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DID YOU RESCIND?
ASK QUESTIONS TONIGHT!
CAN YOU SEND A NOTICE OF RESCISSION TODAY?
So now that I have spread the word, I am getting all kinds of “forms” for rescission letters, which is only one of the reasons why we decided to put together a package of services to analyze your loan, your litigation and your current status and determine how to use any rescission strategy. You can call our CR numbers for information on this Pilot Rescission Services program which ends in its current form on April 14, 2015. 520-405-1688 or 954-495-9867. On the West Cost you can ALSO call Charles Marshall’s office (CA lawyer, very good), speak to him or the senior LivingLies forensic analysts Dan Edstrom and Jim Macklin. All three can be reached at 530-888-9600
Just to be clear — ANY declarative statement that you are cancelling or rescinding the loan is sufficient. You don’t need to state your reasons (it isn’t a pleading, it is more like an Order). More isn’t better. Like one that I read last week that cited state law as the basis of the rescission. That opens the door for the servicer or bank to argue that TILA rescission rules don’t apply. You don’t need to cite specific sections of TILA or even mention TILA, but if you start acting like a lawyer and cite to specific state or Federal law you are opening the door for an argument that otherwise would not exist.
So tonight we are going to take up the questions of
WHAT DO I SAY IN A NOTICE OF RESCISSION?
DO I NEED A LAWYER TO RESCIND?
DO I NEED A JUDGE TO ORDER RESCISSION? (Spoiler — No)
WHO DO I SEND IT TO?
WHAT IF THE SERVICER WON’T TELL ME WHO THE LENDER IS?
IS THERE A “RIGHT FORM” TO USE FOR RESCISSION? (Spoiler — NO)
WHAT SHOULD I EXPECT FROM THE SERVICER OR BANK WHEN THEY RECEIVE THE NOTICE OF RESCISSION?
HOW DO I ENFORCE THE RESCISSION?
DO I KEEP MAKING PAYMENTS AFTER I SEND THE NOTICE OF RESCISSION?
WHAT SHOULD I NOT DO?
And then you have the questions from last week:
1. What if I am wrong about TILA rescission? Is there immunity?
2. If I sent notice of the TILA rescission and kept paying, what happens then?
3. If I sent notice of TILA rescission and the bank foreclosed anyway, then what?
4. If I send a notice of TILA rescission do I need to bring a lawsuit? (Short answer is NO).
5. If I send a notice of TILA rescission do I have to give back the house? (Short answer is NO)
6. If I send a notice of TILA rescission do I need to offer them or tender anything in order to make the rescission effective?
7. If the servicer or bank ignored the TILA rescission and went ahead with foreclosure can they be sued for wrongful foreclosure?
8. Do I need a lawyer to rescind?
9. Can I get my house back after foreclosure if I rescinded before foreclosure?
10. Is there a statute of limitations on enforcing the effective date of rescission?
11. What is the effect on title after rescission becomes effective?
12. Is there a difference between TILA rescission and other types of rescission? (Short answer, yes see TILA and US Supreme Court)
13. Does Rescission stop the sale of the property? (probably not, if rescission is sent before sale but after a final judgment of foreclosure)
14. What is the difference between three day rescission and three year statute of limitations on rescission?
15. How does the one year statute of limitations on borrower claims effect rescission?
16. When was my loan “consummated?”
Filed under: foreclosure