The Truth in Lending Act (TILA) is a federal law that standardizes the way that creditors disclose the terms of credit to their consumers. If a lender fails to comply with the strict standards of the TILA the penalties may be severe for the lender. Penalties for violations of the TILA can range anywhere from a monetary penalty to rescission of the mortgage.
The TILA is a very important tool used by Florida Foreclosure Defense Lawyers to defend a Florida Foreclosure Lawsuit. However, violations of the Act are not always easy to spot. If you feel that your lender did not properly disclose financial information to you regarding your mortgage, contact a Florida Foreclosure Lawyer or Jacksonville Foreclosure Defense Lawyer.
