Cedar Rapids Filing a Truth in Lending Violation Claim
Taking out a mortgage loan in order to purchase a home is an enormous decision and requires a significant level of trust and understanding between the lender and the borrower in order for the arrangement to work to their mutual benefit. Unfortunately, lenders have been known to violate the Truth in Lending Act, leading to significant financial problems and loss of property for borrowers. However, if you have been deceived or misled by a lender, filing a Truth in Lending violation claim may be able to help you recover compensation and avoid losing your home.
By filing a claim against your lender in a U.S. District Court, you can start the process of recovering the substantial losses you may have suffered due to the improper concealing or misrepresentation of information pertinent to your loan. This process is a complex one which will require an in-depth understanding of the law to be effectively resolved, making it important that you seek out experienced legal representation. To learn more about how you can potentially save your house by filling a truth in lending violation claim, call Hong Law, PLC, today at (319) 294-5853 to speak with a Cedar Rapids Truth in Lending violation attorney.
The primary focus of the Truth in Lending Act is to force lenders to disclose all pertinent information about the loan, protecting consumers from predatory practices that seek to lock them into loans which they have no hope of being able to be repay, and then foreclosing on a home. In order to prevent this, creditors are required to disclose all of the following information:
- The identity of the creditor
- The amount to be financed
- The annual percentage rate on the loan, and full disclosure on any variable rates
- The total of payments
- Number of payments to be made in total
- Financing charges
- Penalties for prepayment or late payment
Failure to disclose any of these items is a violation of the Truth in Lending Act and may give you the option to prevent foreclosure on your home.
Predatory lending practices are one of the leading causes of foreclosures, and at Hong Law, PLC we are committed to protecting the rights of consumers against these unfair acts. For a free consultation to discuss your rights as a borrower and options for recourse, contact an experienced Cedar Rapids foreclosure defense lawyer today at (319) 294-5853.
Coralville, IA 52241
Phone: (319) 354-1804
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