In the world of lending, the Request for Information and Notice of Errors can be valuable tools for borrowers.
PLANTATION, FL, November 03, 2022 /24-7PressRelease/ — Borrowing money is a reality for most people at some point in their lives. Whether the money is used for education, buying a home, or purchasing a car to travel to and from work, many people undertake debt as part of a long-term financial plan. The average American has over $90,000 in debt.
Despite the amount of debt, few Americans understand or even know that they have certain rights when it comes to how borrowers service their loans and correct errors made during the loan repayment process. Attorney Carlos M. Amor explains, “If you have borrowed money, there are federal statutes that give you specific rights. You should understand how to utilize RFIs and a Notice of Error to protect your rights.”
What Is an RFI?
A Request for Information, or RFI, is a written query about your loan that is submitted to the lender by either you or your agent. Your agent may be your lawyer. The written request must contain certain things, like your name and account number, and has to describe the specific information you are seeking. Requests for payoff balances are not submitted using an RFI.
What Is a Notice of Error?
A Notice of Error, as you may suspect, is a written notice in which you allege that there is an error in the servicing of your loan. This could include failure to accept a payment, failure to apply a payment to your account, failure to issue a credit to your account, application of an improper fee, failure to provide an accurate payoff balance and more.
How Do They Benefit Borrowers?
Both the RFI and the Notice of Error are tools that borrowers can use to keep lenders in check. Per federal statutes, lenders are required to acknowledge their receipt in writing within five days. There are also certain timelines during which a lender must perform, complete, and inform the borrower of the results of any investigation. Understanding your rights as a borrower is vital to protecting your credit.
About Carlos M. Amor, P.A.
As both a broker and a Plantation real estate attorney, Carlos M. Amor, Esq. offers a wide range of legal services to both residential and commercial customers in South Florida. For over ten years, he has advocated for his clients to secure the best result possible.
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