The Real Estate Settlement Procedures Act (RESPA) is a federal statute that is designed to protect consumers throughout the United States. RESPA covers loans secured with mortgages placed on one- to four-family residential properties. This includes most purchase loans, refinances, property improvement loans and equity lines of credit. The purpose of RESPA is to help consumers get better information when shopping for credit and to eliminate referral fees that unnecessarily increase the costs of settlement services.
At the Law Office of Ernest B. Fenton P.C., in Cook County, our lawyers have a thorough understanding of RESPA and how it can help homeowners in Illinois. If you have questions regarding this act and how it may impact you, please contact us and schedule an appointment for a free, 30-minute consultation. If you are concerned about predatory lending that may be in violation of RESPA, let us know about your situation.
Good Faith Estimates and RESPA Guidelines in Illinois
RESPA requires that borrowers receive certain disclosures during the credit process. These disclosures should spell out the costs associated with settlement, outline lender practices and describe any business relationships between settlement service providers.
RESPA also prevents certain practices that may increase the costs of settlement services. This includes the prohibition from giving or accepting anything of value for referrals of service or from giving or accepting any part of a charge for services that are not performed. This is designed to eliminate kickbacks that have often put consumers at a financial disadvantage. We will review your circumstances and can help you determine whether a violation of RESPA has occurred in your settlement.
Contact a Cook County Home Foreclosure Defense Lawyer
Learn more information regarding the Real Estate Settlement Procedures Act. Send our Chicagoland firm an e-mail describing your situation or call us at 708-365-8624 or toll free at 800-416-9387 to schedule an appointment with an experienced attorney.
