Chicago, Illinois Truth in Lending Act Attorneys
The Truth in Lending Act (TILA) of 1968 is designed to protect consumers in various types of credit transactions. It requires lenders to disclose the actual cost of the borrowed money. Truth in lending can apply to mortgage loans, auto loans, credit cards and other lines of credit. When a lender violates the Truth in Lending Act, consumers can suffer financial hardship, including home foreclosure.
If you are facing mortgage foreclosure or another type of problem due to violations of the Truth in Lending Act, call Schad, Diamond & Shedden, P.C. at 312-985-0207 to schedule your free initial consultation. You can also e-mail us and we will be in touch with you promptly.
Understanding home mortgage law and TILA
The TILA requires full and clear disclosure of the terms of a mortgage. This includes the true cost of the money you are borrowing, including the amount that is financed, the Annual Percentage Rate (APR), finance charges and lines of credit. A good faith estimate itemizes these costs at the beginning stages of the application process.
Schad, Diamond & Shedden, P.C. can review your mortgage loan and its terms. We can investigate your lender's actions when offering you the loan and determine if you are protected by the Truth in Lending Act.
Unsure if you have a claim?
Our attorneys understand that most cases involving consumer fraud are complicated. As a consumer, you may not know if you have a claim. We encourage you to contact us to arrange your free initial consultation. We can discuss your problem and determine if you may be able to recover damages.