What Happens if There are Violations?
Hire an attorney who is skilled in consumer advocacy, predatory lending and real estate law.An attorney will determine the proper course of action. This may include an attempt to settle the Loan Issue/Documented Dispute with the Lender prior to filing complaint(s) with any agency and inform the Lender of the Issues found in the “Forensic Loan Document Audit”.If a loan was funded unlawfully, the borrower may be entitled to compensation, a refund of all interest paid to date, legal fees, or renegotiation of the terms of the loan.A creditor who violates the disclosure requirements may be sued for twice the amount of the total finance charge on the loan. In the case of a home mortgage, this can be a very significant amount, amounting to thousands of dollars. Costs and attorneys fees may also be awarded to the consumer.
