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Consumer Law - Legal Information and Resources

Consumer Law

The United States is a consumerist society. The American economy is made vibrant by the number of options the public has when it comes to goods and services. It is, however, not uncommon for seller of goods and services to resort to certain practices, which range from simple misleading to downright fraud, in order to attract buyers. With the increasing number of retailers and service providers turning to the online platform for business, cases of abusive business practices also increased. The U.S. Congress, by virtue of its constitutional mandate to regulate interstate commerce, created the Bureau of Consumer Protection to protect the public from these abusive business practices. In accordance with federal legislation, states create enforcement agencies for the public to lodge their consumer rights complaints. Consumers also have the option of suing the seller.

One of the foremost consumer rights law is the Fair Debt Collection Practices Act. Not a few years ago, the United States experienced a financial crisis that was a result of risky "subprime" lending. Under this type of lending, banks loaned to people with poor or zero credit histories, which made it difficult for them to pay their loans. As a result, many homes were foreclosed and the court dockets were flooded with consumer bankruptcies. Under the FDCPA, banks and lending institutions are prohibited from using harassment to collect unpaid balances. The two other leading consumer rights law are the Home Ownership and Equal Protect Act and the Trust in Lending Act, which prohibit predatory lending practices by imposing exorbitant interest rates, hiding fees and penalties, and applying payments to low-interest portions of a loan balance. Consumer rights law also include protection by buyers from false advertising, warranty misrepresentation, defective products, forced arbitration clauses, identity theft, and telemarketing fraud.

One of the tricks that sellers employ is hiding abusive terms and conditions in the fine print of agreements. When it comes to borrowing money, it is best to seek the help of a consumer rights law attorney during the processing of such loan so that the fine print of the credit agreement can be reviewed and the attorney can assess whether the agreements are abusive or not. Consumers, however, are not very keen in hiring consumer law attorneys when they purchase certain products as they involve only a small amount and employing an attorney would be more expensive than the price of their product. When faced with a possible violation of consumer rights law, consumers group together to pressure the seller to compensate them.

Violation of consumer rights law is the subject of numerous individual and class action lawsuits in the country. Similarly situated individuals are likely to group together and go after a seller or many sellers as the economic damages in individual consumer rights suit is relatively low. With a class action, the group can push for higher economic damages due to the number of members in the class. The costs of filing a suit against a seller cannot be recouped when individuals would separately file suits. When opting to join a class suit, it is best to hire a consumer rights attorney to fight for the rights of the consumers as a group and to fight for the rights of the consumer as an individual.

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Foreclosure Law - Legal Information and Resources

Foreclosure Law

A deluge of defaults in mortgages several years ago led to an unexpected financial crisis. The foreclosure of one's home, especially if it is a first home or an only home, is not just a pain in the pocket but also a pain in the heart. Many individuals who faced foreclosure of homes sought protection under bankruptcy to help them evade, or, in the least, delay the possibility of homelessness.

Foreclosure law is mainly controlled by state law. This means that each state has laid out different rules and regulations governing the process by which a mortgage lender, usually a bank, takes possession of a home and sells that home when the homeowner cannot pay the loan. Though the law and the procedures governing foreclosure varies in each state, the end result is the same: the borrower loses his or her to the home. A foreclosure proceeding begins when an individual borrows money to purchase a home or to renovate a home. The lender, usually a bank, makes the borrower sign a mortgage document stating that the bank has a lien in the home. This means that if the borrower cannot pay the loan, the bank will have the right to take the home and sell it to pay for the loan. A mortgage document is an agreement that the home will serve as the collateral of the loan.

A home is probably the most important purchase an individual will make in his or her lifetime. A home signifies an elevation in status or security. It is thus imperative that a home buyer know the different laws that would accompany when taking out a loan to buy the house. Banks and financial institutions are helpful when it comes to assisting the home buyer in securing the loan. There are also government agencies that would assist individuals when buying a home. There are, however, nuances in the law that would need the expertise of an attorney.

For instance, when the borrower defaults, foreclosure may not be necessary, especially when an attorney knows the best way to deal with the situation. Foreclosure is a lengthy and costly proceeding, thus lenders do their best to make sure borrowers pay on time. At the end of each foreclosure proceeding, the borrower loses his or her home. Foreclosure can be avoided with the help of expert foreclosure law attorneys. One of the ways to avoid foreclosure would be for the borrower to pay the loan amount in full, extinguishing the mortgage. Another way to avoid foreclosure would be for the borrower to pay only the missed payments and penalties, often in the form of interest, reinstating the loan.

Paying, however, is most often not an option for borrowers as the lack of funds is precisely the reason why they missed payments in the first place. The borrower may still avoid foreclosure by asking for a forbearance from the bank. This means the bank will temporarily halt the payments for a certain period of time before the borrower resumes payment. This option depends on the current situation of the borrower. Some banks are lenient and would likely forego payment of penalties for borrowers who are out of work. In addition, foreclosure law attorneys can help borrowers obtain a change of the terms of their loans. Modifications include extending the payment period, reducing the principal amount, or interest. Foreclosure law attorneys can also help borrowers seek subsidies from government programs.

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