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What are the possible outcomes to doing the TILA process?

April 26, 2017doing Outcomes possible process tila

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What are the possible outcomes to doing the TILA process?

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The best outcome is cancellation of the loan and re-conveyance of title to the borrower. The paperwork from most loans fitting our parameters contains violations for which the lenders must rescind the loan contract. In addition, the law carries a statutory monetary award somewhere between $200 and $2000. The exact amount is decided by the court. The borrower can also ask for additional monetary damages. In most cases, the borrower lost money from predatory lending practices and can ask to be repaid. The amount of damages is decided by the court. In certain situations punitive damages are awarded. In other words, the court orders the lender to pay extra money as a punishment.