by Sam Marks
The National Consumer Law Center is the source for this information. They provided the list as part of their advertising materials designed to sell legal treatises to attorneys. I already own the books, but I liked the list and thought I’d share these common consumer law violations with you.
- Entities foreclosing on mortgages lack standing or do not comply with HAMP, FHA or other mortgage modification requirements.
- Subprime loans that are unaffordable, fail to include an escrow account, or contain prepayment penalties may lead to $4,000.00 statutory damages plus all finance charges and fees paid, plus attorney fees.
- Employers pull consumer reports but do not send required notices.
- Voice mail not revealing that the caller is a collector can result in $1,000.00 statutory damages and attorney fees.
- Doc fees, etch, desert protection, GAP, or other overpriced auto add-ons are slipped in without permission or through deception.
- Second mortgages can be rescinded where married homeowners are not given four copies of a TIL recession notice to keep.
- TIL requires mortgage servicers to properly credit payments and provide a requested payoff statement or mortgage holder’s identity. Mortgage Brokers no longer can encourage appraisers to misrepresent home values.
- Debt buyers bring collection lawsuits outside the applicable statute of limitations.
- Auto lenders trip up on unique state law repossession rules not found in the standard UCC version.
- Millions of cars are sold each year with undisclosed prior wreck damage. A federal database now provides this history to the public for $2.00.