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• "I sent this letter certified after receiving the free guide [from] Phillips & Garcia P.C. Saved Foreclosure. Thanks a million!" A.D. from Colorado
• After seeing first hand what you are up against concerning the big banking companies, we are even more amazed that you are willing to fight the fight. The little guy needs your help and your fearless attitude. You are good people and true Americans. We are honored to be called your friends. R.R. - Mich., Lockout & Trashout Victim
• The attorneys were very professional and I felt as though they always had my best interest in mind. Without them I would have been pushed around and just another number to the bank. N.L., Wrongful Lockout Victim
• Thank you Mr. Phillips. If we hadn't found you the [Bank] would have foreclosed on our property and I can't imagine the misery that they would have caused. S.N. - Arizona

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What information must a lender or creditor disclose?

A:

The Truth In Lending Act (TILA) was passed into U.S. law in 1968 to protect consumers against the unethical practices of predatory lenders. The purpose of TILA is to assure that lenders disclose the terms of their agreements, as well as their finance costs.

Listed below are the TILA requirements for how creditors must disclose their practices:

• In a clear and obvious manner

• In a meaningful sequence
• In writing
• In a form that the consumer can keep 

There are also clear TILA guidelines for that information must be disclosed: 

• The identity of the creditor
• The amount financed, as well as itemization of this amount
• The finance charge
• The total of payments
• The annual percentage rate, including variable rates
• The payment schedule
• Any prepayment or late payment penalties
• A statement of billing rights
  

TILA was meant to protect consumers, and therefore any creditor or lender who does not meet these requirements will be held liable for violation. There are a number of steps that a consumer may take if they have been a victim of predatory lending. These include:

• In mortgage cases, a borrower may rescind the loan if it is within 3 days after signing the mortgage papers.
• Civil actions, such as individual lawsuits or class action lawsuits
• The recovery of attorney's fees and court costs in the case of a successful civil action
  
  

Contacting Massachusetts Consumer Rights Attorneys 

If you are considering filing a claim after having been the victim of a bank or lender's unethical practices, contact the Massachusetts consumer rights attorneys at Phillips & Garcia to schedule your legal consultation today - 1-877-892-5620.

Legal Help for Wrongful Foreclosure and Seizure in Any State.  Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state. 

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