Rescinding Your Loan Agreement in Foreclosure Defense
A revealing power point presentation from a law firm representing the banks proves what experts have said regarding rescission or rescinding your loan (the termination of a contract by mutual agreement or as a result of fraud or some legal defect) and how banks and their lawyers try to wiggle out of it. The banks have been losing far more cases than previously reported and are now stuck with a real big problem when it comes to rescission being the borrower’s remorse remedy. A borrower could assert a right to rescind the loan agreement, and thereby causing a nightmare of problems for all parties involved in the mortgage loan contract. Here are some key points from seminar:
- Mailing the notice is sufficient to cancel the loan, note and mortgage.
- No tender of money or property is required
- It is risky for lender to ignore notice of rescission
- Rescission is really a borrower’s remorse remedy
- Bringing suit immediately is the only way to end the issue — but only if you has absolute proof of the loan and the disclosures conforming to TILA.
- AFTER the lender has complied with 1635(b) (termination of security interest), after the lender has returned the canceled note and after the lender has complied with 12 CFR 1026.23(d)(2) (Return of any money or property that has been given to anyone)
- According to TILA the lien is void upon mailing of the notice.
- Banks better do their homework and identify all the loans that are not supported by TILA disclosures.
Rescinding the loan in a timely manner is just one very important action to take when attempting to mount the most effective method to stopping your foreclosure once and for all, and gaining the legal remedy that the law entitles you to and that you deserve.
If you would like to discover if your loan qualifies for legal action, and to get started rescinding your loan, take action right now and register for a free mortgage fraud analysis and consultation with a licensed, bonded, private investigator who specializes in mortgage fraud and chain of title issues and who can help you sue your lender for financial compensation and clear and free title to your property by clicking here now.
For information on foreclosure defense call 773-877-3655. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
Legal Information Is Not Legal Advice: This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Fraud Stoppers LLC is NOT a law firm, non-profit organization, or government agency. Fraud Stoppers LLC is a company that can help you find what you’re looking for to save your house from foreclosure. If you want or need a Quiet Title Lawsuit, Securitization Audit, Forensic Audit, Mortgage Fraud Audit, Stop Foreclosure Sale Action, Reverse Foreclosure Sale Action, Loan Modification, Short Sale Transaction, Wrongful Foreclosure Lawsuit, Foreclosure Defense Documents, Court Ready Expert Witness Affidavit, Nationwide Network of Affordable and Competent Foreclosure Defense Attorneys, Nationwide Network of Short Sale Experts, Realtors, and Ethical Investors who have Investment Capital and can structure a win/win/win Creative Real Estate Transaction, Pro Se Educational Course and Training Materials, Investor Buyback Programs, Real Estate Investor Training Programs and Curriculum, Private Investment Capital, Pro Se Legal Training Programs, Easy Non-Credit Based Financing Options, and Affordable Monthly Payment Plans so you can save your house from foreclosure without breaking YOUR Bank. Fraud Stoppers has what you need and can help you get the facts, tools, evidence, documentation, training, professional help, and support that you need to stop your foreclosure, uncover the errors, violations, and fraud that may exist in your loan, mortgage, and foreclosure documents so that you can save your house from foreclosure and get the legal remedy that the law entitles you to, and that you deserve! Although we go to great lengths to make sure our information is accurate and useful, we recommend you ALWAYS consult a lawyer if you want legal advice as well as professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.