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Rescission, Foreclosure Statute of Limitations

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  • 05-20-2010, 02:20 PM
    jreed02
    Rescission, Foreclosure Statute of Limitations
    My question involves a foreclosure in the State of: Wisconsin

    Ok, long story short.

    Refi'd property with WAMU. multiple TILA violations, possible fraud, etc.

    upon legal advise, rescinded mortgage. Attempted to sue the bank with an affirmative case, however because FDIC takeover, couldn't in state court. (jurisdiction is now in DC or chase's home state)

    Decided to wait until Chase decided to foreclose in state court so I could counter sue with the recission.

    It has now been close to 2 years. I have not made a single payment other than property taxes and insurance. I know the banks and courts are swamped which is probably why. Although Chase was served with my original lawsuit...so they know about me. It was dismissed.

    Anyway, here is my question.
    Chase never responded to the recision. I have not gone to court.

    If I continue to live in this house...keep it up, pay taxes and insurance, etc...will I eventually gain rights to it after a certain amount of time? Is there a statute of limitations for Chase to foreclose. Since Chase did not respond to the recision, do I gain an advantage?

    Does the bank have a certain period of time to assert their ownership claim? Or is it possible that after say xx years I could file for the title?

    It is also possible chase can't produce the original signed note. I hear banks have been having some trouble with that in courts.

    Thanks
  • 05-21-2010, 09:15 PM
    Mr. Knowitall
    Re: Rescission, Foreclosure Statute of Limitations
    If you're talking about a statute of limitations for adverse possession, assuming you could meet the elements, we're talking twenty years. See Wisconsin Statutes, Sec. 893.25. And I don't think you would succeed in such an action.
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