Predatory Lending

A large proportion of loans made during the real estate boom were unlawful.  If your lender gave you an unlawful loan, you may be able to receive substantial damages whether you’re in foreclosure or not.

Failing to comply with the Truth in Lending Act has serious implications for lenders. Any lender that violates specific disclosure requirements can be sued for two times the amount of the gross finance charges in the loan. When the loan is a home mortgage, the finance charges can add up quickly. The attorney fees and costs can also be granted in an award to the consumer. Truth in Lending Act lawsuits must be initiated by the borrower within one year of the violation. However, there are specific provisions that allow the consumer as many as three years to file a lawsuit.

While these laws and Acts have been implemented to protect you, the borrower and the American public in general, many lenders continue to operate with a laissez faire attitude. To take your lender on you either need to become educated or find an attorney with the knowledge and experience to help you fight for your rights.

When faced with the prospect of foreclosure, utilizing the Truth in Lending Act can put an immediate stop to the foreclosure process. If you feel that you have been victimized by a predatory lender then it’s time for you to save your home and fight for what is rightly yours.