Bankruptcy, Foreclosure & Loan Modification Posts in February, 2012

Final Act, scene II…

Here are three more affirmative defense that may arise out of violation of the Unfair and Deceptive Trade Practices Act: 1. If your lender did not provide you with statements of the escrow account associated with your loan transaction, then an affirmative defense may exist. 2. If your lender failed to pay property taxes or insurance premiums for the subject property, there may be an affirmative defense....
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And for the final act…

The third Act that can give rise to affirmative defenses in a mortgage foreclosure is the Unfair and Deceptive Trade Practices Act. Courts can hold lenders accountable under the Unfair and Deceptive Trade Practices Act and can also be made to pay punitive damages and attorneys’ fees. Some examples of violations include: 1. If the lender obtained a yield spread premium (YSP) that was excessive or not properly disclosed. 2. If the lender charged excessive fees or required the payment of fees to parties not entitled to receive any fees....
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More from RESPA

Here are two (2) more affirmative defenses that come from violations of the Real Estate Settlement & Procedures Act, or RESPA for short: 1. If a lender accepted fees, kickbacks or other items of value in exchange for settlement services and or split fees and received unearned fees for services that the lender did not actually perform, there may be an affirmative defense for a RESPA violation. 2. If the lender did not provide annual escrow disclosure statements for each year of the mortgage since its inception, an affirmative defense may exist for a RESPA violation....
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From TILA to RESPA

   The Real Estate Settlement & Procedures Act, or RESPA for short,  is another possible source of affirmative defenses.  RESPA is part of the U.S. Code and can be found at 12 U.S.C. Section 2601.  To begin: 1. An affirmative defense exists if a lender, at the time of the loan closing, charged a fee for the preparation of the truth in lending uniform settlement and escrow account statements....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com