The debt collection industry has become more transparent and consumer-friendly. While at the same time, instances of debtor default and of debtor fraud are on the rise. Traditional methods of collecting debts are not as effective as they once were. Accordingly, debt collectors must adapt and adjust their methodology and practice in order to remain current and effective.
Homeowner mortgagors and debtors alike are becoming more aggressive in their efforts to escape paying for their secured and unsecured debt. It is common now to see mortgagors swear false affidavits to attempt to deflect the Courts from the reality that they simply can no longer afford to pay their debts. Some even go so far as to challenge the validity of the mortgage contract itself, claiming that their lender was involved in forgery, fraud and other misdeeds.
For this reason, it has become increasingly crucial for the debt collection industry to find new strategies to collect and recover debts. In Canada, many are turning to law firms like Papazian | Heisey | Myers in order manage their mortgage defaults and debt collection.
At Papazian | Heisey | Myers, lawyers have decades of experience collecting secured and unsecured prime and subprime debts, including mortgage loans, vehicle loans and other secured and unsecured retail loans such as equipment leases in default.
“We have worked with National Bank of Canada for almost 25 years managing and supervising its debt collection; with a strong emphasis on real property mortgages and motor vehicles secured loan debt collection,” says Michael S. Myers, founding and co-managing partner of Papazian | Heisey | Myers. The law firm has also worked with private mortgage institutional and individual lenders and with other financial institutions to collect outstanding debts and assist in mortgage enforcement, powers of sale and foreclosures.
Along with the 2023 new year came a change in the economic climate. Real estate prices have seen a steady decline for almost a year now. Real estate and other borrowers and their lawyers have become more creative and aggressive in their efforts to fend off debt recovery actions. Papazian | Heisey | Myers’s debt collection team of lawyers and clerks have a wealth of knowledge and breadth of experience dealing with all manner of debtors and their efforts to obfuscate and delay the inevitable repayment of their usually long overdue debt.