Preventing Foreclosure by Filing a Truth in Lending Act Violation Claim
When choosing to purchase a home, many individuals and families decide to enter into an agreement with a financial institution to take out a mortgage loan on the property. Such a contract requires trust from both parties to ensure that it is mutually beneficial. Regrettably, lenders have been known to try and take advantage of hopeful homeowners through predatory loan practices. The Truth in Lending Act works to protect borrowers by requiring the disclosure of all pertinent information between the two parties. In the event that the borrower is misled, they can file a claim against the lender for violating the act.
If you were deceived about any part of a mortgage contract and are facing an impending foreclosure, you should contact the Russell Van Beustring P.C., to determine what your legal options are for filing a Truth in Lending Act violations claim. To speak with one of our Houston bankruptcy attorneys, call our office today at 713-973-6650.
Details of the Act
The Truth in Lending Act’s primary purpose is to provide borrowers with security by forcing lenders to reveal any relevant information concerning a mortgage loan. Some of the information that lenders are required to disclose is as follows:
- Amount of money to be financed
- Identity of the lender
- Annual and variable percentage rate on the loan
- Charges for financing
- Late payment penalties
- Total number of payments
If a lender fails to reveal any of the above information, they may be in violation of the Truth in Lending Act and may give debtors the ability to prevent a foreclosure on the house.
Victims of unethical loaning practices should not have to face their unfair foreclosure proceedings alone. A Houston bankruptcy lawyer from the Russell Van Beustring P.C., can provide you with the legal expertise you need to file a Truth in Lending Act violations claim in defense of your home if you are eligible.