This is a question we received through a comment on our channel, which is a place where we will be answering more questions from. We appreciate the questions that you guys write, and we look forward to answering more of your questions in the future!
I just got out of a debt collection trial in Alabama, and I thought I’d take a minute to remind you how important it is to know the difference between owing the debt collector, and the debt collector owning the debt.
In this case, the debt collection lawyer told us that they were suing our client because they owed the debt collector money.
We figured that today would be a good time to talk about a summary judgment, as I was heading to a hearing on this type of judgment.
The second mortgage is the company that is second in line to be paid when you sell your house.
A mortgage ties the note to the property.
A first mortgage is where we receive a loan to buy a house.
Velocity Investmenst LLC is a debt buyer/debt collector out of New Jersey. They claim to buy debt and then they sue in Alabama on about 10% of the debts they collect. The other 90% are collected without a lawsuit.
Without the complaint, there is no lawsuit. So the complaint starts the collection lawsuit.
This is a great question.
This is a great question.
Ultimately, this boils down to a statute of limitation issue, and the FDCPA, or Fair Debt Collection Practices Act.
Alabama Consumer Law Blog