Attleboro Truth in Lending Act Violations Attorney
Violations of the Truth in Lending Act
The Truth in Lending Act (TILA) is a federal law designed to protect consumers in credit transactions by requiring a clear and upfront disclosure of the credit terms you will be entering when you sign the loan contract. These disclosures are made so that the consumer may be able to evaluate the costs of the loan they will be making and get any questions they have answered prior to the contract being signed. They are required to include the annual percentage rate, amount financed, finance charge, amount and timing of payments, and other relevant costs of the loan.
TILA and the Real Estate Settlement Procedures Act (RESPA) are frequently violated by mortgage lenders throughout the United States. Although these laws were put in place to protect consumers from predatory lending, they have been circumvented and often ignored when loans were being made. Many existing home loans were probably unlawfully completed and likely violated both TILA and RESPA requirements. When you are in a situation where you are behind in your mortgage payments and are at risk of foreclosure, having a foreclosure defense attorney review all of your loan documents on your home loan may produce violations of the Truth in Lending Act that could entitle you to damages. Even if you are not in a foreclosure proceeding or behind on your mortgage, you may still have right to compensation if you were overcharged for certain fees and were not adequately informed.
How Can Attorney Gail Balser Help?
At BK Law Group PC, our office will carefully review your mortgage documents to investigate whether the information provided to you was accurate and met the TILA requirements. We will also examine what you might have been told by the agent, broker and the lender regarding the type of loan you were supposed to get. If any violations are found, you may have a right to rescind or cancel your loan. If you wish to keep your property, a new loan without all the added fees can be obtained for you, resulting in a lowered mortgage payment. You may even be entitled to receive back all interest, points and fees paid on the loan due to a violation of the law.
Our office works hard on behalf of our clients throughout the greater Attleboro and Providence areas. Our staff is dedicated to helping homeowners who have been wronged by predatory lending and who may be at risk of losing their homes. We have been helping our clients for over 20 years and look forward to helping you as well.
If you feel your loan was misrepresented contact BK Law Group PC to discuss your situation.