Why First Asset Relief Center
| If a violation is identified, then there may be a chance to stop the foreclosure proceedings. The lenders are aware of this as well, which gives us the ability to be patient and fight for the necessary loan restructure. This is also the best chance at obtaining a rate reduction and/or a principal balance reduction on your mortgage. Most RESPA and TILA violations require attorney fees be paid for by the lender. This means that once litigation has ended, the lender will have to pay their attorney fees, the borrower’s attorney fees and the judgment against them for the violation; all while not collecting any mortgage payments from the borrower due to the fact that the borrower is now making the monthly mortgage payments to the court. Most penalties paid from the lender to the borrower are small, but the cost of litigation is enormous. While this does not add much monetary benefit to the borrower, it is a huge expense for the lender which is a major deterrent to lenders. Violations Identified: • Home Ownership and Equity Protection Act (HOEPA) - Section 32 • Truth In Lending Act (TILA) • State and municipal high-cost / anti-predatory laws and regulations • State licensing regulations • Secondary market investor guidelines • Real Estate Settlement Procedures Act (RESPA) and (Final HUD-1) • Regulation Z • Deceptive Trade Practices Act – DTPA • Federal Equal Credit Opportunity Act • Equal credit opportunity, fair housing & home mortgage disclosure compliant • Sarbanes-Oxley Act |
