The good news for homeowners is that banks and lenders are governed by various Federal Lending Laws such as the Truth in Lending Act, the Real Estate Settlement Procedures Act, and the Home Ownership and Equity Protection Act.
To read the Truth in Lending Act (TILA) go here:
To read the Real Estate Settlement Procedures Act (RESPA), go here:
To read the Home Ownership and Equity Protection Act (HOEPA), go here:
These three laws are KEY. These Federal Laws dictate the disclosures that lenders are required to provide, the accounting that lenders are required to provide, and contain other measures that are designed to protect people from predatory lending practices.
VIRTUALLY ALL HOME LOANS ORIGINATED OR REFINANCED BETWEEN 2000 AND 2009 CONTAIN VIOLATIONS OF THESE FEDERAL LENDING LAWS!
These violations are important not only for defending a foreclosure in court, but LENDERS CAN BE SUED for documented violations of these laws!
This can be part of an existing state court case or it can be a whole new action brought against the lender in Federal court.
A successful court case for violations of these laws can force the LENDER TO PAY statutory fines to the homeowner, actual damages to the homeowner, perhaps punitive and/or exemplary damages to the homeowner, and reasonable attorney fees to the attorney. To find out if your bank has committe violations of these laws, call our office for a FREE consultation and mortgage audit at 1-877-9KEEPHOME.
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