From TILA to RESPA

 Posted on February 10, 2012 in Foreclosure

The Real Estate Settlement & Procedures Act, or RESPA for short, is another possible source of affirmative defenses. RESPA is part of the U.S. Code and can be found at 12 U.S.C. Section 2601.

To begin:

1. An affirmative defense exists if a lender, at the time of the loan closing, charged a fee for the preparation of the truth in lending uniform settlement and escrow account statements.

2. An affirmative defense may also exist if the lender, at the time of the loan or within three (3) days after, failed to provide a special information booklet about the loan, a mortgage servicing and disclosure statement or a good faith estimate of settlement and closing costs to the defendant.

If you believe that one of the above may apply to your loan situation please contact an attorney. More RESPA defenses to follow.