Anyone know anything new on this?  Love to have thoughts, but curious as to what the latest news is on this.  This is something that has been put forth as something to stop "Predatory Lending", but has been stricken earlier because of its discriminatory application.  Further, this bill restrains freedom of trade.

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3 Comments on HB 4050

APR
28
2007
125,085 Points 1 Featured Post

LArry:

I found this on AR: Illinois House Bill 4050 - The Return of Bad Legislation I don't know if it helps or not. 

11:14pm • #1
AUG
07
2008

CAN YOU ENLIGHTEN ME ON IF FOLLOWING LENDER BROKE LAW WITH MY BORROWER

BORROWER SAID SHE WAS NOT TOLD LOAN WOULD BE ARM OR HAVE PRE PAYMENT PENALTY AND IT ENDED UP WITH BOTH AT CLOSING.  SHE WAS RUSHED THRU CLOSING AND TOLD LOAN STILL SAME AS PROMISED DURING APPLICATION. BORROWER IS DISABLED AND CANT READ SO TRUSTED LO.  HER LO DIED DURING PROCESS OF LOAN AND NEW ONE CHANGED TERMS AND DIDN'T TELL HER ABOUT IT.  NEW LO ALSO DID NOT GIVE HER COPIES OF APPLICATION PAPERWORK SHOWING ARM AND PPP DISCLOSED UP FRONT.  I NEED TO GET SERVICER TO WAIVE PPP BUT THEY SAY THEY CANT AND LENDER WHO ORIGINALLY DID LOAN IS NOW OUT OF BUSINESS.  ANY IDEAS?
8:54pm • #2
842,598 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

There are serious issues that have happened to hurt you.  If you want me to contact you I will.  Otherwise contact me.  You can reach me at 630-417-7172.  Thanks.
10:12pm • #3

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Larry Bettag Illinois FHA Specialist

Saint Charles, IL

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Larry Bettag - Cherry Creek Mortgage

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 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”
(John 14:1-4, New King James Version) I review for BookSneeze

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