Real Estate Settlement Procedures Act (RESPA)

Stop Illegal, Unfair, and Deceptive Mortgage Origination and Servicing Practices

If your mortgage servicer is refusing to accept your payments, failing to honor the terms of your agreement, or making it impossible for you to cure a default and forcing you into foreclosure, you should know that these actions may be considered unlawful forms of harassment. After the passage of the Real Estate Settlement Procedures Act (RESPA) and Regulation X, it became illegal for some servicers to engage in these practices after a person has paid the amounts the servicer demanded or when you are actively working with the servicer to modify your loan or complete a short sale of your home.

Many elderly Florida residents who obtain reverse mortgages are victimized by servicers that routinely ignore HUD regulations and initiate foreclosure actions when the borrower is not in default according to the terms of their loan documents. If your servicer fails to comply with the law, you may be entitled to a settlement.

Explore your options by contacting a Central Florida consumer protection lawyer at LegalNinja, LLC today. We can explain your rights and determine if a servicer has failed to adhere to regulations regarding how they have serviced your mortgage account.

Protect Your Rights with Our Brevard County Law Firm Today

Lenders and brokers interests are not often aligned with your interest when it comes to borrowing money to buy your home. There are many competing interests involved in a mortgage loan transaction, leaving an unwary borrower with a higher interest or predatory loan, high fees paid to undisclosed parties, or the victim of discrimination. The Truth in Lending Act (TILA) and Regulation Z, along with the Equal Credit Opportunity Act (ECOA) and Homeonwership and Equity Protection Act (HOEPA) were enacted to protect unwary borrowers from discriminatory and predatory loans.

Luckily, you are protected under the law, and our team at LegalNinja, LLC can help you stand up for your rights. The time within which you may challenge abusive lending and servicing practices is limited, so you must act quickly. Let us examine the details of your loan origination or servicing claim and determine what further action can be taken. Don't let aggressive marketers get away with illegal practices. Contact our law firm today.

The Real Estate Settlement Procedures Act (RESPA) describes the following as illegal practices:

  • Falsifying your loan application
  • Paying kickbacks and charging unearned fees to originate a mortgage loan
  • Concealing affiliate relationships between lender, broker, title insurers, and any other persons involved in the loan transaction
  • Failing to disclose final loan terms at least three days prior to loan closing
  • Failing to timely respond to borrower inquires and failing to timely correct errors
  • Dual-track loss mitigation evalutation and foreclosure activity
  • Improper escrow account management and payment application procedures

The Truth In Lending Act (TILA) describes the following as illegal practices:

  • Failing to provide meaningful and accurate cost-of-credit and interest rate disclosures
  • Provide inaccurate periodic mortgage statements
  • Failing to promptly credit payments
  • Providing untimely or inaccurate payoff statements

The Home Ownership and Equity Protection Act (HOEPA) describes the following as illegal practices:

  • Undisclosed or illegal balloon payments
  • Prepayment penalties
  • Originating mortgage loans without regard to your ability to repay the loan
  • Extending wrap-around loans to refinance an existing loan between the same borrower and the same lender

The Equal Credit Opportunity Act (EOCA) describes the following as illegal practices:

  • Credit decisions, including loan modification applications, based upon prohibited factors such as race, gender, age or marital status
  • Failure to provide written notice of adverse credit decisions for loan applications and loan modification or short sale applications
  • Failure to provide written notice of change in terms or revocation of credit previously extended
  • Failing to provide complete and timely notice to borrowers of incomplete applications, including incomplete loss mitigation applications

We are here to help protect your rights under the mortgage-related consumer protection acts, and we know exactly how to deal with those lenders and servicers who fail to abide by the regulations put in place. Our attorneys offer case evaluations so we can understand the full details of your specific situation and determine the solution that suits your needs. Rely on us at LegalNinja, LLC to represent you to the fullest extent of the law.