Columbus Foreclosure Federal Actions Lawyer
Ohio Foreclosure Defense Lawyers Fighting for You
Several federal laws have been enacted over the years to protect homebuyers in the process of obtaining a loan. Lenders must provide required disclosures about the cost of a loan and must comply with many other legal requirements when issuing a home mortgage. Failing to comply with these federal laws is a serious issue that can be used against a lender that is trying to wrongfully foreclose on a home. The foreclosure defense attorneys at Kohl & Cook are familiar with these laws and raise these issues whenever applicable to stop a foreclosure from happening. Federal actions are just one more tool available when helping homeowners stay in their homes. Learn more about some of these federal laws below, and contact our experienced Columbus foreclosure federal actions lawyers for a free consultation if you are facing foreclosure in an Ohio county court.
RESPA is the Real Estate Settlement Procedures Act. RESPA requires lenders to provide borrowers with a good faith estimate of how much their loan will cost. RESPA also places limits on how much the lender and other settlement service providers can charge with the multitude of fees they like to impose on the mortgage transaction. Before RESPA was enacted, lenders and settlement service providers would engage in all sorts of kickbacks to maximize their profits at the borrower’s expense. Now, if the lender overcharged you or failed to make the required disclosures when issuing the loan, they can be stopped from foreclosing on the mortgage that they wrongfully issued in the first place.
TILA stands for the Truth in Lending Act. Like RESPA, TILA requires lenders to make certain disclosures when lending money so the borrower can clearly understand what they are getting into. TILA covers home mortgages but also applies to any other form of credit being offered. The specific disclosures and explanations lenders must make are outlined in a TILA regulation known as Regulation Z. Regulation Z requires the lender to show you the actual, true cost of the loan before you sign. A bank or other lender that failed to make the required TILA disclosures when you got your mortgage can be kept from later foreclosing.
UCC is the Uniform Commercial Code. The UCC is a large body of federal law adopted in several states that governs the behavior of parties in sales, leases, negotiable instruments, documents of title, secured transactions and more. Many different UCC provisions can apply to a mortgage transaction, and violating the UCC when making a loan can form the basis for defending against a wrongful foreclosure down the line.
Contact Kohl & Cook Law Firm Today
At Kohl & Cook Law Firm, our dedicated foreclosure defense attorneys leave no stone unturned when it comes to asserting the defenses and counterclaims that can help you stop foreclosure and stay in your home. We know the defenses available under Ohio state law as well as federal law, and we vow to timely raise these defenses in your case and vigorously pursue a satisfactory remedy on your behalf. In addition to fighting wrongful foreclosure actions, our team provides effective representation in obtaining a mortgage loan modification or avoiding bankruptcy and foreclosure through short sales and other methods that consider your needs and put your best interests first. Contact our experienced Ohio foreclosure defense lawyers today for a free consultation and immediate help getting the best result in your situation.