On this episode of Banking on Credit Unions, hosts Attorneys Jim Sorensen and Blair Boyd emphasize why regular audits of collection letters and procedures matter. They share cautionary tales of how small issues ballooned into major lawsuits and extra costs.
Tune in to hear their recommendations for keeping compliant and efficient with reviews every two years, examining actual staff practices beyond written policies. Don’t wait for the regulators to require changes. Revise first and avoid issues down the road.
Other subjects covered on the show:
- Not just what the letters or policies say, but what’s happening inside the collections department.
- Lawyer-conducted audits offer confidentiality protection compared to other consultants.
- Stories from the auditing trenches: strange calls and conversations.
- Repossession letters as magnets for consumer class action suits.
- Real-life examples of how small changes led to huge payouts.
- Failures to give proper call disclosures are also common findings.
- Outdated procedures referencing wrong laws or defunct systems.
- Opportunities to improve efficiency as a byproduct of audits.
- Face-to-face collaboration during the review process builds relationships.
- Self-audits are still better than waiting for regulators to knock.
- An ounce of prevention versus a pound of lawsuit cures.
AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!!
You can check out the full episode and subscribe at https://www.youtube.com/channel/UCxcnGION4Zctrimxkuj2A4w.
If you want to know more about the SVL Law Team, reach out at https://svllaw.com/contact-us/.
Need a backup plan for your Chapter 13 bankruptcy? Tune into this episode of Banking on Credit Unions as Attorneys Jim Sorensen and Blair Boyd discuss options for post-confirmation modifications. When a debtor runs into trouble after their Chapter 13 plan is confirmed, is revising the plan possible? Learn about the legal standard for modifications, potential creditor objections, and key strategic considerations.
Whether you’re a creditor or debtor facing an imperfect Chapter 13 plan, this overview could provide a lifeline. Don’t get stuck with no way out – listen now for insights on Chapter 13 mulligans!
Other subjects covered on the show:
- Why confirming a Chapter 13 plan is so important – it makes the plan binding unless later modified.
- The steps and timeline in a typical Chapter 13 bankruptcy case.
- Options for treatment of auto loans in Chapter 13 bankruptcies – cram downs, bifurcation of claims.
- The law allowing modifications of confirmed Chapter 13 plans and in what situations.
- Practical and strategic considerations in deciding whether to object to a post-confirmation modification.
- How modifications could still result in case dismissal and refiling if the debtor stops payments.
- Potential settlement options when faced with a plan modification attempt.
AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!!
You can check out the full episode and subscribe at https://www.youtube.com/channel/UCxcnGION4Zctrimxkuj2A4w.
If you want to know more about the SVL Law Team, reach out at https://svllaw.com/contact-us/.
When a second mortgage goes into default, the options for lenders are complex. Foreclosure? Wait for the first to foreclose? Or just sue on the note?
On this episode of Banking on Credit Unions, hosts and Attorneys Jim Sorensen and Steve Orsillo dive into the intricacies surrounding defaulted junior lien mortgages. They discuss the pros and cons of various recourse options as well as key due diligence to consider beforehand. You’ll learn where the pitfalls lie and how to carefully evaluate the unique legal issues second mortgage lenders regularly encounter.
Whether you hold defaulted second mortgages or simply want to glimpse this complicated world, tune in for critical insights and how to avoid missteps.
Other subjects covered on the show:
- The role and significance of waiting periods before initiating foreclosure on a second mortgage.
- The impact of market trends and property condition on foreclosure decisions.
- Loss mitigation options are available for second mortgages, including loan modifications and deeds-in-lieu.
- Legal responsibilities of lenders during the foreclosure process, regardless of loan position.
- The importance of bankruptcy filings and their effect on second.
AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!!
You can check out the full episode and subscribe at https://www.youtube.com/channel/UCxcnGION4Zctrimxkuj2A4w.
If you want to know more about the SVL Law Team, reach out at https://svllaw.com/contact-us/.
Collecting delinquent debt is a tricky business—make one misstep communicating with borrowers, and you could face serious legal consequences.
In this Banking on Credit Unions episode, Attorneys Jim Sorensen and Steve Orsillo walk through the ins and outs of collections communication. Learn what laws apply to phone calls, texts, emails, and even door knocks. Discover best practices for leveraging different techniques while avoiding harassment allegations. Jim and Steve also share critical advice for cutting off contact when bankruptcy strikes. If you’re collecting debt directly or hiring an agency, this info could keep your credit union out of hot water.
Tune in now to successfully navigate the legal landmines of collections communication!
Other subjects we covered on the show:
- Do the latest TCPA regulations allow you to phone or text delinquent borrowers freely? Get the real deal on legal collection communications.
- Is force-placed insurance throwing monthly payments out of whack? Make sure borrowers get the memo.
- Struggling to get debtors to open up about their financial woes? Pro tips for gathering the intel you need.
- At what point does calling a debtor turn from persistent to harassment? Don’t cross the line in your collections crusade.
- With massive data breaches in the headlines, are texts and emails risking member security? How to communicate safely in the digital age.
- Want to send collection agencies or door-knock services to collect? How to properly contract out for maximum legal coverage.
- Automatic bankruptcy freezes most communications in their tracks—but what systems do you need to have in place organization-wide to avoid slip-ups?
AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!!
You can check out the full episode and subscribe at https://www.youtube.com/channel/UCxcnGION4Zctrimxkuj2A4w.
If you want to know more about the SVL Law Team, reach out at https://svllaw.com/contact-us/.
Unveil legal tactics to reclaim stolen collateral, particularly focusing on elusive vehicles. Join Banking on Credit Unions host Attorneys Jim Sorensen, and Tyler Van Leuven as they dive into the perplexing world of repossessions.
Discover how to deal with debtors who hide collateral, the power of filing a replevin, and the strategic use of depositions. With insightful tips and advice, this episode sheds light on the legal strategies that can help credit unions in their pursuit of recovering stolen assets.
Don’t miss out on this enlightening conversation. Tune in as Jim and Tyler share their expertise and provide valuable insights on how to navigate this common issue.
Other subjects covered on the show:
- The issue of repossessions – how to deal with debtors hiding collateral.
- Hiring a private investigator to locate the vehicle, and filing a replevin to initiate legal action.
- The process of renewing the tag and having a valid registration on the vehicle was discussed, particularly in the context of Florida.
- Georgia has no similar option for registration stops, but the state is generally less debtor-friendly.
- The importance of treating borrowers fairly and being responsive to their needs was emphasized to prevent situations where they feel justified in hiding the car.
AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!!
You can check out the full episode and subscribe at https://youtu.be/2pLxeYmonCM?si=Y4g4IZ8Sm7T3ACYH.
If you want to know more about the SVL Law Team, reach out at https://svllaw.com/contact-us/.
