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”
Tag: Debt Collection
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.
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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.
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