PATILA

Do tila violations apply to non-primary homes ? Can you recommend a Tila violation attorney in central florida?

Pat

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Hello Pat,

Yes, the TILA generally applies to all mortgages in as much as the lender meets the definition of “creditor” under Reg. Z § 226.2(a)(17)(i) which states (in part):

“A person (A) who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments (not including a down payment), and (B) to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract.”

The TILA provides statutory and actual damages as well as attorney fees; but, the extended rescission remedy only applies with certain restrictions on non-purchase money mortgages on the consumer’s primary residence.  You can find some great consumer lawyers at NACA.net

Thanks for the questions and hope this helps.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.

(source=fdic.gov/regulations/laws/rules/6500-1400.html)