Law Office of Simmons & Purdy

 

2425 Porter Street, Suite 10

Soquel, CA 95073

Phone: (831) 464-6884

Fax: (831) 464-6886

info@pamelaw.com

Law Office of Simmons & Purdy
2425 Porter Street
Suite 10
Soquel, CA 95073

ph: 831-464-6884
fax: 831-464-6886

info@pamelaw.com

PLEASE "LIKE" US ON:Facebook

  • Home
  • The AttorneysClick to open the The Attorneys menu
    • Pamela D. Simmons
    • William J. Purdy, III
  • Services OfferedClick to open the Services Offered menu
    • Mortgage Lending Laws and Foreclosure Relief
    • Short Sales
    • One Time Consultations
    • Real Estate
    • IRS Collection Representation
    • Taxation
  • Consultation Rates
  • How Guarantors Can Escape Tax On Soured Debt
  • Senate Bill 1150 Victory!
  • Scams, Spam & Mortgage Fraud
  • Real Estate Fraud Articles
  • What Loan Mod?
  • When Mortgage Lenders Monkey With Your Loan
  • Sleeping Giant Second Mortgages
  • A Message About Bankruptcy
  • Taxable Debt Relief - Do Ask - Do Tell
  • Got Mortgage Troubles? Here’s Your List of “Don’ts”
  • For Homeowners Who Have Lost Their Home In Foreclosure
  • The Federal Truth in Lending Act: What You Don't Know Can Hurt YouClick to open the The Federal Truth in Lending Act: What You Don't Know Can Hurt You menu
    • I. TILA's History and Predatory Lending
    • II. How to Find the Law
    • III. What Every Real Estate Attorney Should Know About TILA
    • IV. The Recission Process: The Law and Reality
    • V. Conclusion
  • Past Events
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  • S&P In The News
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V. Conclusion

TILA is an extremely powerful tool for borrowers and should be considered every time anyone makes or obtains a loan secured by residential property. At least one court has held that it may be malpractice for an attorney not to review a borrower's rescission rights when representing them in a foreclosure proceeding.

This article just scratches the surface of this area of law. Even though there are classes given to consumer law attorneys on this area of practice, it is my experience that most consumer attorneys do not have the background to understand the loan process when it comes to securing the loan against real property. To put it starkly, most of them look like deer caught in headlights when they leave such a class.

Real property attorneys, however, already have the preliminary expertise. They understand the escrow process, can read and understand a HUD-1 RESPA Settlement Statement, and know and understand the relationship between a note and deed of trust.

While this article will not make you an expert on TILA, it hopefully will allow you to have an informed view of the issue the next time you are consulted on a loan or lenderrelated issue. 


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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

 

 

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Law Office of Simmons & Purdy
2425 Porter Street
Suite 10
Soquel, CA 95073

ph: 831-464-6884
fax: 831-464-6886

info@pamelaw.com

PLEASE "LIKE" US ON:Facebook