Archive | July, 2014

TILA RESCISSION MAKING COMEBACK AND BANKS ARE FIGHTING TOOTH AND NAIL

29 Jul

Livinglies's Weblog

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COMBO Title and Securitization Search, Report, Documents, Analysis & CommentaryGET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

IT’S TIME TO RENEW RESCISSION AS THE REMEDY — IT’S THE LAW

GET FORENSIC TILA LOAN ANALYSIS

SEE Rescission of Closed-End Mortgage Loan Transactions

TILA RESCISSION has come to nothing — until now. The Federal Law is clear. “I hereby rescind” is enough to cancel the contract. After that the contract  is over, there is no arbitration clause, and there is no security interest. The “lender” must send the note back cancelled and if they have filed or recorded a security interest, like a mortgage, they must release it by filing a release and reconveyance or a satisfaction of mortgage.

And please don’t forget that TILA is not the only source of legal support for rescission. Any common law or statutory fraud (Federal or State) fraud or even misunderstanding or frustration of purpose could be grounds for rescission…

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Yuba CA Jury Awards $15 Million in Punitive Damages

23 Jul

Livinglies's Weblog

So let’s say you are thinking that those deadbeat borrowers are just trying to get out of debts they owe. And to spice things up the borrowers say it is the bank who screwed everything up, not me. And you laugh at their pathetic attempt to save face when all they do is spend money doing nothing at all to consider whether they will have enough money to pay their mortgage payment to whoever is demanding it — because why would they demand the payment when nobody else is unless they were the creditor and how badly can a bank really screw things up?

Oops, that borrower just got $15 Million in punitive damages for their $500,000 claim against PHH. So what are they now? deadbeats that are rich and don’t need to worry about mortgage payments? Or maybe they are not deadbeats and maybe this entire fraudclosure farce will…

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7 Years of Begging and Finally They See the Light

8 Jul

Livinglies's Weblog

Back in 2007-2008 I told the State of Arizona and other states that inquired, that they were owed a lot of money because of the failure to abide by state law regarding the recording of instruments. Taxes, fees, costs and expenses were never collected because of MERS and lesser known similar systems (See Chase Bank), resulting in billions of dollars in lost revenue while the same offices got inundated with low cost (Lis Pendens) filings when the mortgage loans turned up in foreclosure courts. And that was just in the State of Arizona. Think about 50 States. The counties and states were hit with an avalanche, 6 million so far, of foreclosures and had to hire more staff, more  judges and adopt questionable “rocket dockets” and incorrect interpretations of non-judicial statutory schemes.

The result, according to some studies was that the states lost money, the banks made money through dubious…

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Moving to Strike The “Witness” and Their “Business Records”

1 Jul

Livinglies's Weblog

The general practice of the servicers and trustees is to disclose a list of as many as 35 possible witnesses so that the Defendant homeowner cannot possibly perform due diligence investigation, deposition etc. The Judges got wise to this and agreed that disclosing 35 witnesses, 34 of whom you do not intend to call, is the same as no disclosure at all. So now the banks are filing a disclosure of one witness a couple of days before trial. In my opinion the attorney should move to strike the disclosure both as late (ordinarily the trial order requires such disclosure at least 45 days before trial), and as admission that they were playing games when they previously disclosed 35 witnesses. Attorneys vary on how to attack this through motions to strike, motions in limine, motions for continuance and even filing a motion for summary judgment on the eave of trial.

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