Foreclosure Defense Tactics

TRUTH IN LENDING ACT (TILA)

As part of every loan transaction, the bank must provide the homeowner correct disclosures at or before the time of closing, like the amount of the finance charge and APR. If these disclosures are inaccurate, the loan may be statutorily rescindable under TILA. The lender must also provide a "Notice of the Right to Rescind." This is a specific notice that must be provided to refinance customers at closing. If this form is inaccurate or incorrect, the loan is rescindable up to three years after the date of closing. Rescission means the loan is canceled and all money paid to the lender is refunded. Moreover, if you purchased the property or used the proceeds to refinance and proper disclosures were not given, then you may also be entitled to money damages to offset the foreclosure.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

This federal law governs many types of disclosures that lenders must provide at the time of closing, in addition to prohibiting things like kickbacks and unearned fees. It enables damages, and sometimes rescission if the error triggers TILA.

HOME OWNERSHIP AND EQUITY PROTECTION ACT (HOEPA)

This is a very powerful federal law governing high cost refinance loans. Violations here enable rescission and substantial money damages that can be in excess of the loan's dollar amount.

RACKETEERING AND CORRUPT ORGANIZATIONS ACT (RICO)

A borrower may successfully plead a RICO claim in a yield spread premium case. The elements of a RICO claim are satisfied where the payment of the premium was not disclosed and the cost of the premium is passed on to the borrower in the form of a higher interest rate; and the broker represented that it would provide the lowest available rate.

EQUAL CREDIT OPPORTUNITY ACT (ECOA)

Bait-and-switch tactics can state a claim under the ECOA. ECOA provides private remedies for actual and punitive damages, equitable relief, and attorney fees.

UNFAIR AND DECEPTIVE PRACTICES

Over reaching mortgage transactions can often be challenged under state unfair and deceptive acts and practices (UDAP) law. Broker misconduct and yield spread premium, at least without disclosure, may violate a UDAP statute. There may be licensing violations. Transactions with lenders and/or brokers who are not licensed, but should be, may be void. It may be a UDAP violation for a lender to do business with an unlicensed broker. Most UDAP statutes provide for some combination of actual damages, statutory damages, multiple damages, attorney fees and costs, and some states, punitive damages.

FHA PRE-FORECLOSURE REQUIREMENTS

FHA requires every lender to mail a booklet called "How to Avoid Foreclosure" and set up a face-to-face meeting with the borrower before foreclosing (in most cases). If the lender does not take these steps, then it cannot foreclose.

APPRAISAL FRAUD

Many appraisers inflate the value of a property to help a lender justify a predatory loan. Sometimes the appraiser does this to please particular lenders to obtain repeat business from those lenders; other times appraisers may be colluding with lenders and receiving kickbacks for fraudulent appraisals. Remedies for appraisal fraud can include actual damages, punitive damages, and attorney fees.

BREACH OF CONTRACT

Just as you have an obligation to pay the mortgage, the lender has a responsibility not to interfere with your ability to do so - like force placing insurance making the payments substantially more expensive than they should have been. In addition, lenders who quietly reward brokers for brining borrowers to them-and subsequently passing on the cost of that reward to the borrower-may share liability for the broker's breach of fiduciary duty.

REAL PARTY IN INTEREST

This is a procedural defense to foreclosure that can be extremely effective at stopping the lender's ability to foreclose. It essentially questions the ownership of the mortgage and questions whether the foreclosing party is, in fact, the holder of the mortgage and note.

UNCONSCIONABILITY

This defense is focused on the events surrounding the creation and closing of the mortgage loan. A violation here gives the court great leeway in deciding whether the mortgage should be voided or changed.

FAILURE TO STATE A CLAIM

This general defense attacks the lender's ability to foreclose and is can be used in conjunction with one of the other foreclosure defenses.

FAILURE TO ESTABLISH CONDITIONS PRECEDENT

Want to get a foreclosure action thrown out of court right away? Use this defense that attacks the lender's pre-foreclosure processes.

Best Time to Refinance

Who wouldn't enjoy a break on their monthly mortgage payment? On the other hand, how can you be sure that the timing is right to refinance? Are the rates and the current mortgage market the best indicators? What about other factors having to do with your mortgage, such as mortgage insurance, rising payment amounts, and the long-term goals you have for paying off your loan? Do you have needs such as debt consolidation that a refinance could address? All of these are important points to keep in mind when considering the right time to refinance. What you must do is evaluate the critical factors and how to balance them in your decision-making in order to most wisely choose the time and manner of your refinance.

