The Truth in Lending Act: Regulation Z

You May Have a Claim Under TILA – Consult with a Chicago Consumer Lawyer Today!

Mortgage servicing requirements under the Truth in Lending Act (TILA) have undergone some major changes in favor of the consumer. On January 10, 2014, the Consumer Finance Protection Bureau (CFPB) enacted amendments to TILA’s Regulation Z, setting higher standards for the behavior of mortgage loan servicers and imposing strict timelines for handling things like loan modifications, short sales, and deeds in lieu of foreclosures.

Now, consumers have the ability to bring claims against their servicer for unethical conduct that they previously did not have in the days when dual tracking, routine overcharges, and costly delays in payment application and approvals were common occurrences.

If any of the following applies to you, speak with an attorney at Atlas Consumer Law about filing a claim under TILA:

  • Your mortgage loan servicer failed to provide correct information on monthly statements, or your servicer failed to send any statements at all
  • Your mortgage loan servicer failed to apply payments on the same day they received them
  • Your mortgage loan servicer applied payment to fees or corporate advances before principal interest taxes and insurance were made up-to-date
  • Your mortgage loan servicer failed to provide the name of owner, master servicer and servicer within 10 business days of the date of receipt of written request, payoff or reinstatement figures within seven business days of receipt of written request

You Have a Right to Legal Action!

Our team of Chicago consumer lawyers is prepared to speak with you about your case during an initial consultation to determine your best course of action against your lender. If you suspect that your lender has engaged in practices prohibited by Regulation Z, the time is now to consult with our firm. We may be able to protect your home from foreclosure or help you obtain a refund for overpayments caused by your lender’s untimeliness or miscalculations.

Request a case review with our firm if any of the following apply to you:

  • You have recently filed for bankruptcy to avoid foreclosure and had a pending application for loss mitigation
  • Your loan modification is not recognized by your new mortgage loan servicer
  • You have notices excessive escrow deficiencies (i.e. overcharges)
  • You have forced placed or lender based insurance
  • You have had trial loan modifications lasting beyond three months
  • Your loan modification has not been honored by a loan servicer or successor servicer
  • You have had a contract to sell your home via a short sale, but your servicer failed to approve it within 30 days of your application, costing you the sale

Speak with an Illinois consumer lawyer at Atlas Consumer Law today at (312) 313-1613. We look forward to speaking with you about how we can help.

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We expect our clients to have various questions and reservations regarding our debt relief solutions. Fill out the form below or give us a call at (312) 313-1613 and we would be happy to give you the answers you need to make informed decisions for yourself and your family.