September 2015 Archives

August debt collection complaints and litigation

Minnesota residents might not be aware that the Consumer Financial Protection Bureau tracks complaints and litigation cases in regard to debt collectors. The amount of complaints declined from July to August, but there has been an increase in consumer litigation cases in the past 12 months.

Low foreclosure rate in Minnesota reflects national trend

With an inventory of foreclosure homes of only 0.4 percent among homes with mortgages, Minnesota places among the states with the lowest foreclosure rates as of July 2015. This matches a nationwide real estate recovery that has seen a 27.9 percent decrease in foreclosure inventory over the previous year, as reported by CoreLogic, a group that monitors the housing market.

Court of Appeals ruling may impact Minnesota debtors

Under the Fair Debt Collection Practices Act, debt collectors may be limited in what they can say or do to collect their debt. However, a new opinion recently issued by the U.S. Court of Appeals for the 11th Circuit may provide more guidance into what a debt collector actually is. In the case involving Capital One Bank, the plaintiff asked that Capital One be considered a debt collector as it had purchased $1 billion in credit card debt that was in default from HSBC.

Recent foreclosure trends

Investors and homeowners in Minnesota may be interested in learning more about which states have been affected the most by foreclosure activity. On average, foreclosures in the second quarter of 2015 took over 625 days to complete, from defaulting on the loan to the property being repossessed. This length of time to complete the foreclosure process was the longest recorded average since 2007. The process can be tedious, and an increasing number of homes are now being foreclosed.

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443 Old Highway 8 Northwest, Suite 208
New Brighton, MN 55112

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