There are several things you can do if a lender has violated the Truth in Lending Act (TILA), a federal law intended to protect borrowers and help them make informed decisions when dealing with lenders. It’s extremely important to be aware of your options as a borrower, specifically with regards to your mortgage.
Remedies for Truth in Lending Act Violations
When a creditor violates the Truth in Lending Act by failing to properly disclose information, your legal remedies include:
If you are one the many Florida homeowners having trouble making your mortgage payments, you should consult with a South Florida attorney with experience in foreclosure law to discuss the Home Affordable Modification Program (HAMP). The goal of this program is to provide homeowners a possible alternative to foreclosure.
Eligibility Requirements to Apply for HAMP
You must meet certain criteria before you can apply for a HAMP loan modification.
Requirements include:
The government’s Home Affordable Modification Program (HAMP) is available to help you avoid foreclosure, but to apply, you must meet certain criteria. To find out if you meet the criteria, you can take the online test on the HAMP website.
You will be asked the following 5 questions to help determine HAMP eligibility:
Protecting yourself from illicit foreclosure-rescue firms:
Beware of companies calling themselves “mortgage consultants,” or “foreclosure services” promising to save your credit or pay closing costs.
Don’t ignore mail from your lender; stay in touch even after a foreclosure notice has been filed. If you have a problem, try to negotiate a new loan arrangement with your lender before considering outside experts.
Never transfer your property deed or title to a rescue firm.