Of course, continuing to pay attention to rates, even after you close, can save you a great deal of money. How much you pay on your mortgage each month is directly related to your interest rate. If your first mortgage has a fixed rate, you can easily compare it to current mortgage rates and know with relative certainty whether refinancing now makes sense. In the absence of any other pressures, as long as the rate you have on a fixed rate loan is lower than current rates, you should probably stick with it.

On the other hand, if you have an adjustable rate mortgage (ARM) and rates are rising, your payment will also be increasing. In this case, consider how much rates will climb and how much more you'll be paying per month. You may consult with a financial planner or loan officer to get their opinions on market trends. With their advice, you can decide if refinancing to a fixed rate now is more beneficial in the long run.

You're probably beginning to see that the right time to refinance has more to do with you than with the mortgage market. Sure, low interest rates are a factor, but your individual situation is the greatest indicator. For example, are you paying on a loan that requires you to carry mortgage insurance? Have you built up enough equity to drop that insurance through a refinance? If so, refinancing could save you hundreds each month, even if rates have remained unchanged or have increased slightly.

Did you sign a three- or five-year adjustable rate mortgage (ARM) in the last few years? If so, be sure you know when your introductory term expires. You'll want to get a head start on refinancing your loan unless you're prepared to begin making a much higher payment. This type of loan allows you to make reduced (usually interest-only) payments for the first several years. After that time expires, the loan reverts to a regular amortized loan with principal and interest payments. Unless your income has increased significantly, these payments could be an ugly shock. Don't wait for this unpleasant surprise! If the introductory period on your three-year, five-year, or other loan is set to expire, beat increased payments to the punch before the first one hits your mailbox.

Sometimes, lowering your mortgage payment is not the primary focus. Are you thinking of paying down some of your high-interest debt? Do you have a child going off to college soon? Dreaming about a newly remodeled kitchen or bathroom? Getting cash out of your home may be the ticket. You can get cash out through a refinance which will allow you to draw against the equity in your home without taking out a second mortgage.

All of these and many others make up the list of reasons homeowners may choose to refinance their homes. Current interest rates are only part of the equation. Establish your goals, learn about your options, and make the decision that's best for you and your timetable.

Health information on your fingertips

We all are familiar with the saying, "an apple a day, keeps the doctor away." But no matter how many apples you eat, bottom line is you cannot run away from ailments. If you are born healthy without any defect of design then God almighty has been incredibly kind to you.

Else if you are born with a problem or flaw then life gets quite challenging henceforth. This is when health information works as gospel to us.

It’s not that if you have all the health information in your bag then you become a superman, but it’s important because it can keep you away from health problems or will guide you to the best possible cure, as much as possible.

Having the latest health information not only enlightens us towards the latest cure, but also teaches us the 123’s of proper health care and health information that can prevent us from illnesses.

No matter what is the case, everyone should go for a thorough physical check up at least once a year, just to know how your body feels, it’s exactly like our car servicing that we never forget to oblige. And as we all know human body is the most sophisticated machine we can ever think of, so undoubtedly it requires more care than a man made machine, by having proper health information.

Because if the car fails to work, it could be replaced but the human body cannot be. Doctors, websites, government health agencies sometimes have free health information and check up just to make sure we are aware of the changing health scenario.

Many big non-profits like Family Care International, Global Health Council, UNICEF, and Action Against Hunger have health care programs, which serve different sections of the society.

You do not have to be a doctor to spread health information amongst people. If every single person in this society vows to catch up with the latest health information and spread it, then we can save millions of people across the world.

Health information is the key to the growth of the society. Proper health and hygiene comes first in the development of a any class, community or nation. So many organizations and people across the world have dedicated themselves to the cause of health and cure. So remember, it we take this one big step, it could lead to several other big steps and serve a whole class or community.

Someone has so rightly said "health is wealth."

A Dieting Revolution

The South Beach Diet is a revolutionary way of looking at weight loss. It isn’t low carb or low fat—it’s all about balance and learning to choose good fats and good carbs instead of foods that don’t help your body. This diet was developed by Miami cardiologist Arthur Agaston as a way for heart patients to lose weight in a healthy way and keep it off, but it was so successful that soon everyone wanted to try it.

