Tuesday, December 2, 2008

Reg Z - It May Be The Key To Rescinding Your Bad Loan, But Do You Really Want To Know How It Works??

The concept is simple: federal law requires an accurate written disclosure of the annual percentage rate ("APR") and finance charges in home and consumer loans. Good luck understanding what the Reg Z rules are on your own.

Regulation Z of the Truth and Lending Act

Related to Reg Z and also important in compelling a modification of your home mortgage is the Real Estate Settlement Procedures Act, or RESPA (HUD-1 good faith estimate of closing charges, reasonableness of charges, anti-kickback).

Go see an experienced Truth in Lending attorney - you likely only have 3 years from the making of the loan to take legal action

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