How does the Truth In Lending Act help stop an Alabama foreclosure?

How does the Truth In Lending Act help stop an Alabama foreclosure?

How does the Truth In Lending Act help stop an Alabama foreclosure?We’ve talked in other articles about various laws that can help stop a foreclosure, such as RESPA, the FDCPA, and the FCRA.

Today we’re going to talk about TILA, the Truth In Lending Act.

There are a couple of provisions that come to mind when we talk about the Truth In Lending Act that may be able to help you if you’re facing foreclosure.

One provision is that, under TILA, you have to be notified when the loan, or servicing, is sold.

Too often it happens that the company will not tell you when it’s sold.

That is a violation of TILA.

The more common issue is the lack of monthly mortgage statements.

Or, if you’re getting them, they aren’t correct.

They don’t comply with the law.

If the mortgage company isn’t sending you the right mortgage statements, that can give you to the ability to sue under TILA.

You can get up to $4,000 per violation in damages from the mortgage company.

As you’re facing a foreclosure, you’re looking at Alabama Law, the FDCPA, the FCRA, and RESPA, etc. to see if you can pull any defenses (or arguments) from any of these laws.

Did you find a violation of this law or that law?

When these mortgage companies are foreclosing on you, they have immense power.

However, with that power comes great responsibility.

They need to be able to strictly comply with the rules that are set before them.

In other words, they can’t say that they shouldn’t be held accountable.

They don’t get to say that.

If you’re given power, you are responsible to follow the rules.

They have the power so they must follow the rules.

Check out TILA, the Truth in Lending Act, it can be powerful.

Hope this is helpful to you!

If you have any questions, feel free to get in touch with us.

You can reach us at 1-205-879-2447, or fill out a contact form and we will get in touch with you quickly.

We would be glad to help you in any way we can.

Thanks for reading, and have a great day!

-John G. Watts

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