TILA RESCISSION MAKING COMEBACK AND BANKS ARE FIGHTING TOOTH AND NAIL « Livinglies's Weblog

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.

via livinglies.wordpress.com

Now let’s talk about the ***PENALTY*** for NOT RESPONDING to the rescission, because rarely does anyone talk about this IMPORTANT PIECE.
This is what happens 98% of the time (and did with OUR rescission MORE THAN TWO YEARS AGO!). The lender will “deny your rescission” via a curt letter. THIS IS A NON-RESPONSE and not allowed under the law. They have NO AUTHORITY over whether or not you can rescind!!! ONLY THE COURT DOES. We are STILL in litigation over the fact that they CANNOT FORECLOSE WHEN THE NOTE IS VOID UPON RESCISSION. ***THEY HAVE NO STANDING.***
There is copious case law which states that when the lender does not respond timely to the rescission (within 20 days) they will FORFEIT any right to tender. This is logical, as otherwise THERE WOULD BE NO INCENTIVE TO RESPOND TO THE RESCISSION within 20 days! For a lender to ignore a rescission, put a borrower through the HORROR of years of litigation and all of the expense, arriving at the final decision of the court that the rescission WAS VALID, and then cry that they are entitled to TENDER just as though they did everything right… is plainly UNCONSCIONABLE and rewards them for their vile behavior.
When the lender fails to respond to the rescission, it does not change the fact that the note is IMMEDIATELY VOIDED UPON RESCISSION. They are now trying to collect an UNSECURED DEBT (usually in a foreclosure action) and therefore are NOW SUBJECT TO WRONGFUL DEBT COLLECTION PENALTIES PER THE FDCPA.
***FDCPA STATES TREBLE DAMAGES FRIENDS.***
We’ll keep you posted… but our rescission was carefully and perfectly executed, and there is NOTHING that they can do to say otherwise. Their opportunity to contest the rescission was within the 20 days following it via declaratory action. That window of opportunity has closed, and they no longer retain any rights as a “LENDER”.
Now they will face severe damages and fines for what they have (and are) putting us through. Every phone call, every statement, every debt collection, public advertising of debt owed, threatening to take our house they do not have a note for, and other false claims, all are illegal per FDCPA. It’s time to END this terrorism. THANK GOD the courts are FINALLY starting to see behind the curtain of greed.
RESCIND YOUR FRAUDULENT MORTGAGE NOW!!!