Comments on: TILA and RESPA Rescission Ineffective In Real-World Foreclosure Defense http://iamfacingforeclosure.com/blog/2009/08/13/tila-and-respa-rescission-ineffective/ The latest insight on the foreclosure crisis - and help for those in need. Thu, 11 Nov 2010 23:04:50 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: ADAM http://iamfacingforeclosure.com/blog/2009/08/13/tila-and-respa-rescission-ineffective/comment-page-1/#comment-656 ADAM Thu, 11 Nov 2010 05:21:50 +0000 http://iamfacingforeclosure.com/blog/?p=63#comment-656 <strong><blockquote><b><a href="http://us.cheapfashionspot.com/" rel="nofollow">NEW FASHION store. Original designers collection at low prices!!! 20 % TO 70 % OFF. END OF SEASON SALE!!!</a></b></blockquote>...</strong> BUY FASHION. TOP BRANDS: GUCCI, DOLCE&GABBANA, BURBERRY, DIESEL, ICEBERG, ROBERTO CAVALLI, EMPORIO ARMANI, VERSACE...
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]]> By: tjd123 http://iamfacingforeclosure.com/blog/2009/08/13/tila-and-respa-rescission-ineffective/comment-page-1/#comment-369 tjd123 Thu, 25 Feb 2010 12:59:15 +0000 http://iamfacingforeclosure.com/blog/?p=63#comment-369 I don't totally agree with this, although it offers some good information. TILA is intended as a consumer protection law to remedy the lender's bad actions. I don't know if you have specific cases on this issue, but I would be surprised to see any courts of appeal not allowing the consumer to rescind based on the value of the loan. While I understand the argument you have made, it would undermine the consumer's ability to benefit from the law if market situations (partly created by the lenders) prevented rescission. If you do have a particular case in mind, I would look at the jurisdiction it came from and not assume the courts would view the issue the same in other areas of the country. Also, RESPA requires the 3-day application disclosures, not TILA, and RESPA does not offer damages for failing to provide them or rescission. TILA is the only federal law that specifically allows rescission (and HOEPA, which is a subset in Reg. Z). However, while it RESPA does not allow for rescission, RESPA helps a rescission case due to its language of what fees are bona fide, etc. Best, T Doucet Author, 23 Legal Defenses to Foreclosure I don’t totally agree with this, although it offers some good information. TILA is intended as a consumer protection law to remedy the lender’s bad actions. I don’t know if you have specific cases on this issue, but I would be surprised to see any courts of appeal not allowing the consumer to rescind based on the value of the loan. While I understand the argument you have made, it would undermine the consumer’s ability to benefit from the law if market situations (partly created by the lenders) prevented rescission. If you do have a particular case in mind, I would look at the jurisdiction it came from and not assume the courts would view the issue the same in other areas of the country.

Also, RESPA requires the 3-day application disclosures, not TILA, and RESPA does not offer damages for failing to provide them or rescission. TILA is the only federal law that specifically allows rescission (and HOEPA, which is a subset in Reg. Z). However, while it RESPA does not allow for rescission, RESPA helps a rescission case due to its language of what fees are bona fide, etc.

Best,

T Doucet
Author, 23 Legal Defenses to Foreclosure

]]> By: Forensic Loan Audits – Debunked and Demystified http://iamfacingforeclosure.com/blog/2009/08/13/tila-and-respa-rescission-ineffective/comment-page-1/#comment-307 Forensic Loan Audits – Debunked and Demystified Wed, 30 Sep 2009 21:24:09 +0000 http://iamfacingforeclosure.com/blog/?p=63#comment-307 [...] The problem with rescission of a loan is that to cancel the loan, the borrower must be able to “tender an offer” of all money borrowed from the lender, minus all costs of the loan and all payments.  The outcome is to “restore” all parties to a state of being prior to the loan being taken out.  In California (as in most other “bubble locales”), most homeowners, for various reasons, have no ability to tender this offer.  Most often, the lack of ability to tender the offer is that the homeowner cannot find the financing to replace the loan. Therefore, rescission is ineffective, and lenders know this.  (See more in my earlier IamFacingForeclosure article, TILA and RESPA Ineffective In Real-World Foreclosure Defense). [...] [...] The problem with rescission of a loan is that to cancel the loan, the borrower must be able to “tender an offer” of all money borrowed from the lender, minus all costs of the loan and all payments.  The outcome is to “restore” all parties to a state of being prior to the loan being taken out.  In California (as in most other “bubble locales”), most homeowners, for various reasons, have no ability to tender this offer.  Most often, the lack of ability to tender the offer is that the homeowner cannot find the financing to replace the loan. Therefore, rescission is ineffective, and lenders know this.  (See more in my earlier IamFacingForeclosure article, TILA and RESPA Ineffective In Real-World Foreclosure Defense). [...]

