Truth In Lending Act

[Maurice Bedard]

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.

[Andrew]

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.

[Maurice Bedard]

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.

[Andrew]

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.

[Maurice Bedard]

sswiz, any status on this from Brian?

[Andrew]

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.

[Andrew]

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!

[Maurice Bedard]

Looks good, lets keep our fingers crossed.

[Brian K.]

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?

[Andrew]

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.

[Illuman23]

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.

[Andrew]

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

[hollywood007]

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,

[Maurice Bedard]

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

[kurtkrum]

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.

[otisanddinga]

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.

[otisanddinga]

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....

[mel239]

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