“Don’t Wait Until It’s Too Late !” Lessons In Debt, Credit And Home Ownership

You didn’t expect that you would be one of the employees included in the downsizing of your company. You didn’t expect that your large company would be experiencing cut backs or totally closing. The realities of today’s economy has hit good reliable trained employees right where it hurts the most – in the pocket book.

Or you may be one of the many people, who during the years of the ‘housing boom’ moved up with the purchase of a new home. Or you may be one of the many who got the ‘flippin’ bug’ after attending a HOW TO Real Estate seminar and purchased some ‘investment’ properties.

Whichever scenario that got you where you are today, you have discovered your budget no longer fits the current scenario. You maybe feeling the squeeze, or may have already missed a house payment or two. Don’t wait until it’s too late to contact a counselor to find out what your options are. The faster you ask for help, the more options you will have !

You ALWAYS have options that can help, but the quicker you take positive action, the greater the odds of having positive outcomes. Seek professional help to learn about resources that can give you more time and even more options. A counselor will help you structure a plan based upon whatever money that you do have so you can get maximum use of it. A counselor will introduce you to trusted resources that have proven to get the end result you are seeking.

There are consumer laws such as TILA, and HOEPA in place to protect your rights. The federal Truth In Lending Act requires lenders to provide detailed information about credit transactions to borrowers. TILA also imposes liability on lenders when they fail to provide the information accurately or in the form required. The liability for a lender’s mistakes can pass through to the assignee, making the purchaser of the mortgage loan liable for mistakes by others.

Statutory liability under TILA when discovered through a mortgage audit, can give you power to negotiate terms that you can live comfortable with. It also can be used to claim actual damages, statutory damages, and attorney fees, compensating you for the lender’s infractions of the law.

These infractions either through TILA and/or HOEPA could assist you in stopping the foreclosure, and keeping your home. Also through being compensated for damages, you maybe able to regain financially some ground you had lost.

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