Wednesday, January 18, 2012

Do personal loans that hold your house up as collateral require a Truth in Lending statement?

My 2nd mortgage loan is a personal loan through a consulting firm (my brokers personal consulting group). It was for $25,000. I only have a note and no other loan doentation. To request a Truth in Lending statement I have called his notary who is the one who came to the house to have us sign when we obtained the loan. She said that we didn't have loan doents or disclosures just the note. Without getting into my whole story... I'll probably be ending up in court with this broker and want to know if it is required for loan doents and disclosures to be drawn up? Especially since it's colllateral is my home.

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