Updated 9/25/2010 - Now easier to read, with instructions!

This spreadsheet will help you calculate the finance charge on your loan. You will need 1) the Truth in Lending (TIL) statement, and 2) the HUD-1 Settlement Statement to complete this spreadsheet. 23 Legal Defenses to Foreclosure will walk you through which charges go where, but below is some general information that will help you now.

The spreadsheet is designed for "closed-ended" mortgages, which are most first and second mortgages with a defined ending date, like a 15, 20, or 30 year mortgage. A closed ended mortgage can be a fixed rate, an adjustable rate, and interest only rate, a balloon, or any combination thereof. However, the spreadsheet will not work with "open-ended" mortgages, like Home Equity Lines of Credit (HELOCs), because the laws are different with respect to the finance charge disclosures.

From a foreclosure defense standpoint, this spreadsheet will be most valuable to those homeowners who are defending a loan that was a refinance and closed within the past three years. If this applies to you, pay close attention to Defense #1 in 23 Legal Defenses to Foreclosure (the Truth in Lending Act violations enabling rescission), as significant damages may be available (rescission of the loan). Unfortunately, Congress has not expanded rescission rights to purchase transactions under TILA. However, other significant defenses are available to purchase loans and refinance loans alike, such as the ability to question the lender's ownership of the note.

23 Legal Defenses to Foreclosure is designed to walk you through this identification process. To complete the attached spreadsheet, overwrite the information in blue only. The spreadsheet contains a section for the first mortgage and a section for a second mortgage. Do NOT use the second mortgage section if you do not have a second mortgage, or if the second mortgage you have was NOT closed at the same time as the first mortgage (not a simultaneous closing). Also, do not use the second mortgage section if your second mortgage has its own TIL statement and HUD-1 Settlement Statement, even if it was closed at the same time as the first loan. In that case, just create a new spreadsheet for the second loan - that is, treat each loan separately.

Please note that this spreadsheet is licensed for individual use only.  You are not permitted to distribute it or use it commercially.