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For the best mortgage defense in New York State, contact Ryan & Schwarz/LLP today.
Learn more about the attorneys, Terrence Ryan and John M. Schwarz, Jr.
Ryan & Schwarz LLP has defended individuals in foreclosure actions for over 30 years. Our attorneys and staff work for you, and we want the best outcome in your foreclosure defense case.
Many people now facing foreclosure were the targets of mortgage lenders’ unsavory and possibly illegal practices. Ryan & Schwarz performs comprehensive loan reviews to determine if you can pursue claims for predatory lending practices such as:
- Excessive fees and costs or improper prepayment penalties
- Improper disclosures of loan terms
We Will Explain Your Legal Protections and Options
If you are facing mortgage foreclosure, we will thoroughly review your loan, the mortgage terms and the lender’s conduct in offering you that loan. Some of the most important protections are based on a federal law called the Truth in Lending Act.
Please contact us for a mortgage review — even if you believe you received a good loan. Many people are surprised to learn the exact terms of the loan, and many have benefited from foreclosure protections we can readily explain to them.
The Purpose of the Truth in Lending Act
Although the Truth in Lending Act itself is complicated, what is required of the mortgage lender is not. A lender’s claim that violations of this Act are oversights is generally not credible.
You may have recourse under the TILA.
Violations of the TILA may enable you to recover:
- Actual damages – most commonly, the amount of excess interest you have paid
- Statutory damages – specified additional compensation for a TILA violation
- Punitive damages – which can be double the amount of all interest you paid, or even enable you to rescind the entire transaction
The Purpose of the Home Ownership and Equity Protection Act (HOEPA)
Within the federal Truth in Lending Act, there is an amendment called the Home Ownership and Equity Protection Act (HOEPA). This law imposes more stringent requirements on lenders if a loan is above a certain interest rate threshold.
In other words, if you took out a home loan — most commonly to refinance — at an excessively high rate, your lender was subject to even stricter requirements than those for lower-rate loans.
Did You Refinance Your Home at an Excessively High Interest Rate?
Whether HOEPA requirements apply to your loan depends on several factors, including:
- Whether the loan was for an original or second mortgage (refinance)
- The size of the loan
- The loan structure, including fees and “points” paid at origination
If your original loan or refinance fall under the HOEPA guidelines, your lender had an obligation to provide specific disclosures before closing. They may also have violated bans on certain practices when extending a high-rate or high-fee loan.
For the best mortgage defense in New York State, contact Ryan & Schwarz/LLP today.
Learn more about the attorneys, Terrence Ryan and John M. Schwarz, Jr.
Phone: (845) 357 – 7700
Fax: (845) 357 – 7794
E-mail: john@nylawoffice.net