DID YOU KOW THIS?
As per David Leibowitz, attorney at law in Chicago and Waukegan, IL, The Truth In Lending Act or TILA can help you. If your lender did not meet the hypertechnical requirements of TILA, you may be able to undo or rescind your loan. All payments you made would reduce your principal balance. You would get back all of your closing costs. You might get back your attorney's fees too. TILA is very complex. Your lender must make disclosures to you in a very precise way. If they got it wrong, you have substantial rights. We know the law. We can help you defend yourself using TILA before or during foreclosure or even in bankruptcy.
Lender's Liability to the Neighbors
When lenders make bad loans in your neighborhood, is that your problem? Lawsuits have been filed by the cities of Cleveland and Baltimore as well as by residents in Minneapolis arguing that lenders have a responsibility to the neighborhood. After a foreclosure and sale, houses may stand empty for months or years. They may be targets for vandals and undesirables in the neighborhood. A vacant house could become a crack house or worse. Suits against lenders for irresponsible lending suggest that the lenders have a duty to make loans which have a reasonable chance of being paid. And these suits suggest that if the lenders loan irresponsibly, leaving the neighborhoods deteriorated, the neighbors have claims for damages against the lenders even if the lenders had no contractual relationship with the neighbors.These suits are at the cutting edge of litigation. Do lenders have a duty of due care to the neighborhood? Time will tell.
When lenders make bad loans in your neighborhood, is that your problem? Lawsuits have been filed by the cities of Cleveland and Baltimore as well as by residents in Minneapolis arguing that lenders have a responsibility to the neighborhood. After a foreclosure and sale, houses may stand empty for months or years. They may be targets for vandals and undesirables in the neighborhood. A vacant house could become a crack house or worse. Suits against lenders for irresponsible lending suggest that the lenders have a duty to make loans which have a reasonable chance of being paid. And these suits suggest that if the lenders loan irresponsibly, leaving the neighborhoods deteriorated, the neighbors have claims for damages against the lenders even if the lenders had no contractual relationship with the neighbors.These suits are at the cutting edge of litigation. Do lenders have a duty of due care to the neighborhood? Time will tell.
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