Wednesday, October 24, 2007

Borrower friendly holding from the 7th Circuit

Take a read of this case...very borrower friendly regarding the specificity that lender's must include on the Truth In Lending Act form in the closing package.

Civil - Truth in Lending ActHamm v. Ameriquest Mortgage Company, Nos. 05-3984 & 06-3086 Cons. (10/17/07). Appeals, N.D. Ill., E. Div.

Aff'd and rev'd in part and rem'd.Lender violated Truth in Lending Act (TILA) where it failed to explicitly set forth payment period in Plaintiffs' TILA Disclosure Statements. While said statements informed plaintiffs of number of payments and dates of first and last payment, said information was insufficient since plaintiffs could only infer either due dates for said payments or payment period.

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