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  1. #41
    Founder Maurice Bedard's Avatar
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    Re: Truth In Lending Act

    Quote Originally Posted by sswiz View Post
    I was just reading over the truth in lending disclosure. It says amount financed was 212,791.91 but my loan was for 221,000.00. What's up with that?
    That can be a big problem for the lender. Ws this TIL from your loan docs at closing?

    Also under impound authorization I pay my taxes separately. And it is marked that impounds and mortgage insurance is required. But I haven't paid mortgage insurance. My house appraised at 260,000 for that loan so it was well over 80%. IT was 85% LTV
    Maybe a clerical error. Not a law violation to the best of my understanding. Maybe Brian can shed some light on that.

    Don't know if this makes a difference. But first payment was to go to home loan center dba lending tree. We sent payment on time to them. Then Countrywide called and harassed us around the 5th of March. Meanwhile our payment was cashed by homeloancenter. Countrywide also charged me late fees on that month. But I was able to have them dropped but it still shows on my transaction history. Isn't the new lender supposed to give you 60 days and cant mark you late for mailing the payment to the original holder of the note?
    Good question and am under the same understanding as you sswiz, but again, lets wait for the attorney and see if he can clear this up.
    Best Regards,

    Maurice Bedard
    Founder of LoanSafe.org

    DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

  2. #42
    Successful Homeowner Andrew's Avatar
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    Re: Truth In Lending Act

    Quote by moe:

    That can be a big problem for the lender. Was this TIL from your loan docs at closing?



    Yes it was. It was in my loan docs on the truth-in-lending disclosure. Then there is another page I found itemization of amount financed it shows loan proceeds to 211,190.76
    amount financed 212,727.91
    prepaid finance charge (Paid outside of closing) 8,272.09 which brings loan amount to 221,000.

    But those prepaid finance charges say paid outside of closing I didn't pay anything out of pocket??????

    Also they are saying they paid taxes of 1417.15 but they didn't cause no tax bill was due.

    Shouldn't the truth in lending disclosure be 221k and figures to match that?

    I sent over all my docs to Brian.

  3. #43
    Founder Maurice Bedard's Avatar
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    Re: Truth In Lending Act

    Yes it was. It was in my loan docs on the truth-in-lending disclosure. Then there is another page I found itemization of amount financed it shows loan proceeds to 211,190.76
    amount financed 212,727.91
    prepaid finance charge (Paid outside of closing) 8,272.09 which brings loan amount to 221,000.
    Very fishy.

    Also they are saying they paid taxes of 1417.15 but they didn't cause no tax bill was due.
    This could have been prepaid taxes required by the lender?

    Shouldn't the truth in lending disclosure be 221k and figures to match that?
    Yes, that's what they are for. Funny, huh? It's supposed to give a borrower a clear picture of what they are paying for. Obviously it doesn't.

    I sent over all my docs to Brian.
    Smart. Let's see what comes of it.
    Best Regards,

    Maurice Bedard
    Founder of LoanSafe.org

    DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

  4. #44
    Successful Homeowner Andrew's Avatar
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    Re: Truth In Lending Act

    No they arent prepaid taxes. My taxes arent escrowed. I pay myself. And i even verified with county they never received that payment of 1417.50 because when we closed the new tax bills werent even released. I paid that 1417.50 like 6 months later on my own.

  5. #45
    Founder Maurice Bedard's Avatar
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    Re: Truth In Lending Act

    sswiz, any status on this from Brian?
    Best Regards,

    Maurice Bedard
    Founder of LoanSafe.org

    DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

  6. #46
    Successful Homeowner Andrew's Avatar
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    Re: Truth In Lending Act

    Spoke to Brian yesterday and he said he should be done today with it. They did find a lot of violations. I think we may move to rescind the loan. Im working on getting other financing in place which is looking good. That will really show countrywide. All I wanted was help from them and its like pulling teeth. And I was hung up on 4 times yesterday by different people there.

  7. #47
    Successful Homeowner Andrew's Avatar
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    Re: Truth In Lending Act

    From Brian's email:

    After the complete review of the file I discovered

    That your APR was overstated (a possible violation of TILA)

    A broker fee split with lending Tree (possible RESPA violation)

    The rescission form deviated from the government promulgated form.

