In a recently issued executive order, New York Governor Andrew Cuomo has extended the state’s moratorium on rent for an additional two months through August 20, 2020. The moratorium, which began in March, suspended all legal action to evict tenants who fail to pay rent while the moratorium is in effect. While landlords have reacted poorly to the extension, tenant advocates are celebrating it as a reprieve from difficult economic circumstances caused by the coronavirus outbreak. Continue reading “NY Rent Moratorium Extended Through August”
Category: Debt Collection
The Perils of a Reverse Mortgage
You may have seen television commercials advertising reverse mortgages, telling you about the financial rewards that can come from taking a reverse mortgage on your home. While it can theoretically result in additional money in your pocket, at least in the short term, it’s important not to mistake it for a financial windfall. You should be aware of the perils of a reverse mortgage before you take one out on your home. Continue reading “The Perils of a Reverse Mortgage”
New York Homeowners May Be at Risk of Losing Foreclosure Help
Last year, the foreclosure rate in New York State surged and today thousands of residents are at risk of losing their homes. It was recently announced that state-funded resources that provide foreclosure assistance will not receive funding as of October 2017 and will stop accepting clients as of this spring. Currently, there are no plans to replace the funds allocated to foreclosure assistance. Some warn that the lack of foreclosure resources for New York residents can have devastating effects, leading to homelessness and homeowners falling victim to scams. Continue reading “New York Homeowners May Be at Risk of Losing Foreclosure Help”
SCOTUS Declines Review of Debt Collection Case
On June 27, the Supreme Court declined to review a ruling by the United States Court of Appeals for the Second Circuit, allowing the decision in the class-action lawsuit against the debt collection company Encore Capital Group Inc., Midland Funding and Midland Credit Management to stand.
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CFPB Report Finds Many Borrowers Are Unable to Pay Back Auto Title Loans
The Consumer Financial Protection Bureau (CFPB) recently released a study which showed that the vast majority of borrowers who take out a single-payment automobile title loan cannot afford to make the payments and need to take out additional loans to pay it off.
Continue reading “CFPB Report Finds Many Borrowers Are Unable to Pay Back Auto Title Loans”
Third-Party Debt Collectors Need to Follow New Regulations
As of 2015, new rules under the Fair Debt Collection Practices Act (FDCPA) went into effect. These rules regulate third-party debt collector communication and disclosure requirements. The aim of these reforms is to prevent predatory practices that deceive consumers for financial gain.
Continue reading “Third-Party Debt Collectors Need to Follow New Regulations”
