FAQs - Philadelphia Consumer Law

I don’t understand my monthly mortgage statement and the amounts it says I owe. Is there any way I can request information about it?

AYes. Whenever you don’t understand your bank’s accounting of your loan, the Real Estate Settlement Procedures Act (RESPA) permits you to send a letter to the bank or loan servicer asking for an explanation of your account (called a “Qualified Written Request” or “QWR” for short). The QWR must be acknowledged within 5 days by the bank/servicer and answered within 30. If they don’t answer or the answer is not reasonable, you can sue for a proper accounting and damages. Follow this link for a sample letter:<INSERT LINK>

If I’m foreclosed on, do I have to file bankruptcy to protect my home?

AWhile that’s an option, too many consumers choose that option first before knowing or understanding whether they can fight the foreclosure. Bankruptcy devastates your credit standing and stays on your credit report for ten (10) years. If your bank is making errors on your account, you need a consumer lawyer to analyze your loan account to determine whether your bank is violating any federal or state law by its errors or other bad acts.

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