Loan Rescission - When Three Days Really Means Three Years

mreedlaw

LoanSafe Member
Jan 18, 2008
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1
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Frederick, MD
I was trying to download a Queen of Hearts playing card...but can't locate a .gif, .bmp or .jpeg to fit...what did the Queen of Hearts from Alice in Wonderland say?
 
M

Mary Salzer

Guest
"Off with their heads" Great Political Satire for the times, right up there with Gulliver's Travels......
 

JessPhil

LoanSafe Member
Sep 24, 2008
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It seems to me homeowners in the current market may be stuck. How can I qualify for a new loan, to tender, when my property is worth 1/2 what I owe for it? Does that mean my best negotiation would be for a loan modification? It seems like none of this would help with a short sale. Is that correct?

Does this only apply to primary residences? My loan was for a second home.

There was not a copy of right to cancel in my documents. It is a joint loan mortgage with my husband, so there should have been at least 4 copies unless it is not required for a second home? I'm not sure if there are other violations.

Thanks!
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,799
456
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Southern California
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was it a refinance or a purchase loan?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,799
456
1,000
48
Southern California
www.loansafe.org
You should have received the ROR............but in these cases the back up funding would need to be in place...........which most are not able to do........and to fight it............it can become very costly in legal fees..........

and it really isn't useful for a short sale negotiation.
 

MtnMan

LoanSafe Member
Apr 5, 2009
9
1
0
Is there any case history for a successful loan recission under TILA where the borrowers copies of the notice of right of recission were never removed from the borrowers package and signed? (they were correctly dated and the banks copy was signed and returned to the bank)

The return of two years of payments due to a loan cancellation might just be enough to recover from being upside down so we could sucessfully sell the property.
 

trailpayment

LoanSafe Member
Mar 1, 2010
96
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0
evan or moe please help me.hi my house i refinace in oct, 6 2006 ,m i was told i have 9 violations in my loan can i take my bank to court? and can it be done with a audit loan forensic letter that shows the violations.also do you have a good place or name someone who does forensic audits, please thank you and is oct. 2006 to late if i have tila and more violations? thank you
 

trailpayment

LoanSafe Member
Mar 1, 2010
96
0
0
evan or moe please help me.hi my house i refinace in oct, 6 2006 ,m i was told i have 9 violations in my loan can i take my bank to court? and can it be done with a audit loan forensic letter that shows the violations.also do you have a good place or name someone who does forensic audits, please thank you and is oct. 2006 to late if i have tila and more violations? thank you<!-- google_ad_section_end -->
 

Social Apocalypse

LoanSafe Member
Mar 17, 2009
693
12
18
Washington State
This is STILL one of the BEST outlines of the act of Rescission that I have seen in the THOUSANDS of them I have read.
I URGE you, IF you loan is under three years old, INVESTIGATE THIS OPTION. This is probably the EASIEST, most DIRECT way to get remedy for you loan. There is no "downside" to rescinding, you simply need to be able to TENDER THE LOAN. KEY FACT: you don't need to tender the ENTIRE LOAN. You need to tender the REASONABLE VALUE OF THE HOME. BIG DIFFERENCE THESE DAYS.

Look into it, because it's an amazing remedy. YES, I feel you will need an attorney after you do it to help you enforce it, because 98% of the time the servicer either ignores it or says they aren't going to honor it (THEY DON'T HAVE THAT OPTION!!!)

You do NOT need to tell them WHY you are rescinding
You do NOT need to explain anything
You do NOT have to be current on your mortgage

You simply send the letter saying you wish to rescind and STOP making payments, and the ball is then squarely in your lenders' court. They have TWO clear LEGAL responses to your rescission:
1. Obey the law and RESCIND your mortgage within 20 days (at which time you will have to tender it)
2. File a COURT DOCUMENT protesting the rescission explaining that they are initiating judicial review of your loan to protest your rescission. This is FILED IN COURT and you will be notified. They almost NEVER do this, but it's what they are supposed to do if they want to fight it.

That's it. THOSE are their only TWO options.
 

Social Apocalypse

LoanSafe Member
Mar 17, 2009
693
12
18
Washington State
If you have a refinance mortgage, and it was within the last three years, you MUST read this post and consider using your right to rescind if you have material defects. This OUTSTANDING posting is located on this forum here: http://www.loansafe.org/forum/predatory-lending-mortgage-law/156-loan-rescission-when-three-days-really-means-three-years.html

I STRONGLY recommend you look into it. I did it, and if you need any guidance, I would be happy to provide the benefit of my experience thus far. It's been VERY interesting.

Rescission is GREATLY misunderstood by most, even most attorneys, and it's a shame. It's a beautifully simple, HIGHLY effective remedy to borrowers who have been hosed by their lender or <as in my case> their mortgage broker who took them on a big fairytale ride to lala land. My mortgage broker was PARAMOUNT EQUITY, and they committed RESPA and TILA violations that permitted me to rescind BOTH of my mortgages with them.

RESCIND YOUR PREDATORY MORTGAGE. It is FREE to do. It is EASY to do. You do NOT need an attorney to initiate it. DO IT. You MUST do it before your 3 year window expires, and you must have MATERIAL defects, but I can assure you, MOST mortgages made in boom times DID.

Good luck~SA