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Yes, collection agencies can do this.
However, first they need to sue the borrowers and obtain a judgment from the court against the general assets of the defendants. Usually, a judgment will become a lien on any real estate property the borrowers own.
If the collection agency does not go to court to sue for a judgment, however, it can not place a lien on a home. And not all states or counties may allow judgments to be attached as liens, although many do allow this process.
What else can I help you with?
What are collection agencys?
A Collection Agency pursues payments of debts on behalf of their clients. It can be categorized by Collection Agencies for Consumer and Commercial.Consumer is when a Lender provides credit for services or products to a Consumer, and when this accounts fail to pay, then the lender may use to collect the debt through a Collection Agency.Commercial is the same concept but collecting debt from business to another business, this is known as Commercial Collection Agency
How can a business collect debt?
A business can collect debt by getting a collection agency to collect the debt. A business could also take it up in court or by putting a lien on the debtor's property.
Does credit card debt expire?
Credit card debt does not expire. If collection for the debt becomes a liability, then the creditor can write off the debt as a total loss or warrant a reposession of property, but the debt itself will never expire on its own.
If an account was charged off can you still be hounded to pay by collection agencys?
Yes, Charged off accounts are sold many times for collection .It also depends on many things as to what can be done . One is the statute of limitation for the state its in.There is a wealth of inf. on the PC about debt collections and may laws that apply.
In Minnesota or Wisconsin can a bill collector come to your work?
Legitimate collection agencys have to follow the Fair Debt Collection Practices Act. Some one coming to your place of work could be considered harrassment. But then I don't know exactly what you mean by bill collector. Most collections are done over the phone.
What is a good debt collection service in Toronto?
There are several acclaimed debt collection service companies in Toronto, Canada. These companies include but are not limited to the Global Collection Consultants Debt Collection Services and the Ontario - Toronto Canada Debt Collection Agency Services.
Can a debt be passed from one debt collection agency to another?
Yes - absolutely a debt can be passed from one debt collection agency to another.
How much can you sue a collection agencys for?
Hi, I'm not sure of California limits, usually at least a few years. There are FDCPA guidlines for debt collection. ANY STATE commerce dept (not chamber of commerce, just 'commerce') and/or the states office of Attorney general will have all the best info. Not blowing off your question, but they will be the best sources. There are national/federal agencies. Most debt collectors could give a rip about them. THANKS
Is it legal for a debt collection agency to discuss your debt with your landlord?
In general, debt collection agencies are required to follow the Fair Debt Collection Practices Act, which prohibits them from discussing your debt with third parties, such as your landlord, without your permission. If a debt collection agency is sharing information about your debt with your landlord without your authorization, they may be violating the law.
What is the statute of limitations for debt collection in Michigan?
There is no statute of limitations for debt collection in Michigan. You can continue to collect as long as the debt is owed. The debt can be sold as well.
Where can one find information on business debt collection?
One can find information on business debt collection in online articles and guides on business debt collection. In addition, one can find more information on business debt collection through one's peers.
Can you provide me with a debt collection verification letter?
A debt collection verification letter is a document that requests proof of a debt from a collection agency. It should include your name, address, and the debt amount you are questioning. You can find templates online or request one from the collection agency.
