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The Truth in Lending Act (TILA) protects borrowers and consumers against unfair lending practices. It requires lenders to honestly disclose all loan details, so that borrowers can efficiently compare rates with other lenders. Truth in Lending also allows consumers the right to cancel some credit transactions and get times resolution for credit card billing disputes.
Under the Truth in Lending Act, a lender or bank must disclose true information to borrowers before they sign loan documents. They must disclose the amount of loan and amount of payments, if there are prepayment penalties, due dates, applicable late charges, Annual Percent Rate (APR) and service fees. If a consumer discovers a truth in lending violation within a year of signing the loan documents, they may be able to recover damages by filing a lawsuit.
Real property lawyers can help protect your financial interests by making sure you were given truth in lending. Real property lawyers can examine your loan documents and offer a valuable defense on your behalf in case you discover a truth in lending violation.
If your lender has violated the Truth in Lending Act, you may be able to recover damages. Contact Attorney Search Network to find a real property lawyer in your area that can assist you with truth in lending violations.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out our online form for your Real Property lawyer referral.