Foreclosure Defense Tactics
TRUTH IN THE ACT OF LOANS (TILA)
As part of each transaction, the bank loan homeowner must provide the proper disclosure on or before the closing time, such as the amount of financial costs and APR. If this information is inaccurate, the loan may be legally rescindable under TILA. The lender must also provide "notice of right to Rescind." This is a special notice, which must be passed to customers refinance closing. If this form is inaccurate or incorrect, the loan is rescindable maximum of three years after the closing date. Cancellation means the loan is canceled and all money paid to the lender is repaid. Also, if you purchased the property or proceeds used to refinance and proper disclosures were not given, then the user may also be entitled to monetary damages to offset foreclosure.
REAL ESTATE SETTLEMENT PROCEDURES
ACT (RESP)
This federal law governs many types of disclosures that must
lenders to provide at closing, in addition to prohibiting things like kickbacks and unearned fees. This allows for compensation and sometimes cancellation if the error will trigger TILA.
PROTECTION ACT OF HOME OWNERSHIP AND EQUITY (HOEPA)
This is a very powerful federal law governing the high cost refinance loan. Violations included here, and cancellation of significant money damages, which may be in excess of the amount of U.S. dollar loans.
racketeering AND DAMAGED THE ACT OF ORGANIZATION (PUERTO RICO)
borrowers successfully RICO claim can be invoked in the case of yield spread premiums. Elements of the RICO claim are met when the bonus payments was not disclosed and the premium cost is passed by the borrower in the form a higher interest rate, and represented the broker would provide the lowest rate available.
POTENTIAL EQUAL CREDIT ACT (ECOA)
baiting tactics and changes can be given a claim under the ECOA. ECOA provides private remedies for damages for
actual and punitive, equitable relief and attorney fees.
UNFAIR AND deceptive practices
Indeed, the mortgage transaction may often be challenged practices (UDAP) laws and your unfair and deceptive acts. Broker misconduct and yield spread premiums, at least without disclosure, may violate the statute UDAP. It may be a licensing violations. Transactions of lenders and / or intermediaries who are not licensed, but should be, may not be valid. UDAP violation may be the lender of business with unlicensed broker. Most of the UDAP statute provides for some combination of the foreseeable damages, statutory damages, multiple damages, attorney fees and costs, and some States, for moral damages.
REQUIREMENTS FOR PRE-FORECLOSURE
FHA FHA requires every lender to mail brochure called "How to avoid foreclosure" and set up a meeting face to face with the borrower the ability to disable (in most cases). If the lender does not take the following steps, then it can not be disabled.
FRAUD ASSESSMENT
Many appraisers inflation of property value to help justify a predatory lender loan. Sometimes the appraiser does is to please specific lenders to obtain a repetition of these lenders, in other cases, experts may be collusion with lenders and receive kickbacks for fraudulent estimates. Remedies for the assessment of fraud may include damages for actual, punitive and attorney fees.
BREACH OF CONTRACT
Just as you have to pay the mortgage, the lender has a duty not to interfere ability to do so - such as life insurance payments to the introduction of much more expensive than they should be. Moreover, lenders who quietly rewarded brokers for putting borrowers in brine them-and then passing on the cost of that reward borrowers share responsibility in May broker fiduciary duty breach.
vested interest in the SITE
is procedural defense to foreclosure
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