Borrowers who have refinanced their mortgages or taken out a home equity loan may be eligible for a refund if they make a claim within three years of taking out the loan. Statutory damages are limited to $2,000, while actual damages are not capped, but borrowers must apply for monetary relief within one year of taking out the loan.
Regular mortgage holders may be eligible for monetary damages but not a refund. They must apply within one year of taking out the loan.
Claims can be triggered if:
Payment schedule is incorrect or does not conform to government guidelines in the Truth in Lending Act.
Disclosed annual percentage rate is off by 1/8 of a percent for regular mortgages or 1/4 of a percent for unorthodox mortgages from what the borrower is actually charged.
Lender miscalculates the total cost of the loan or the finance charges.
Key disclosures are not clear or buried in the fine print of final documents.
[...] Pays to Read The Fine Print Published in February 27th, 2008 Posted by in Uncategorized It Pays to Read The Fine Print Borrowers who have refinanced their mortgages or taken out a home equity loan may be eligible for a [...]
[...] Original post here [...]
What’s with all the fancy names for options that these banks could have taken at any time? It’s nice that lenders are willing to work with homeowners now that so many of them are losing their homes and property values have fallen so far that it’s not worth it for the banks to take the properties back… but enough with the HomeStay, Project Lifeline, HOPE NOW, HomeSaver Advance, etc. Stop naming the programs and start offering them to homeowners, rather than having the collections department call them 40 times a day. That would go a lot further towards saving properties than slapping a new name on the understaffed loss mitigation department.
Where the hell do you apply for these so called programs ??