    I'll try calling him to find out more!

  8. #48
    Founder Maurice Bedard's Avatar
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    Re: Truth In Lending Act

    Looks good, lets keep our fingers crossed.
    Best Regards,

    Maurice Bedard
    Founder of LoanSafe.org

    DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

  9. #49
    Brian K.
    Anonymous Guest Brian K.'s Avatar

    Re: Truth In Lending Act

    Well not as many strong violations as we had hoped, but I think enough to move to rescind the mortgage. As we discussed, we need to time this very carefully, so we can be ready to fulfill out side of TILA with a tender of the $$. With any luck the bank will just call and settle, but we can always hope they don’t do anything within the required 20 days.

    Lets face it, what do we have to loose, they are not responding, not negotiating and generally playing hardball with you and your family. When can we close your refinance?

  10. #50
    Successful Homeowner Andrew's Avatar
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    Re: Truth In Lending Act

    I'll know more tomorrow about the refi. They are trying to get a conforming loan at 6.125 rate. I was intialialy approved for an alt-a loan at 6.875 due to disputes I had on my report. And the disputes were to gmac to show I have a zero balance now. Wish I knew that before hand. But they don't see a problem at really getting the 6.125 since our credit is pretty good. I'm hoping to close end of January. Prepayment ends on Jan 23rd.

  11. #51
    Illuman23
    Anonymous Guest Illuman23's Avatar

    Re: Credit Disputes

    FYI If you dispute more than 1 account the automated underwriting system (DU or LP) will reject your application, and it will have to be processed manually. That is probably the reason your lender wanted to put you in a higher interest loan program. They should still be able to offer you the fixed rate at 6.125%, but you'll have to cough up your full 2 year tax returns, w-2's, etc.

  12. #52
    Successful Homeowner Andrew's Avatar
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    Re: Truth In Lending Act

    I did supply all info w-2's tax returns and even a yr worth of bank statements. Our credit scores are 659 middle and 679 middle

  13. #53
    Member hollywood007's Avatar
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    Re: Truth In Lending Act

    Brain:
    i have a friends loan that i could really use help on, how soon could you look at this! even though i doubt we could get this done n time, the auction is set for tomorrow and the leanded wont budge.
    could you at least offer some advice on what to say or on a letter to write in regards to telling them we wont to turn this over to an attorney.

    thank you,

  14. #54
    Founder Maurice Bedard's Avatar
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    Re: Truth In Lending Act

    Hollywood,
    Brian is no longer associated wth this site...............

    Please call Marshall if you need attorney assistance:



    Law Offices of Marshall E. Rosenbach
    468 N. Camden Drive, Suite 200
    Beverly Hills, California 90210
    Telephone (310) 860-4764
    Facsimile (310) 860-4763
    Best Regards,

    Maurice Bedard
    Founder of LoanSafe.org

    DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

  15. #55
    Member kurtkrum's Avatar
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    Re: Truth In Lending Act

    Does anyone know of an attorney in MD that can review my loan documents for RESPA or TILA violations?

    I have a home that has been for sale for 1.5 years. It had a bridge loan on it with a baloon payment or $456,000 that was due in February. I could not get the house refinanced and AmTrust will not work with me to originate a new loan and have sent me a notice of intent to foreclose.

    In my primary residence, I also have my first mortgage with AmTrust and it is current.

    I would like to see if I can find some leverage to get them to cooperate with me because they are being unreasonable and difficult.

  16. #56
    Senior Member otisanddinga's Avatar
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    Re: Truth In Lending Act

    If your in California, call Fransen and Molinaro in Corona, CA. Otherwise, I 'd call them and ask who but you should hire an attorney, in my opinion as they will deliver the goods faster and usually better terms... They are listed all over this site and know what they're doing. I hired them...Good Luck.

  17. #57
    Senior Member otisanddinga's Avatar
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    Re: Truth In Lending Act

    sorry, I noticed you are from md. I would recommend hiring an attorney in md that is experienced in this rather than just any mod expert. It's usually $2500-$3000 either way but money well spent when it come to your most expensive asset....

  18. #58
    Senior Member mel239's Avatar
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    Re: Truth In Lending Act

    attorney in Lorain county,OHIO--[west of cleveland] any recommendations

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