Posted in Financial, Foreclosure Defense

RESCISSION HEATS UP AS BORROWERS HEAD BACK TO COURT TO USE SUPREME COURT REVERSAL

As Neil Garfield says below, The U.S. Supreme Court stated emphatically that under the provisions of § 1635 (Truth in Lending Act), the consumer is only required to give written notice within the three year time-frame set out in the statute. Once the notice is give, the security interest is voided automatically. No ands, ifs, or buts. The Trust in Lending statute says what it means and means what it says. It is not for the courts to rewrite a law enacted by Congress.

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For lawyers only: Many homeowners are going back and digging up their notices of rescission. There are cases in state court, federal court and bankruptcy court that could be and probably are effected by the US Supreme Court decision that made it clear that TILA rescission was a unique statutory remedy and that the common law right of rescission should not be used to interpret the explicit statutory remedy that is TILA Rescission.
Borrowers/debtors are filing motions to set aside previous rulings by courts who assumed that the rescission was only effective when a court says so (the common law rule rejected unanimously by the Supreme Court) and that tender of the money was required for the rescission to be effective (also rejected by the U.S. Supreme Court).  The Banks have reacted predictably — trying to enforce the previously incorrect rulings…

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