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The only jurisdiction the court had was based upon the allegations based upon the note and mortgage. The rescission removed the note and mortgage as valid instruments as of the date of mailing the rescission. Hence unless one or more of the parties allege that they are the owner of the debt and the end of the line in the “chain” (and then prove it) none of the existing parties have standing to dispute the rescission which, as Justice Scalia said on behalf of a unanimous US Supreme Court, was effective on mailing regardless of whether it was disputed or not.
Filed under: foreclosure