Did the Lender violate the disclosure provisions of the Federal Truth in Lending Act?
If so, you may have the right to cancel or ˜rescind™ your mortgage loan Information about the Truth in Lending Act (TILA) (15 U.S.C. §§ 1601-1667f, as amended): TILA was enacted by Congress in 1968 as a part of the Consumer Protection Act. This law is designed to protect consumers in credit transactions, requiring clear disclosure of key terms of the lending arrangement and of all costs. The Truth in Lending Act is intended to give consumers a price tag so that people can compare the cost of credit. The law is intended and designed to reduce confusion among borrowers resulting from the different methods of computing interest, as well as to prevent fraud, deception and unfair business practices.
