Rescission: Putting the Pedal to the Medal — Window of Opportunity for Borrowers Might Close

Thoughts or comments?

Livinglies's Weblog

For further information or assistance please call 520-405-1688 or 954-495-9867.

The Pilot Program on rescission ends April 14.

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TILA rescission procedures appear to apply to all loans. Whether the facts support TILA rescission is another matter. If you send a notice of rescission and you are incorrect about your ability to cancel the loan, then the bank can file an action within 20 days of receipt of the notice to file an action saying that the rescission should be blocked. Otherwise the rescission is effective by operation of law from the moment it is dropped in the mailbox. Not all closings are as clear as the banks would have the court think. While there are restrictions on when a borrower is entitled to cancel the loan, those are questions of fact that must be raised before the 20 day window expires. That’s how we see it and we think…

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One thought on “Rescission: Putting the Pedal to the Medal — Window of Opportunity for Borrowers Might Close

  1. Apparently one cannot do a TILA rescission if the house has been sold, either by the homeowner or the creditor (as in a foreclosure sale).

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