Truth in Lending Act

Posted on September 24, 2010

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The Truth In Lending Act, a useful weapon for those victimized by predatory lending companies.

Much of the problems that have led to the mass foreclosures in America today have come from predatory lending practices. Thanks to the Federal Truth in Lending Act, enacted by Congress, borrowers have the right to cancel certain credit transactions that involve a lien on a debtor’s home.

The Truth In Lending Act provides a means for fair and timely resolution of credit billing disputes. However, the Truth In Lending Act does not apply to business creditors, student loan defaults, or credit transactions not involved with homes or real estate.

The Act does not regulate charges that come up from consumer credit, but requires a maximum interest rate to be stated in variable rate contracts secured by the owner’s home real estate.

Under the act, a consumer may take back, or rescind a consumer credit transaction involving a non-purchase money security interest. Rescission cancels the security interest in the home property, but the homeowner must have ownership interest in the home dwelling that is encumbered by the creditor’s security interest.

See Axsmith.net for more details.  Christine Axsmith, Esq. is a Washington, DC – based attorney specializing in foreclosure fraud, illegal foreclosure, real estate fraud.  Her credentials can be viewed at her LinkedIn profile.  The Axsmith Law website has a wealth of information for review related to elder law and foreclosure prevention. 

Other sources of valuable information are the AARP website, the Federal Trade Commission website and the HUD website.  See Axsmith Law web site to speak to an attorney.

See Axsmith.net/foreclosure for solutions.

www.axsmith.net
www.cnn.com
www.washingtonpost.com
www.huffingtonpost.net
www.foreclosure.com
Wikipedia on Foreclosure
HUD Foreclosure Prevention Programs
Foreclosure Houses – Get Your Name Off This List!
Foreclosure Miscellaneous

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