www.lawofficesofbrucerichardson.com Lenders knew or should have known substantial numbers of its subprime loans, especially absent prompt refinancing, would fail and result in foreclosure. Nonetheless lenders made the loans to promptly package and sell to the secondary market. Predictably, as a result of these predatory loans, scores of borrowers across America now face foreclosure, and many have already lost their home and savings. However, borrowers do have remedies to address their foreclosure related issues. The following is a list of some of the protections afforded homeowners under Federal and state law. FEDERAL PROTECTIONS – Truth in Lending Law – The Home Ownership and Equity Protection Act of 1994 – The Real Estate Settlement Procedures Act – Federal Fair Housing Act – Federal Equal Credit Opportunity Act – National Housing Act STATE PROTECTIONS – General Business Law (Deceptive Practices Act) – Existing Anti-Predatory Lending Laws – New Anti-Lending Laws enacted by State NON LITIGATION OPTIONS There are also options available other than other than litigating the foreclosure issues that can enable homeowners to keep their home. Such options are: – Negotiate the loan repayment with the lender – Short sale – Refinance with a new Lender – Seek reverse mortgage (if a client is a senior citizen – Consider a Chapter 13 bankruptcy Homeowners that act quickly have the best chance of being able to obtain remedies for their foreclosure related issue and ultimately save …