How Can The Truth in Lending Act (TILA) Affect My Commercial Loan Modification?
A Commercial loan modification is an alteration of an original commercial loan agreement. However, if the original commercial loan agreement violated the Truth in Lending Act (TILA), then it is not enforceable and must be modified. The Truth in Lending Act requires full disclosure of all terms, including any possible fees or finance charges. You will be able to get a commercial loan workout with conditions, which work best for you and possibly damages. Like most Acts, however, The Truth in Lending Act contains a great deal of information and subparts. This is why it is best to hire a commercial loan modification professional. A commercial loan workout professional will be well educated on all the subparts of the Truth in Lending Act, which covers disclosures, annual percentage rate calculations, advertising, right of rescission, treatment of credit balance, record retention, state exemptions and rate limitations, to name a few. A commercial loan modification professional will be able t
Related Questions
- The TRUTH IN LENDING ACT (TILA) Disclosure says that if the Borrower pays off the loan early, he or she will not be entitled to a refund any part of the finance charge. What does this mean?
- How Can The Truth in Lending Act (TILA) Affect My Commercial Loan Modification?
- What does the Truth in Lending Act of 1968 protect against?
