Truth In Lending Act

[Brian K.]

Moe,

It was a pleasure speaking with you yesterday, thanks for taking the time. As we discussed, one of the most powerful weapons in forcing a lender into a loan modification, short sale, or forbearance is threatening them with a possible Truth in Lending Act (TILA) lawsuit. No lender wants to be facing a TILA case where the borrower/homeowner can rescind the entire mortgage and get back the payments they made for up to three years. The lenders know that even the tiniest violation by the bank is all that is needed to trigger this drastic remedy. That’s why it is the first thing I look for when I defend a foreclosure.

The first step is to discover weather there are any violations at all. I am willing to review a few cases for your members for free. By a few I don’t mean all. If we have some success then perhaps we can get a few more lawyers to help out. I will need the entire loan package (cover to cover) to do a complete review. Moreover, I would prefer people who are not on in foreclosure, but are somewhere between there third and fourth negotiator. I would also prefer families with younger kids who just should not have to deal with this. Think of this as my holiday present to a family who may loose there house for no good reason.

You have my contact information if you have any takers.

[Andrew]

now if you rescind a loan you would have to get another mortgage if you want to keep the house? Wouldnt that be hard for some people who have very low ltv?

[Moe]

Thanks Brian and I enjoyed speaking with you. It's nice to speak with a businessman who helps people in the course of their work and you are truly doing that as am I.

You have kids like me and there are many forum readers and members that are in the same boat. Kids are smart and the most definitely know what's going on, even thought they may not talk about it.

I look forward to developing a strategy where we can implement a nation wide defense campaign to protect America's Homeowners that do not qualify for the new HOPE Now plan and yes, the Truth in Lending Act will be a very powerful weapon in the fight.

Let's talk this weekend some more.

[Moe]

[QUOTE]
sswix - now if you rescind a loan you would have to get another mortgage if you want to keep the house? Wouldn't that be hard for some people who have very low ltv?
[/QUOTE]

Yes, they would have to get a new loan to take the rescinded loans place. This is easier said then done because as you have mentioned, it would be very hard at low LTV's and upside down loans and no mortgage products.

However, as Brian mentioned we can use that to negotiate a loan modification with the lender and use the law a weapon to fight otherwise uncooperative servicers, who all of a sudden may change their tune.

[Brian K.]

The mortgage lender is then just another unsecured creditor, who must get in line behind everyone else who may have filed a lien on the property. Who ever files first (Credit card, auto finance, doctors, etc.) has first priority.

[Moe]

What do you mean, get behind? I thought since if they are in ST position, they will have ST shot before anyone.

[Andrew]

Moe or Brian do you know of any mortgage attorneys in the state of PA. I was looking at my settlement contract. Even the certfied one on countrywides site. They said they paid my taxes the yr i did refi, but they did not. Is that terms for rescind?

[Andrew]

oh and also the signature on that is not my wifes nor mine.

[Brian K.]

Payment of taxes is not part of TILA, but it could be a hell of a case against a closing agent!

[Moe]

[quote=sswiz;1958]oh and also the signature on that is not my wifes nor mine.[/quote]

That is a HUGE issue and can be grounds for rescission. I do not know of a mortgage law attorney in PA. sswiz.

Maybe Brian can review your docs for free since you have been such a great help around here.

Let me speak with him.

[Andrew]

That one section of my documents in on countrywide's site I can download and email the pdf file. My wife and I just have been depressed lately especially since we just had the twins 6 months ago. I'm just worried about my house value. We did try to refi with eloan but fees just kept on pilling up after what we were told so we backed out. Our original appraisal wa 265k our loan was 221. The refi we tried with e-loan in October needed an appraisal of 274k but for some reason I think its way overapprisaed the same exact house with a crawl space has been listed for sale at 249k for about 7 months now, it was originally 289k. We have a partially finished basement. I also called countrywide again today to see if they actually received my tax verification from the county and no they havent. So I went ahead and faxed my canceled checks for the payments and the reciepts I received. But my negoitor is never around to talk lately. And the workout specialist I talked to was very nast with me. I asked about that bush proposal since I think we would qualify for that. But she told me that was just a stunt and isnt guaranteed and they wouldnt even look into it. I will call someone else monday there and see what they say.

[Moe]

Sswiz, OK. This BS is starting to really upset me. They have been running you in circles forever.

You have a right to be down emotionally. It's the holidays and you have been at this for what, 4 months now.

This Countrywide workout specialist told you that????? Arghhh.....

A stunt? I am going to start recording conversation to expose this crap. I suggest you start recording them also but per state laws.

Forgive me if I asked you this before, have you called 888-995-HOPE?

[Moe]

Sswiz, OK. This BS is starting to really upset me. They have been running you in circles forever.

You have a right to be down emotionally. It's the holidays and you have been at this for what, 4 months now.

This Countrywide workout specialist told you that????? Arghhh.....

A stunt? I am going to start recording conversation to expose this crap. I suggest you start recording them also but per state laws.

Forgive me if I asked you this before, have you called 888-995-HOPE?