Banking on Credit Unions

In this episode of Banking on Credit Unions Podcast, we dive into the proposed rule changes to Rule 3002.1 in bankruptcy. Join us as we break down the implications of these changes and what they mean for credit unions and their members. We'll explore how these rule changes could impact the treatment of written assets and how credit unions can navigate these changes to ensure the best outcomes for their members. Tune in to gain a deeper understanding of this important topic in the world of credit unions. If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

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Outdated procedures referencing wrong laws or defunct systems.Opportunities to improve efficiency as a byproduct of audits.Face-to-face collaboration during the review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.If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

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.If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

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.If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

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 Sorenson 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?If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

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.If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

From updates to payoff letters to new laws on real property, this informative discussion will provide valuable insights. Join Banking on Credit Unions hosts Attorneys Jim Sorensen and Stephen Orsillo as they dissect the recent legislative changes in Florida that directly affect credit unions.Gain exclusive access to legal insights tailored specifically for credit unions. Discover how these laws may impact your credit union and learn key strategies to ensure complianceTune in to date on the legal changes affecting your credit union's operations and discover key strategies to adapt and thrive. Don't miss this essential episode – listen now and empower your credit union with legal expertise!Other subjects covered on the show:New laws in Florida that impact credit unions - Highlighting the law involving payoff letters and its changes.Reduction in the timeframe for providing payoff letters from 14 to 10 days.Requirement to provide detailed itemized payoff letters and daily per diem.Emphasis on the importance of staying informed about new laws and regulations.Encouragement for credit unions to update their procedures to comply with new laws.Mention of the interesting and hot-button nature of the legislative session.Information on how to sign up for the law firm's mailing list and access content.If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

Foreclosures come with their fair share of obstacles, but knowledge is power when overcoming legal hurdles. Join Banking on Credit Unions hosts Attorneys Jim Sorensen and Stephen Orsillo as they map out strategic solutions to tackle delays, complications, and more in Florida foreclosure cases. Gain insight from these legal experts on how to keep your credit union's cases progressing amidst inevitable challenges. Whether it’s heirs, title issues, or bankruptcy, this episode breaks down key issues step-by-step to equip you with actionable strategies.Tune in to unlock opportunities waiting within even the most complex foreclosure proceedings.Other subjects covered on the show:Deciphering Florida's winding foreclosure landscape - Discover the minimum timeframes and major milestones you can expect when foreclosing in this complex state.Serving up legal lessons on proper notice - Get schooled on the special service requirements in foreclosures and how to avoid critical pitfalls.Tales of deception: How sneaky homeowners abuse delays - Hear outrageous firsthand accounts of the deception tactics waiting at every corner to drag out cases.What COVID hath wrought: A tidal wave of delays - Unpack the lasting rippling effects of pandemic-induced slowdowns still swamping the courts.Secrets from foreclosure masters: Pro tips for speedier cases - Tap into insider techniques the experts use to keep the legal wheels turning and prevent stagnation.When past-due estates inherit problems: Strategies for deceased debtors - Learn specialized approaches for foreclosing when no one pays the debts of the dead.If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

When it comes to repossessing vehicles, do you know the legal notice requirements? On this episode of Banking on Credit Unions, Attorneys Jim Sorensen and Tyler Van Leuven demystify the repossession notice laws in FL and GA. Learn what notices must be given before and after repossession, common mistakes to avoid, and best practices for compliance. Tune in to get the insider scoop on repossession rules so you can steer clear of lawsuits and pitfalls!Other subjects covered on the show:Reasons when notice should be given in FL/GA before repossession, like accepting late payments or after a death.Details on the "no more late payments" notice and when it should be sent.Explanation of the notices required after repossession in FL/GA - Notice of Intent to Sell and Explanation of Deficiency.Importance of sending notices by certified mail with return receipt to all obligors.Common mistakes like improper notices or repossessing without valid default.Tips for best practices such as annual legal review of documents, detailed procedures, and staff training.Options besides repossession like suing on the note if the car isn't worth taking.Guidance on out-of-state repossessions and checking local laws.Examples of lawsuits and damages that can happen with improper notices.Discussion on voluntary repossession agreements and process recommendations.If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

Getting a judgment against a debtor is just the first step - collecting the money owed takes know-how. In this episode of Banking on Credit Unions, hosts Jim Sorensen and Blair Boyd walk through the legal processes and remedies creditors can use to satisfy judgments. You’ll learn to record liens, levy personal property, garnish wages and bank accounts, and more. With plenty of real-world examples and practice tips, this is an information-packed show you won’t want to miss. Tune in to pick up strategies to turn your judgments into dollars.Other subjects covered on the show:The definition of a final judgment and how long judgments last in Florida vs. Georgia.Recording judgments to create liens on real and personal property.Using post-judgment discovery to uncover debtor assets and income sources.When debtors can be held in contempt of court for ignoring orders.The process of levying personal property like cars, jewelry, and livestock.Homestead and other exemptions that can limit collections.Getting liens attached to vehicle titles to prevent sale or trade-in.Options for renewing and extending judgments nearing expiration.The importance of tracking judgments long-term and having a management system.If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

Filing bankruptcy can be complicated for credit unions. In this episode of the Banking on Credit Unions, hosts Jim Sorensen and Blair Boyd outline key strategies your credit union needs to know when a member file for bankruptcy. Learn what actions violate the automatic stay, how to manage accounts after a bankruptcy, and when you need to get your lawyer involved. This episode provides critical insights to protect your credit union during a member's bankruptcy. Tune in to uncover key legal strategies designed just for you!If you want to know more about the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/

Join us for the premiere of Banking on Credit Unions! 🎙️ Host Jim Sorenson and SVL Law break down credit union law essentials - collections, bankruptcy, foreclosures, and more. Perfect for industry newcomers and those needing a refresher. Meet our specialty SVL Law team for weekly Q&A. Subscribe for legal know-how and stay compliant. New episodes every Thursday!If you want to know more abou the SVL Law Team, you may reach out to them at:Website: https://svllaw.com/                  https://svllaw.com/podcast/