]]> By: Boomer55 http://iamfacingforeclosure.com/blog/2009/08/13/tila-and-respa-rescission-ineffective/comment-page-1/#comment-269 Boomer55 Thu, 27 Aug 2009 02:51:41 +0000 http://iamfacingforeclosure.com/blog/?p=63#comment-269 Very good article. I actually do the trench work of appearing at the TROs/OSC Re Preliminary Injunctions in an attempt to preclude or otherwise forestall trustee' sales and I know, first hand, that what you claim is absolutely correct. Dealing effectively with mortgage foreclosures is very difficult and in most cases, an attorney cannot really do much. Your choices are limited to either uncovering sufficient actionable conduct on the part of the lender and/or mortgage servicer and taking the lenders/servicers head on or having your client file for Chapter 13 bankruptcy protection and if the mortgage is an 80/20 or 80/10/10, to strip the wholly unsecured mortgages. These clown who advertise to be able to modify homeowner's loans and reduce the monthly mortgage payment by thousands of dollars and to reduce the principal balance of your mortgage by hundreds of thousands of dollars are the same clowns who were pushing these toxic loans a couple of years ago. Only now, they have leased an attorney's name and charge thousands for doing nothing more than having the lender agree to tack the arrearages onto the back end of the mortgage and reducing the monthly mortgage payment - which is offset by a substantial balloon payment that will be due and owing in 30 years. It is criminal that an entire generation's "golden years" are going up in smoke (or more commonly referred to as "being under water") before our very eyes and the perpetrators are not being punished. Perhaps you should offer to engage in a joint venture with "implode-meter" since the advent of "MendelsonMatters" (or whatever he calls that blog of his) is an obvious cry that they are hurting for serious and informative material. Better yet, keep up the good work and eventually people like me will not have to work so hard to come across people like you. Your site is definitely going into "My Favorites" and I will be visiting you every night. Regards, Boomer55 Very good article. I actually do the trench work of appearing at the TROs/OSC Re Preliminary Injunctions in an attempt to preclude or otherwise forestall trustee’ sales and I know, first hand, that what you claim is absolutely correct. Dealing effectively with mortgage foreclosures is very difficult and in most cases, an attorney cannot really do much. Your choices are limited to either uncovering sufficient actionable conduct on the part of the lender and/or mortgage servicer and taking the lenders/servicers head on or having your client file for Chapter 13 bankruptcy protection and if the mortgage is an 80/20 or 80/10/10, to strip the wholly unsecured mortgages.

These clown who advertise to be able to modify homeowner’s loans and reduce the monthly mortgage payment by thousands of dollars and to reduce the principal balance of your mortgage by hundreds of thousands of dollars are the same clowns who were pushing these toxic loans a couple of years ago. Only now, they have leased an attorney’s name and charge thousands for doing nothing more than having the lender agree to tack the arrearages onto the back end of the mortgage and reducing the monthly mortgage payment – which is offset by a substantial balloon payment that will be due and owing in 30 years.

It is criminal that an entire generation’s “golden years” are going up in smoke (or more commonly referred to as “being under water”) before our very eyes and the perpetrators are not being punished.

Perhaps you should offer to engage in a joint venture with “implode-meter” since the advent of “MendelsonMatters” (or whatever he calls that blog of his) is an obvious cry that they are hurting for serious and informative material. Better yet, keep up the good work and eventually people like me will not have to work so hard to come across people like you. Your site is definitely going into “My Favorites” and I will be visiting you every night.

Regards,
Boomer55

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