consumer financial protection

The Telephone Consumer Protection Act (TCPA) protects consumers from receiving nuisance calls from creditors and marketers on home phones and cell phones since 1991. TCPA restricts robo-calls made to all cell phones, whether they are for business or personal use.

How do Creditors and Marketers Violate the TCPA:

When they use automatic dialing systems, a computer program that auto-dials hundreds of programmed numbers. Receiving four or more calls in a day from a specific creditor typically means an auto-dialer is in use.
When they use artificially generated communications or pre-recorded voice messages that direct the recipient to hold for an available operator.
When they send unsolicited SMS text messages that cause the recipient to incur phone charges.
When they fax junk-faxes that interrupt the receipt of business faxes, tie up phone lines, and waste paper.

When they do not maintain and support a required DO NOT CALL list. Consumers have the right to ask to be placed on it and the requests are honored for five years. https://www.donotcall.gov/

Carol A. Lawson, Esq., 28870 U.S. Hwy 19 #300, Hodusa Towers, Clearwater, FL 33761

Phone: (727) 410-2705; email: [email protected]

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More senior homeowners with mortgages: Older consumers are carrying more mortgage debt into their retirement years than in previous decades. For homeowners age 65 and older, the percentage carrying mortgage debt increased from 22 percent to 30 percent from 2001 to 2011. Among those aged 75 and older, the rate more than doubled during that same time period, from 8.4 percent to 21.2 percent.

Median mortgage debt for seniors increased by 82 percent: From 2001 to 2011, the median amount older homeowners owed on mortgages increased 82 percent from about $43,300 to $79,000. In addition to carrying increased mortgage debt, many older Americans have also accrued less home equity than their age group did a decade ago. This decline in home equity may have an outsize impact on older Americans, for whom home equity is frequently their primary or even only asset. The result is less financial security and greater financial risk. Those considering taking out a home equity loan will want to know about the home equity loan interest rates before committing to anything. Some might find that looking mortgage notes might be a way to get a handle on their mortgage debt. If you want to know what is a mortgage note you can do research online to find out more.

Senior delinquency and foreclosure rates increased five-fold after the financial crisis: From 2007 to 2011, the percentage of homeowners age 65 to 74 who were seriously delinquent in paying their mortgage, meaning they were more than 90 days late or in foreclosure, increased from 0.85 percent to 4.96 percent. For those over 75, it increased from 1.01 percent to 5.87 percent. While delinquency and foreclosure rates have decreased since 2012, foreclosure among older homeowners is still a significant problem. Among other things, older consumers have greater difficulty recovering from foreclosure than their younger counterparts due to their increased incidences of health problems, cognitive impairment, and difficulties returning to the workforce.

http://www.consumerfinance.gov/reports/snapshot-of-older-consumers-and-mortgage-debt/

If you find yourself in this situation a loan modification may be available. Contact our office for a free consultation today!

Carol A. Lawson, Esq., 28870 U.S. Hwy19 #300, Hodusa Towers, Clearwater, FL 33761 Phone: (727) 410-2705; email: [email protected]