Timeline for Financing Post Short Sale, Foreclosure and Bankruptcy
Short Sale, Foreclosure, Chapter 7 and Chapter 13 regulations for mortgage lenders.
Federal Mortgage and Consumer Protection Statutes
Truth-In-Lending Act (TILA) of 1968 is a United States federal law designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all costs. The statute is contained in title I of the Consumer Credit Protection Act, as amended (15 U.S.C § 1601 et seq.) The regulations implementing the statute, which are known as “Regulation Z”, are codified at 12 CFR Part 226. read more >>
The New Bankruptcy Law: Changes to Chapter 7 and 13
The law changed to place certain income requirements on people who want to file for Chapter 7 bankruptcies. The law makes determining eligibility a two-step process. First, the person must check their monthly income against their state’s median monthly income.