In 1968, Congress enacted the Truth in Lending Act (TILA) to protect borrowers from unscrupulous lenders. The act is designed to promote the informed use of consumer credit by requiring standardized disclosures, which highlight the terms and cost of the loan. TILA requires that mortgage companies disclose all pertinent terms, costs, and fees associated with the mortgage by using standardized forms.
If a mortgage company does not disclose certain terms and costs of your mortgage using the standardized forms, they will be in direct violation of the Act. These violations may give you the right to:
• Sue for damages caused by the violation
• Rescind (cancel) the mortgage
• Sue for statutory damages
• Recover attorney fees and court costs associated with enforcing your TILA rights
At Florida Law Advisers, P.A., we take an aggressive approach to defending clients faced with foreclosure. We carefully scrutinize all of the mortgage documents and loan terms to identify any possible violation that we can use to fight the foreclosure. Our attorneys have years of experience helping homeowners in the Tampa Bay area stay in their homes, and can readily identify TILA violations. If we do uncover that your lender has committed TILA violations against you, we will aggressively seek the maximum penalty allowed under the law. If you would like to have a foreclosure defense lawyer at your firm review your loan documents, contact us to schedule a free consultation.