What information must a lender or creditor disclose?
When you are dealing with lenders or creditors, you have the right to a clear and accurate loan disclosure where important information pertaining to your loan or line of credit will be explained to you in an appropriate manner. The Truth in Lending Act (TILA) requires that all lenders and creditors comply or be held liable for any violation of the act.
Under the TILA, lenders and creditors must disclose the following information:
- the identity of the creditor;
- the amount financed;
- an itemization of the financed amount;
- the annual percentage rate (APR);
What is HAMP and how does it affect foreclosure in Florida?
The federal government has responded to the increase of foreclosure in South Florida and across the nation by developing the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable initiative. HAMP is a loan modification program designed to help homeowners with making their mortgage payments affordable and avoid foreclosure in South Florida.
Eligibility for HAMP involves:
- owning and occupying a 1-4 unit residence;
- owing $729,750 or less on your home;
- having financial circumstances making it difficult or impossible to make your mortgage payments;
Best Foreclosure Defense in Weston
The recession has hit the state of Florida hard. Currently the sunshine state ranks second from the top for foreclosure filings. The other states hit hard with foreclosures are: California, Michigan, Arizona and Nevada.
For the best foreclosure defense in Weston give Burgess Law firm a call today.
The top Florida cities with high foreclosure rates are: Sarasota, Orlando and Fort Lauderdale. Just in the month of August alone there were 62,400 new foreclosure filings with foreclosure sales numbering 8,498 that had an average sale price of $192,772.