And for the final act...

 Posted on February 18, 2012 in Foreclosure

The third Act that can give rise to affirmative defenses in a mortgage foreclosure is the Unfair and Deceptive Trade Practices Act. Courts can hold lenders accountable under the Unfair and Deceptive Trade Practices Act and can also be made to pay punitive damages and attorneys' fees.

Some examples of violations include:

1. If the lender obtained a yield spread premium (YSP) that was excessive or not properly disclosed.

2. If the lender charged excessive fees or required the payment of fees to parties not entitled to receive any fees.

As always, please contact an attorney if you believe one of the above may apply to your mortgage or loan situation.