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Foreclosure Law in Practice – What it Means for You

April 7, 2014

In theory, foreclosure sounds like a complete mismatch between a homeowner and an aggressive bank. But in reality, many homeowners are successfully defending their homes against their mortgage lenders.

In order to learn more about foreclosure law in practice, and what it means for you, listed below are a few of the most important foreclosure laws for residents of Ohio.

Truth in Lending Act. This federal law, commonly known as TILA, requires mortgage lenders to fully disclose the terms and conditions of home loans. In the past, lenders often clouded the actual interest rate homeowners were paying, which led to the creation of a law that monitored unscrupulous banks. If your mortgage lender violates TILA, it might provide a defense for your foreclosure case.

Real Estate Settlement and Procedures Act. Another federal law, RESPA, provides further protection for homeowners by requiring mortgage servicers to allow consumers full access to the…

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