Foreclosure Education and Strategy

There are ways to STOP FORECLOSURE fast and court cases where judges have ruled that the bank may not foreclose.  Visit my blog post about deficiency judgement explanation.  For foreclosure education and strategy, read further…

One method to stop foreclosure fast:

To review your loan documents to see if there have been any violations of the Truth in Lending Act. 

According to former underwriters and expert loss mitigators, over 80% of the home loans that were done this decade had truth in lending violations.  One can file a lawsuit against the bank for truth in lending violations with the most likely outcome, forcing the bank to mitigate the loan and structure a forbearance agreement with you.

The Truth in Lending Act as defined by Wikipedia:

The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The statute is contained in title I of the Consumer Credit Protection Act, as amended (15 U.S.C. § 1601 et seq.). The regulations implementing the statute, which are known as “Regulation Z”, are codified at 12 CFR Part 226. Most of the specific requirements imposed by TILA are found in Regulation Z, so a reference to the requirements of TILA usually refers to the requirements contained in Regulation Z as well as the statute itself.

The purpose of TILA is to promote the informed use of consumer credit by requiring disclosures about its terms, cost to standardize the manner in which costs associated with borrowing are calculated and disclosed. TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer’s principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes. With the exception of certain high-cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit. Rather, it requires uniform or standardized disclosure of costs and charges so that consumers can shop. It also imposes limitations on home equity plans that are subject to the requirements of Sec. 226.5b and certain higher-cost mortgages that are subject to the requirements of Sec. 226.32. The regulation prohibits certain acts or practices in connection with credit secured by a consumer’s principal dwelling.