Excessive Bank Finance Charges
Foreclosure Defense
When you bought your home, you probably borrowed money and gave a bank a mortgage on your home. As part of taking out that mortgage and financing your home purchase, you probably paid a lot of fees, interest, "points," and miscellaneous charges. Along with the numerous closing and mortgage documents you received, you should have been given a statement of all those costs and charges. All of those costs had to be included on that statement. Many of those costs were supposed to be included in your Truth In Lending disclosure (which you also should have received at the closing).
If the cost statement or Truth in Lending disclosure were not included, or you think you paid excessive costs for closing, contact Bleichman and Klein online or by calling 888-321-4039 as soon as possible. If the bank violated the Truth In Lending laws, you may be able to get a refund of all the costs of the mortgage financing and, in some instances, even wipe out the mortgage.
What is the Truth in Lending Act?
The federal Truth In Lending Act was originally enacted by Congress in 1968 as a part of the Consumer Protection Act. The law is designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The law was simplified and reformed as a part the Depository Institutions Deregulations and Monetary Control Act of 1980. The Truth in Lending Act is important not only for small businesses involved in consumer credit transactions or leasing, but also for individuals that are buying homes.
