I did not get TIL, Did My Lender Violate the Law?

[busbis]

Hi I'm new here and hope you can help me out with my question. I'm not sure this is where I need to post this question.

I purchased a condo 5 years ago and was given a TIL at the time of closing. I modified my loan and took out 50K 3 years ago Jan. 5 months ago, the lender modified again and the only thing that took place was they extended the term 3 more years due to them never recording the other modification. I had to sign a new one and they went ahead and extended the terms. On both cases where money was advanced and on the extension of term I was never given a TIL to sign. I was given a estimate (the one given with my other disclosures at time of loan application and even that didn't disclose the true APR, it didn't include any closing fees), but never the final TIL. I wasn't given anything on the extension of term.

My situation is this...I am faced with Bankruptcy now and because of the market this home is about 40K lower than my loan balance. The lender is wanting me to pay this 40K as part of my plan which is at 100%...of course I don't want to.

My question is do I have any case againist the lender for never giving me the TIL to begin with in hopes they will drop the definency claim. I'm hoping they are at fault.

Credit was modified and opened and regranted, yes there should have been documentation as regards the TIL and I believe some Right of Rescission. Have to check on that one, but when credit is re-opened and extended i.e. additional funds advanced there is a clause in the Reg Z regarding that.

You should have the documents forensically reviewed by a qualified party. You should contact your local Bar Association for referral to an experienced (in these matters), reputable and honest attorney. Or there is one affiliated with this site.

I believe that you should consult with your BK Attorney on this matter as well, they do not have a lot of Reg Z experience, however he may be able to refer you forward to someone that does. Yes this is a violation in Reg Z from what I have read.

[busbis]

what is the practice of an atty is specializes in this? I have read where there is a statue of limitations of 3 years from date of loan, however if a TIL was never provided, I have not found an answer to that.

Well that is correct that the Reg Z allows a 3 year window of opportunity for the borrower under normal circumstances. In this case without a TIL the violation tolls from the dates that the modification occurred and the funds were granted on both occasions. No TIL Bad News....Complete violation of the Reg Z and if the docs are requested by a QWR and the file does not reflect a TIL then you have a lot of defenses in your favor. I am not an attorney, I am speaking as a lender only.

Attorneys for this kind of work are hard to find, see if your BK attorney knows one or try the Local Bar Association or the guy on this site. Either way you should be able to find one that specializes in Mortgage Compliance Matters.