Truth In Lending Act Civil Lawsuits

The Truth in Lending Act, a federal law passed in 1968, provides protection to the consumer in matters of credit interaction. This act is particularly important to the homeowner. Under TILA, lenders are required to disclose all of the loan details in a mortgage document, including standard definitions so the consumer can make an informed choice.

Some of the loan terms lenders are required to fully disclose include:

Finance charges: Total cost of credit for the duration of the loan, including interest and fees.

Annual Percentage Rate (APR): Cost of credit as a percentage.

Amount Financed: Total dollar amount financed.

Schedule of Payments: The amount of payments and the date in which they’re due.

Total of Payments: Total dollar cost of all payments throughout the lifespan of the loan.

TILA protects the homeowner from fraud and predatory lending, and also gives greater protection when your home is used as security for a loan. Violations of TILA can result in a lawsuit against the lender, given that a complaint has been filed and legal action pursued.

Truth In Lending Act civil lawsuits may be performed in the event that lenders have not provided you with proper disclosure of lending terms. A forensic loan audit is the best method of discovering TILA violations. As an individual filing a lawsuit, you may recover all damages, in addition to the amount you have paid into the service charge thus far, as well as all attorney fees and court costs.

We provide forensic loan audits in every state, legal document preparation in CA, and access to our vast network of reputable attorneys. These are the foreclosure defenses we prepare based on your audit findings:

Truth in Lending Act – TILA
Real Estate Settlement Procedures Act – RESPA
Mortgage Electronic Registration System – MERS
Produce the Note – PTN

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