Refinancing, Loan Modifications, Novations

[Barbara Ann Jackson]

In my researching consumer law, I have in the past come across some information which I interpreted to state that if a home loan “modification” entails certain things, it becomes a “refinancing.” I am not giving any advice, as I am not a lawyer. I am simply saying what I came across. I also understood that certain kinds of modifying TRIGGERS a “refinanced” or a “novated” loan. I also remember reading something about the fact that, in connection with real property (real estate), those kinds of transactions could cause requirements of “Truth In Lending” (TILA) “disclosures.” Consumers need to make enquiries to attorneys who are acquainted with Consumer Law; and consumers (inclusive of homeowners) also need to study terms and phrases associated with loans transactions. Furthermore, another thing I recall reading about is “rescission rights,” as it pertains to purchases as well as loans.

In this era, more than ever, knowledge is power. A mere consumer dictionary or book about consumer law can be the beginning point of exposure to terms and phases leading to insight about the economy, as well as personal finances. (My estranged husband’s infidelity led to my financial woes.) And always, always, we should share what we learn when doing so can help light the way for others. Concerned about being accused of giving legal advice without a law license? Purchase consumer books or subscriptions and give them as gifts.

[mreedlaw]

Sherry, I am sorry to say that posting of for profit sites is not allowed.