An Erroneous legal description in a Credit Union mortgage was fatal to enforcement of mortgage. Here, Electric Boat Community Federal Credit Union (EBC), granted a loan to Louis Salerno (Salerno) that was supposed to be secured by a mortgage on the debtor’s real estate. In the mortgage document, however, the credit union inadvertently identified the real estate […]

Security State Bank of Hamilton issued a loan of nearly $17,000 to Jerry and Henrietta Marshall in exchange for the Marshall’s pledge of a security interest in the debtors’ new car. Debtors signed the promissory note and pledge of security. The bank’s personnel, however, failed to identify the pledged security on the Truth-in-Lending disclosure. Debtors’ […]

In this case, the lender’s Truth-in-Lending (TILA) disclosure provided that the borrowers were granting a security interest in the borrowers’ real estate and in all after acquired property as additional security for future advances. The mortgage document did not, however, contain the same language and did not grant a security interest to the lender in […]

The Real Estate Settlement Act (RESPA) parameters have been significantly expanded by recent amendments to both the Act itself, as well as amendments to Regulation X and Regulation Z with the Truth in Lending Act.   Consequently, nearly all mortgages on a member’s one-to-four family residence require additional disclosures be distributed to the applicants.   The regulations expands […]