During the first two weeks on the South Beach Diet you’ll begin the process of learning to eat in a new way. You’ll eat three balanced meals a day with normal size portions of meat, seafood, vegetables, eggs, cheese, and nuts. You won’t be hungry and you’ll learn how to ignore cravings and avoid wanting to overeat.

You get to have snacks twice a day, drink diet soda, and eat out, but there are a few things you can’t eat in the first two weeks. You can’t have bread, rice, potatoes, pasta, baked goods, candy, ice cream, sugar, or fruit. You also can’t have beer or alcohol. But it’s only for two weeks. After that, you get to add these foods back into your diet in a healthy way. After the first two weeks, the next phase of the South Beach Diet begins.

You’ll still eat plenty of lean protein, vegetables, eggs, cheeses, and nuts, but you also get to add in some of your favorite carbohydrates and sugars. You’ll learn the difference between good carbs and bad carbs and learn to balance foods so that you stay full and have plenty of energy! You stick to this phase of the diet until you reach your target weight. Then you can add in even more carbs and sugars while still maintaining your new weight. Once you know how to balance healthy options with not-as-healthy favorites, it’s easy to eat what you love and still keep the weight off.The South Beach Diet is less of a diet and more of a way of life. It teaches you how to eat so that it isn’t such a struggle to be healthy.

The foods emphasized are universally considered to be healthy choices rich in vitamins, minerals, omega-3 oils, and good fats. There are even prepackaged South Beach meal options that can be purchased online or in grocery stores, which makes it even easier to stay on track. More diet tips and diet reviews at www.dietsinreview.com and the diet forum

What is it and Can it Help Me

The Zone Diet works on the principle that 100,000 years ago, we were meat eaters, and our metabolism is designed to handle the demands of a meat-based diet.

Madonna, Demi Moore, and Jennifer Aniston swear by the results of the Zone Diet, which was created by Barry Sears, PhD. The Zone Diet contains 40% carbohydrate, 30% protein, and 30% fat and is known as the 40-30-30 plan.

As the food industry evolved, more carbohydrates have been introduced into our daily diet, thus causing an imbalance in our metabolism to burn fat. The reason for our extra weight can also be attributed to the many grains and starches in our diet (pasta, rice, breads, and potatoes). The Zone Diet's approach calls for a return to the diets of our ancestors where meat, fruits, and vegetables are the main dietary foods.

The Zone Diet suggests that you need the right ratio of carbohydrates to proteins and fats in order to control the insulin in the bloodstream. Too much of the hormone (insulin) can increase fat storage and inflammation in the body (conditions that are associated with obesity, type 2 diabetes and heart disease). Sears asserts that by using the Zone Diet, you are actually optimizing the body's metabolic function. Through the regulation of blood sugar, you allow your body to burn excess body fat.

Although you are not prohibited from any particular food group, it is best to avoid food with high fat and carbohydrates such as grains, starches, and pastas. The ideal sources of carbs are fruits and vegetables and for monounsaturated fats olive oil, almonds, and avocados are recommended. The Zone Diet claims to use food as a drug for overall good health, weight loss and prevention or management of heart disease and diabetes.

Sears says that you can test to see whether you are 'hormonally' correct by eating following the Zone diet and see how you feel four hours later. To simplify the Zone Diet, fill one-third of a plate with low-fat protein, and then two-thirds with fruits and vegetables.

Celebrities and some health experts say that the Zone's recommendations do not stray far from the USDA's (United States Dietary Association) dietary guidelines and therefore are advocates of the Zone Diet. Others argue that the Zone Diet has flawed ratios but Sears argues that the Zone diet is a low-glycemic-load diet that has adequate protein. .

A critic of the Zone diet such as the AHA (American Heart Association) classifies the Zone Diet as high protein and does not recommend the Zone Diet for weight loss. They contend that the Zone Diet has not been proven effective in the long term for weight loss. The AHA issued an official recommendation warning against diets like the Zone Diet. They believe that the Zone Diet is hazardous as it restricts the intake of essential vitamins and minerals present in certain foods. The AHA also contends that the protein ratio in the Zone diet is too high even if the minimal fat ratio is good. Robert H. Ecker M.D of the A.H.A. finds the Zone Diet's theory on insulin flawed and argues that there is no scientific proof that the hormone insulin plays a big role in weight regulation.