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FORECLOSURE DEFENSE FALLACY
If you are a listingRealtor or a person who has just gotten foreclosure notice from your lender(s), no doubt you have heard about a myriad of "Foreclosure Defense" firms that promise to delay or prevent foreclosure or even prevent the enforcement of the mortgage because if irregularities in the loan.  What in fact are foreclosure defenses?
RESPA and TILA
The most popularly cited defenses relate to violations of RESPA (Real Estate Settlement Procedure Act) and TILA (Truth In Lending Act).  Other federal and state laws may also be in violation.  The general remedy to the borrower for violation of these laws by the lender is "putting the parties back into the position they were in prior to them entering into the transaction."  There are also remedies that include refunding all loan fees paid by the borrower, paying for the borrower's legal fees for the lawsuit, and statutory penalty fees that are, relating to the size of the loan, relatively nominal.
For the last two decades the enforcement of these laws was involved but a real problem for lenders and borrowers that were victims had easy access to attorneys that specialized in these prosecutions against the lenders.  Today, these attorneys are watching ... more

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