What is the procedure for rescinding a mortgage?

[ManicMangaManiac]

I have a mortgage with Option One/AHMSI that is a refinance and right now I am on the brink of foreclosure with a judicial hearing scheduled for the 20th of this month (on Inauguration Day, of all things!!!). I am aware that I was not provided with the required two copies of the Right to Recission, which I understand is a violation of the TILA and which therefore grants a three-year period right of recission to the homeowner.

My questions are: 1) Do I need my attorney's assistance with this, or can I do it myself?

2) What is the procedure? Do I use the one copy that I do have to rescind the loan, or make a copy of that copy and use that, or do I simply write a letter to AHMSI stating that I am rescinding the loan for the above reason(s)?

3) Do I need to have this letter of recission notarized? Are there any other parties to whom I need to send a copy of the recission letter (Wells Fargo is the trustee in this situation)?

I can't think of any other questions, but your feedback and help is MUCH appreciated and needed ASAP. Thank you from the bottom of my heart!!!

Sally

[ManicMangaManiac]

If the recission is successful, I intend to follow through with NACA in obtaining a much more affordable mortgage.....
Sally

[Moe Bedard]

You would need to go through an attorney with this and it is a long expensive process to go through...............you would also need to have your backup funding in place to take the place of the loan if the court process indicated that in can be rescinded...................which you would need to consult with an attorney on first to see if it is even possible and what the court cost would be for something like that.

[ManicMangaManiac]

***,
Thank you for your answer. I just looked at my Notice of Right to Cancel, and it says on there that if I decide to cancel the transaction, I may do so by notifying the lender in writing, and that I may use any written statement that is signed and dated by me and states my intention to cancel--which would indicate that I DON'T need an attorney's services for this.... or is there more to this?

If I fax my recission letter or send it via FedEx overnight before the judicial hearing on the 20th, will that stop the court from entering a judgment against me and delay foreclosure?

Sally