The Consumer Financial Protection
Bureau received a settlement on behalf of consumers for the amount of $1.275
million in their lawsuit against the Specialized Loan Servicing (SLS), a
Colorado based mortgage loan servicer. In 2014, the CFPB discovered that SLS
has breached Real Estate Settlement Procedures Act (RESPA) and Regulation X. In
this case, each of these were violated by the SLS as they were taking forbidden
foreclosure actions against mortgage borrowers who initially had protection
from being foreclosed on. This is also a violation to The Consumer Financial
Protection Act of 2010. Consumers who were victims of these practices will
receive a collective $750,000 in restitution.
Do you feel that you are a victim of
foreclosure fraud? Contact our offices at 816-524-4949 or visit our website at
Hoorfarlaw.com to schedule an appointment to speak to one of our attorneys
facing financial troubles amid the outbreak and the shutting down of their
department stores. Sephora stated recently that they would not reopen their
doors after the pandemic and that they would stop restocking in store products. Sephora’s products have been the major source
of income for the department store. With this threat in place, JCPenney had to
pursue a restraining order on April 27th to prevent Sephora from
closing its inside store locations.
JCPenney did win this order and forced Sephora to reopen its doors with the department store. Sephora is countersuing the company in order to end their in-store contract in April of 2021. However, JCPenney may still be forced into bankruptcy. The company currently owes roughly $4 billion and were expected to make a payment of $12 million that was deferred for 30 days April 15th.
bankruptcy past the pandemic? We are here for you. Contact our office at
816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an consultation.
You may have heard on the radio, but the Law Office of Camron Hoorfar will help you handle personal injury matters! We have even launched a new site to help navigate your personal injury needs mykclawyer.com. Personal Injury Law is an important facet of the Law Office of Camron Hoorfar’s continued strive to help those in need.
If you or a loved one has been hurt in an accident call our office at 816-524-4949 or visit our new personal injury website at mykclawyer.com today!
The small city of Fairfield, Alabama is set to file for Chapter 9 Bankruptcy, which is quite rare, especially for a municipality of merely 12,000 residents. Prior to the pandemic, Mayor Eddie J. Penny stated that the city had drained all its funding and exhausted alternatives to bankruptcy. Since the start of COVID, the city profits have depleted even further, forcing the hand of the city into bankruptcy proceedings. Liabilities in Fairfield are reported as high at $10 million and roughly 20% of its residents are currently living under the poverty line.
bankruptcy is unique to municipalities and does not force liquidation of any
assets. Public employees, as such, should not fear for their job as the city
does not expect to lay off any workers.
bankruptcy? Contact our office at 816-524-4949 to set up a consultation or
visit our website at hoorfarlaw.com.
The Treasury Department rolled out a program for small business loans, however, there has recently been minor changes to the original program. The original guidelines for the small business loans required a rehiring of staff and any additional loan amount be used on rent or utilities. The problem with this original guideline is that many small businesses who applied for the federal loans remain closed. Also, many employees turned to unemployment options prior to their employer receiving the loans and found it more beneficial to continue getting the unemployment than to go back to work. In recognition of these small business challenges, new loan guidelines were issued in order to convert the loans to grants for struggling businesses.
to those changes, government officials and lawmakers are considering giving
businesses more flexibility in the grants. The government extended the loan
spending time to 8 weeks, meaning that the loan can be taken out to cover
business costs for 2 months opposed to original shorter time frames for
spending the approved loan amounts. However, to some businesses such as
restaurants, and even hair salons, these guidelines are not easy to come by.
These trying times have people having a hard time rehiring their employees due
to an uncertainty in future business success and the ability of a loan to keep
the business afloat.
business struggling due to coronavirus? Do you have questions about your PPP
loan application or forgiveness? Call our office at 816-524-4949 or visit our
website at hoorfarlaw.com to
schedule a consultation today.
Mortgage loan company Fannie Mae and Freddie Mac have extended their delay on mortgage foreclosures through June. With the plan of initially deferring homeowners’ payments until May 17th, the plan was changed and may even be deferred for as long as a year if supported by Fannie, Freddie, or a Federal Agency.
struggling financially? We are here to help. Contact our office at 816-524-4949
or you can visit our website at hoorfarlaw.com
to schedule an appointment.
Neiman Marcus Group Inc., became America’s major extravagance retailers when they were granted access to Texas Oil 100 years ago. The popular retailer has stated they are now facing bankruptcy due to the coronavirus outbreak and the precautions they are required to take. It has also been said the company had plans to transform the debt they were in prior to the pandemic. They are looking to get at least $4 billion of the $5.1 billion disregarded. Currently, they are not planning to close any stores.
bankruptcy? Contact our office at 816-524-4949 or you can visit our website at
hoorfarlaw.com to schedule an appointment
Gold’s Gym International Inc., announced Monday they are filing for Chapter 11 bankruptcy. They were forced to close 30 corporate owned stores due to the outbreak of the coronavirus. While this was a difficult decision, the company’s plan to be debt free is set to be no later than August. In the course of this plan, they will continue to assist their vendors and suppliers. They have also decided to continue to operate their 700 gymswhile working closely to abide by the correct protocol for the coronavirus guidelines.
Considering bankruptcy? Contact our office at 816-524-4949 or you can visit our website to schedule an appointment at hoorfarlaw.com
Small business owners that are receiving Paycheck Protection Program assistance could soon experience some difficulties staying afloat. While the Treasury Department is managing the loan fund, the banks are having difficulties proving that the loans met the ever-changing government requirements. This is creating a potential larger amount of debt on businesses who thought these amounts would be forgiven after the slow of COVID. Banks are now seeing just how complicated things are and will continue to be after numerous businesses are planning to ask for their eight-week loan forgiveness.
Are you struggling financially? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment so we can help.
Upon closing 700 stores in 39 states due to the pandemic, Tuesday Morning Corp., a home goods store is up against potentially filing for bankruptcy. With no clear plan or final decision, the company is facing difficult decisions on what the next move is. Just like other companies, the company is preparing for a decline connected to the closing of their stores. They are especially worried given a lack of online shopping availability.
Do you or
someone you know need to file for bankruptcy? We can help. Just contact our
office at 816-524-4949 or you can schedule an appointment by visiting our
website at hoorfarlaw.com.