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“A good name is more desirable than great riches; to be esteemed is better than silver or gold.” - Proverb 22:1
Thanks & Praises be unto The Lord for the wisdom, knowledge and understanding on legal matter because I received countless feedbacks from folks facing foreclosure and bankruptcy around the United States as follows:
Comments: "I have been inundated with TILA questions. So I went out hunting to see if anyone had already written about it in terms that a lay person might be able to understand. What I found is shown below. I believe it to be generally correct and the citations are good citations of law. See this site for the entire write-up. It should give most lay people an idea on how to handle this and it will be valuable to your lawyer if he/she is not totally familiar with the TILA context at the following link:" http://www.rcxloan.com/Civil_Action_BK_Motion_14.htm. Statement made by Attorney at Law, Neil F. Garfield, M.B.A., J.D.
Download in PDF - Banking Default Letter/Motion for Violation of Truth-In-Lending Act (TILA)
I can be reached for a FREE consultation at (cell) 617-202-8069 or (703) 584-5998,
it's FREE, there is no obligation whatsover...! Sincerely, Pierre R. Augustin, MPA, MBA
Do you qualify for a loan?
Like most people, you will probably wait until submitting a purchase contract on a home before applying for a mortgage. By then, not only will you know the specific property you want, but also how much you need to borrow. At that point, the lender will require that you fill out a loan application and reveal specific information about your current and past financial situations.
The following checklist is a good place to start for gathering the information you will need:
Pre-qualifying vs. Pre-approval
If at all possible, it is best to begin the loan approval process before you find the home of your dreams. Otherwise, you may hit a roadblock when you apply for a mortgage and the application is denied. If the seller has other buyers waiting, or needs to sell quickly, you may lose your chance for that particular property.
There are two ways to help avoid this scenario:
1.) Become pre-qualified for a loan: All you need to do is speak to a lender, who—based on asking you some questions about your finances—offers an opinion of the loan amount you are eligible to borrow. The lender doesn’t ask for any supporting paperwork to confirm what you say, and can change his or her mind when you come back to apply for a loan. There’s no charge for pre-qualification.
2.) Become pre-approved for a loan: This process is more complex and sometimes involves a fee. The lender will want information about your employment, income and debts to prove that you are a good risk.
Obviously, a lender’s pre-approval letter carries more weight with a seller than a pre-qualification letter because it is proof of your buying power on paper. Being pre-approved gives you an advantage when you’re among several buyers pursuing a property.
Pay off other loans.
If at all possible, consider paying off any high-interest loans before applying for a mortgage. The more debts—like car loans or credit card balances—that appear on your mortgage application, the smaller the loan amount the lender will be willing to offer.
Don’t pull a Pinocchio!
Never inflate your income or lie about employment dates. Not only is it illegal to falsify documents, it’s also a federal offense! And lenders can usually catch people who lie or greatly exaggerate information on their applications. If you lie, you will most likely get what you were trying to avoid all along, a denial for your loan.
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