Posted on February 6, 2015 by Neil Garfield
From the Living Lies Blog
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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 of the court by virtue of res judicata, collateral estoppel or even “law of the case.” Remember that state laws and rules of procedures will affect the ability of borrowers to go back into litigation that has been concluded even if it is on false premises.
I would file a short reply saying something like “Defendants continue to argue a point not in issue in an blatant attempt to appeal to the Court’s personal views or inclinations. Plaintiff does not seek a free house and never did. Plaintiff’s goal is very simple: If the defendants were not the owner or representative of the owner of the debt, note and mortgage and lacked any authority to pursue collection or enforcement, then they should not be permitted to pursue a strategy in which the defendants get a “free house.”
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Social Apocalypse note: Great news for all of us who rescinded our mortgages!
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