Chicago Truth in Lending Act Attorneys
We will Fight for Your Rights
At Edelman, Combs, Latturner & Goodwin, LLC, in Chicago, Illinois, we understand that resolving problems with a mortgage company is difficult and trying. If you are having a problem with your mortgage company that you have been unable to solve on your own, we can help. Contact our consumer protection lawyers for a free case evaluation.
Violations of the Truth in Lending Act on the part of lenders may be a defense to a mortgage foreclosure. If your lender is found to be in violation, you may be able to void the mortgage and apply 100% of your payments to the principal balance. You may also be able to recover damages.
The Chicago law firm of Edelman, Combs, Latturner & Goodwin, LLC, handles many cases involving predatory mortgage foreclosure on a contingency basis. Many of our clients in these situations have experienced the following problems:
- Predatory refinancing practices
- Failure of mortgage companies to post payments on the date of arrival
- Sudden changes in terms of a mortgage in the last minutes before closing
- Improper rate adjustments on adjustable rate mortgages
- Violation of Fair Debt Collection Practices Act
- Failure of mortgage companies to respond to written questions and correct errors they have made
ILLINOIS MORTGAGE FORECLOSURE GRACE PERIOD LAW
If a mortgage foreclosure on your principal residence was filed in Illinois after April 6, 2009, you should have been sent a notice stating:
GRACE PERIOD NOTICE
YOUR LOAN IS MORE THAN 30 DAYS PAST DUE. YOU MAY BE EXPERIENCING FINANCIAL DIFFICULTY. IT MAY BE IN YOUR BEST INTEREST TO SEEK APPROVED HOUSING COUNSELING. YOU HAVE A GRACE PERIOD OF 30 DAYS FROM THE DATE OF THIS NOTICE TO OBTAIN APPROVED HOUSING COUNSELING. DURING THE GRACE PERIOD, THE LAW PROHIBITS US FROM TAKING ANY LEGAL ACTION AGAINST YOU. YOU MAY BE ENTITLED TO AN ADDITIONAL 30 DAY GRACE PERIOD IF YOU OBTAIN HOUSING COUNSELING FROM AN APPROVED HOUSING COUNSELING AGENCY. A LIST OF APPROVED COUNSELING AGENCIES MAY BE OBTAINED FROM THE ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION.
LOAN MODIFICATIONS
If you apply for a loan modification, the mortgage company may not deny the request without a written statement of the reasons why. Failing to provide reasons violates the Equal Credit Opportunity Act. The statute of limitations is two years.
Predatory Mortgage? Contact a Lawyer
Learn whether you have been made a victim of predatory mortgage lending. The Truth in Lending attorneys of Edelman, Combs, Latturner & Goodwin, LLC, offer free case evaluations. Please contact us to arrange for a lawyer to review your loan documents, demand and collection letters, correspondence, and any account histories or monthly statements.
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The consumer protection and class action lawyers of Edelman, Combs, Latturner & Goodwin, LLC, represent clients throughout Illinois, and in Federal Courts in Illinois, Wisconsin, Indiana, and Michigan, and will consider substantial cases in other jurisdictions.
