Legal Question in Banking Law in Florida
Arbitration Clause
Dear Sir: I am wanting to take my mortgage lender to arbitration since I believe that they have violated the
Truth in Lending Law. Can I make an arbitration award stick legally without an arbitration clause in the mortgage contract which I don't have. What do I need to do to make the arbitration company have jurisdiction to hear my dispute?
1 Answer from Attorneys
Re: Arbitration Clause
Without a written agreement to arbitrate, you do not have a vested right to demand it. However, you can file your lawsuit and then ask the court to refer it for arbitration. Arbitration awards are enforced by courts as a court order. There is a procedure to have the arbitration award affirmed by a court to finalize the award. You other choice is to request the mortgage company to consent to arbitration.
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