Legal Question in Real Estate Law in Florida
Truth in lending act
We bought a house in florida in 2005. Our loan is a world savings interest only loan. Outr til says our payments will adjust the first 2 6 month periods then fix for 48 months. They have raised our payment every 6 months and now that payment is more than the highest amount disclosed on the til. How does the tila protect us and do they have to stick to the payments on the til? If not what is the prupose of the til. We have spent hundreds extra per month?
1 Answer from Attorneys
Re: Truth in lending act
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
The Truth In Lending advises you of the original interest rate. It does not cover any possible increases. The purpose is to advise and disclose to you what the real interest rate on the inception of your loan.
Scott R. Jay, Esq.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
