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Answers (12)
Gregorio- Where did this guy come from? I can only assume he did not bother to read the following:
Ryan- thanks so much for providing the correct acronym. A lot of times, RESPA is overused as an all-encompassing, consumer protection 'umbrella'. I apologize for adding to that.
Ryan- was there a point to bringing up this thread? Have you been stuck in a time warp for the last month? Why did it take you so long to get back to us, on this- the most PRESSING and DIRE of the threads??
Ryan- thanks so much for providing the correct acronym. A lot of times, RESPA is overused as an all-encompassing, consumer protection 'umbrella'. I apologize for adding to that.
Ryan- was there a point to bringing up this thread? Have you been stuck in a time warp for the last month? Why did it take you so long to get back to us, on this- the most PRESSING and DIRE of the threads??
"Jennifer: Point to a specific section of RESPA that addresses the issue. It isn't there. It is a TILA violation pure and simple. If not, post the language from RESPA."
Ryan, did you even read what Jen wrote? (Over a month ago)
Defensive ... party of 1!
Ryan, did you even read what Jen wrote? (Over a month ago)
Defensive ... party of 1!
- Ryan Shaughnessy, "RyanShaughnessy"
- Contributions:229
Jennifer: Point to a specific section of RESPA that addresses the issue. It isn't there. It is a TILA violation pure and simple. If not, post the language from RESPA.
- Clay Branch, "Georgia Loans"
- Contributions:7809
I should have said the index and margin were added, then caps applied to calculate the TIL. This is also an example of why an ARM APR is irrelevant because not even computers can predict the future.
Andrew, since we have managed to post at exactly the same time, TWICE on this thread, I would like you to pick the lottery numbers for tonight.
Andrew, since we have managed to post at exactly the same time, TWICE on this thread, I would like you to pick the lottery numbers for tonight.
- Clay Branch, "Georgia Loans"
- Contributions:7809
questioning T, I believe the TIL you are looking at, which was prepared for a closing in May of 04, had a current index of 1.578. That figure was used to calculate the TIL and is the same way it is calculated today, except that the 6 month Libor index was even lower last week at 1.47. If your loan adjusted today, your payments would DROP. No one knows what it will be in May of 09, it could be higher or lower. Same holds true when they prepared your TIL back then, they can only use the existing index value, then the caps are figured in to show worst case scenario. Youe statement says you are paying a HIGHER payment now, compared to what was disclosed. I say again, if the TIL is different from the note then your bank has a problem as does the ATTY or notary who closed your loan. It may be that you need to study the documents closer.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Shocker a REA that knows everything!
- Clay Branch, "Georgia Loans"
- Contributions:7809
Ryan, it would help to know if anything is wrong before he starts calling attorneys or anyone else. How do you interpret his statement here:
In the truth in lending doc it says in the payment schedule that 60 monthly payments would be less than what I am paying now starting 5-09.
He took out the loan 5 years ago but he is referencing payments beginning on 5/09. Why is it bad advise to LOOK AT THE NOTE?
Ryan- thanks so much for providing the correct acronym. A lot of times, RESPA is overused as an all-encompassing, consumer protection 'umbrella'. I apologize for adding to that.Â
- Ryan Shaughnessy, "RyanShaughnessy"
- Contributions:229
Bad advice. It isn't a RESPA violation. It may be a TILA violation.
First, I would strongly suggest that you contact a licensed attorney in your state to provide assistance or a HUD approved loan counseling agency. Seach on "predatory lending" and you will see some organizations that provide counseling on TILA issues.
Second, forums such as Zillow.com are not the best place to get legal advice. Whether or not there is a TILA claim may be beside the point. I would first determine whether or not the statute of limitations bars your claim and then determine whether you have the right to rescind, claim actual damages, or claim statutory damages. My initial reaction without doing any research is that the claim may be barred by the applicable statute of limitation.
Here are some items from a manual from Illinois Legal Aid on TILA that may be of assistance: TILA Manual. However, the best advice is to contact an attorney in your state specializing in TILA claims, a local legal aid organization or a local HUD approved loan counseling agency.
First, I would strongly suggest that you contact a licensed attorney in your state to provide assistance or a HUD approved loan counseling agency. Seach on "predatory lending" and you will see some organizations that provide counseling on TILA issues.
Second, forums such as Zillow.com are not the best place to get legal advice. Whether or not there is a TILA claim may be beside the point. I would first determine whether or not the statute of limitations bars your claim and then determine whether you have the right to rescind, claim actual damages, or claim statutory damages. My initial reaction without doing any research is that the claim may be barred by the applicable statute of limitation.
Here are some items from a manual from Illinois Legal Aid on TILA that may be of assistance: TILA Manual. However, the best advice is to contact an attorney in your state specializing in TILA claims, a local legal aid organization or a local HUD approved loan counseling agency.
- Andrew Adams, "203K Specialist"
- Contributions:9349
You need to read your note.
- Clay Branch, "Georgia Loans"
- Contributions:7809
Are you saying the TIL shows a different monthly payment for the 1st 60 months than what you are actually paying each month? Also, get your note out and compare the payment on it to the TIL ( for the 1st 60 payments ) If that is the case then yes, your bank has a problem. If the payment difference has to do with escrow adjustment then that is a different matter.
If they intentionally misrepresented the adjustments, that would be a RESPA violation. Not sure exactly how we are supposed to tell!! Anyone have any clue???
What if the fed. truth in lending form says something different than my loan docs?
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