Special Protections for High-Interest Borrowers
Las Vegas, Nevada, and South Florida Foreclosure Defense Attorneys
Within the federal Truth in Lending Act, there is an amendment called the Home Ownership and Equity Protection Act (HOEPA). This law imposes more stringent requirements on lenders if a loan is above a certain interest rate threshold.
In other words, if you took out a home loan — most commonly to refinance — at an excessively high rate, your lender was subject to even stricter requirements than those for lower-rate loans.
Did You Refinance Your Home at an Excessively High Interest Rate?
Whether HOEPA requirements apply to your loan depends on several factors, including:
- Whether the loan was for an original or second mortgage (refinance)
- The size of the loan
- The loan structure, including fees and "points" paid at origination
If your original loan or refinance fall under the HOEPA guidelines, your lender had an obligation to provide specific disclosures before closing. They may also have violated bans on certain practices when extending a high-rate or high-fee loan.
Depend on Us for a “Big Picture” View and Counsel in Your Best Interest
We will help you consider decisions from both a legal and an overall financial or "business" perspective. Is it practical and prudent to stay in your home? Are you trying to buy back equity that no longer exists, as in the case where you have a $500,000 loan on a house now worth $350,000? At The Schwartz Law Firm, Inc., we take a comprehensive view of both your financial position and the value of your home to determine the best strategy. In other words, we will counsel you to think through the repercussions of all legal strategies.
We help clients stop foreclosure — and we help people determine the best exit strategy for preserving their credit ratings and making a fresh start.
The lawyers at The Schwartz Law Firm will aggressively protect your rights. Contact us today to identify the best legal option for your future.
