What can I do if my lender violated TILA?
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:
- rescinding your mortgage;
- consulting with a South Florida attorney to file a claim for damages;
HAMP Eligibility Guidelines (Part A)
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:
- you must be the homeowner as well as the occupant of a 1- to 4-unit home;
Affordable Mortgages Under HAMP
If you have officially received approval for a loan modification under the Home Affordable Modification Program (HAMP), your loan servicer will make sure that your new monthly mortgage payment is no more than 31% of your monthly income.
The strategies used to lower your mortgage payment under HAMP include the following:
- Reduction of your interest rate – a rate as low as 2% is a possibility. In return for the low rate, the U.S. Treasury Department extends financial incentives to your loan provider. This doesn’t mean that everyone who qualifies for a HAMP loan modification will get 2% interest rates. If a 5% rate is sufficient to lower you mortgage to an affordable payment, then a 2% rate would not be necessary.
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.