TILA RESCISSION MAKING COMEBACK AND BANKS ARE FIGHTING TOOTH AND NAIL

29 Jul

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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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