Columbus RESPA Lawyer
Ohio Foreclosure Defense Attorneys Who Go to Court and Fight for You
The Real Estate Settlement Procedures Act (RESPA), is a federal consumer protection law written specifically to protect homebuyers from negligent, predatory or unscrupulous lenders and other parties to a mortgage transaction. RESPA requires lenders to disclose to borrowers how much their loan will cost and puts a cap on how much loan providers can charge for the many different fees connected to getting a loan. If a bank tries to foreclose on a loan that they originated in violation of RESPA, you could have a defense to that wrongful foreclosure. The consumer attorneys at Kohl & Cook are seasoned practitioners in foreclosure defense who regularly go to court and file federal claims on behalf of homeowners. Call our experienced Ohio RESPA lawyers today for a free consultation to see if you have a valid RESPA defense to save your home from foreclosure.
How RESPA Protects Homeowners From Predatory Lenders
RESPA protects homeowners by putting restrictions on what settlement service providers can and can’t do in the settlement process. “Settlement” is another term for closing, which is the final phase in the mortgage loan process where the title to the home officially passes from the seller to the buyer. A settlement service provider is any party connected with that process – mortgage brokers, lenders, title companies, clearing houses, underwriters, inspectors, appraisers, insurers, etc. Before RESPA existed, lenders would engage in kickback schemes with various settlement service providers, referring business to each other and charging extra fees to the borrowers to cover the kickbacks and referral fees. Under RESPA, the lender must provide you with a good faith estimate of what your loan will cost. RESPA also limits how much the various settlement service providers can charge in all these fees that get tacked onto the closing.
If the lender didn’t provide you with all disclosures required by RESPA when you took out the loan, or if you were overcharged in violation of RESPA, these violations could provide the basis for a lawsuit as well as a strong defense against the lender’s attempts to foreclose. Our foreclosure defense attorneys at Kohl & Cook routinely file federal RESPA claims whenever applicable to help Ohio homeowners fight a wrongful foreclosure and stay in their homes.
Homeowners benefit from a multitude of protections under RESPA, including:
- Lenders, mortgage brokers, or servicers of home loans must provide home buyers with certain disclosures at various times during the transaction process. This helps consumers be better shoppers for settlement services.
- RESPA protects consumers by eliminating kickbacks and referral fees that can increase the costs of certain settlement services.
- Mortgage servicers must respond to and investigate consumers’ written disputes (Notices of Error) and requests for information.
- Mortgage servicers must halt the foreclosure process and foreclosure sale if the mortgage servicer receives a complete loss mitigation application (loan modification packet).
- Borrowers must receive timely notices regarding the additional information the mortgage servicer needs for the borrower’s loss mitigation (loan modification) application to be complete.
- Mortgage servicers must wait until a loan is 120 days delinquent to file a foreclosure.
- Borrowers/consumers can pursue certain private causes of action against mortgage servicers to recover their losses, triple the amount of damages caused, and have their attorney fees paid for by the servicer.
Our attorneys at Kohl Cook practice in all the areas of law touched upon by RESPA, and we deal with RESPA claims and provisions every day, whether we are representing parties in real estate closings, helping consumers pursue claims for loan violations, seeking mortgage loan modifications to help borrowers keep their home, or providing a powerful and effective defense against wrongful foreclosure attempts. RESPA is just one of the many Ohio state and federal laws enacted to protect consumers in the process of obtaining a loan or facing foreclosure on their home. We know all the applicable laws and work with them daily, and we will take the time to analyze your situation and bring out all available claims, defenses and counterclaims applicable to your circumstances. Count on Kohl & Cook to stand by your side and be a zealous advocate for your rights.
Contact Kohl & Cook Today
For help with a RESPA violation claim regarding your loan or vigorous foreclosure defense, contact Kohl & Cook Law Firm at our offices in Columbus and Dayton (Centerville) for a free consultation. We have the knowledge, skills and determination to see your case through to a successful conclusion. Call our experienced Ohio RESPA lawyers today.