Truth in Lending Before You Buy?
Question: Does a loan company have to give you a truth in lending statement before you buy a house?
I just want to know if there is a law that states a loan company has to give you a truth in lending statement before you buy a house. I wasn't given one when I bought my home in Bridgman, Michigan, and then when I signed for my loan, at a high rate of interest, I was sitting in front of the buyer's realtor so I really felt trapped and bought anyway. I was just curious if there is such a law.
Answer: The Truth in Lending Act is a Federal law that applies to all home loan transactions. If you have not been properly given your Truth in Lending Disclosures, and have been injured, then I would recommend that you contact a lawyer in your area to help you. Good luck.
Attorney: Mark Miller
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