, or seeking legal advice…invariably you start exploring your options.
Our real estate department handles all types of real estate related matters, including foreclosures. This might be an unpleasant task, however the local lenders we represent are very understanding and sympathetic to their borrowers’ plights. I have had our banks agree to postpone actions and sales, and to work out payment plans, or allow a home to be sold for less than the loan amount very often. (Although this is not the point of this blog entry, I would like to state that this alone is a good reason to consider a local bank if you are re-financing, or borrower money to purchase a home.)
At the end of 2010, Governor Patterson signed a new bill into law which set realistic limits on the current levels of exemption values which will reflect today’s values and households and bring New York State into accord with other states exemption statutes. This law will be a welcome face lift to the current Debtor Creditor statutes and the Civil Practice Law and Rules!
Congratulations! You’ve signed a contract to purchase a new home and now you are waiting for your mortgage to be approved and for closing to take place. You are excited to move into your new home and usually preparation and economizing is a responsible thing.
In today’s economy, Americans have struggled to make a decent income or keep their jobs at all, a situation several Western New Yorkers can sympathize with. Despite this sympathy, there are an abundant amount of large corporations in the Buffalo area that seem to be profiting off the economic misfortunes of others and, surprisingly, the culprits are the debt collectors that promise to help us out of debt in the first place.