Tag Archives: TILA

Remedies under TILA

A consumer is entitled to actual damages where a creditor fails to comply with the requirements imposed by TILA. The amount of these damages is equal to the sum of any actual damages sustained by the consumer as a result of the creditor’s violation. U.S.C. 1640(a)(1). Courts may require the consumer to show actual reliance upon the accuracy of the disclosures in order to claim actual damages.

March 10, 2010 – 5:18 pm | By jjacoby | Posted in Foreclosure, Residential Real Estate | Tagged , , , , , , | Comments (0)

TILA – Rescission Disclosures

Rescission rights arise when the transaction is a consumer credit transaction, in which a non-purchase lien or security interest is placed on the consumer’s principal dwelling unit. In layman’s terms, this applies primarily to home loan refinances with a different lender.

March 4, 2010 – 4:29 pm | By asmykla | Posted in Foreclosure | Tagged , , , , , , , , , , , , | Comments (0)

TILA – ARM Disclosures

Adjustable rate mortgages (ARMs) which are secured by the borrowers primary residence and have a term of greater than one year, face additional disclosure requirements under TILA. Although disclosing the following terms satisfies any disclosure requirements under TILA for any variable rate transaction, not every variable rate transaction requires the full set of ARM disclosures. …

February 26, 2010 – 4:32 pm | By asmykla | Posted in Foreclosure, Residential Real Estate | Tagged , , , , , , , , , , , , , , , | Comments (0)

TILA Residential Mortgage Disclosures

Most home mortgages are subject to the disclosure requirements of TILA. 15 U.S.C. Sec. 1638. The required disclosures must be provided to the homeowner prior to the consummation of the transaction, i.e. prior to closing. Homeowners have the right to rescind most credit transactions, including home equity loans, where the home is taken as collateral. …

February 19, 2010 – 11:40 am | By asmykla | Posted in Foreclosure, Residential Real Estate, Uncategorized | Tagged , , , , , , , , , , , , , , , , , | Comments (0)

TILA, Form of Disclosures

The Truth in Lending Act (TILA) requires that consumers be given specific disclosures before the closing of certain credit transactions. Specifically, disclosures must be “clear and conspicuous(), in writing, in a form that the consumer may keep” 15 U.S.C. 1632(a); Reg Z Sec. 226.5(a)(1). The disclosures are required only for “material terms” related to the …

February 15, 2010 – 3:34 pm | By jjacoby | Posted in Foreclosure, Residential Real Estate | Tagged , , , , , , , , , , , , , , , | Comments (0)

Statute of Limitations Under TILA

Often the greatest hurdle in seeking relief under the Truth in Lending Act (TILA) is ensuring that the case is filed within the applicable statute of limitations. A statute of limitations limits the time an individual has to file an action after they have been wronged. When a violation of TILA occurs, the one year …

February 11, 2010 – 4:09 pm | By asmykla | Posted in Foreclosure, Residential Real Estate | Tagged , , , , , , , , , , | Comments (0)

Truth In Lending

Consumers are often misled as to their legal rights and obligations by more sophisticated parties. At Wilson Law Group, we level the playing field through application of various consumer protection statutes and regulations. This is the first post in an ongoing series briefly summarizing existing consumer protection laws. The Federal Truth in Lending Act (TILA), …

February 2, 2010 – 1:48 pm | By asmykla | Posted in Foreclosure, Residential Real Estate | Tagged , , , , , , , , | Comments (0)