Re: TILA Rescission Rights
If a payment was due in November, and you didn't make the payment, then it's typical for them to apply the "next month's" payment to the period you missed.
The benefit of rescission to you would be what? Rescission is the undoing of the contract and the restoring of the parties to their original position. You're prepared to return their money?
Re: TILA Rescission Rights
Actually under Federal Laws according to my attorney by not disclosing the our recission rights that they violated the Truth in Lending Act and can be fined thousands of dollars plus any interest they collected. Thank you for your answer but our real estate attorney has answered them for us.
Re: TILA Rescission Rights
You didn't answer the question. If your real estate lawyer didn't help you figure out how you would finance a rescission, that is something you need to discuss with him. See 12 CFR § 226.23(d)(3).
In short, the process of rescission under TILA is set forth by statute and regulation, and is meant to restore the status quo ante - to put the parties in the positions they were in before the transaction. If a lender faila to provide the borrower with a notice of right to cancel, as well as all "material disclosures" relating to the loan, TILA permits a consumer may rescind a loan for up to three years after consummation of the transaction. When a consumer exercises the right to rescind, the lender’s security interest in the real property becomes void and the consumer will not be liable for most, if not all charges, including any finance charge. Within 20 days after the borrower’s notice of intent to rescind, the creditor must return any money or property given to anyone in connection with the transaction and must reflect the termination of the security interest. That's the easy part.
Here's what can be the hard part for the consumer seeking rescission: When the creditor has complied with those obligations, the consumer must repay the loan proceeds to the creditor. Do you understand now why I asked if you're prepared to return the money?
Incidentally, when you say "that I was on every loan document but the Truth in Lending Statement, I was not asked to sign that document" do you mean to say that you did receive a copy, but that as you didn't sign it you believe you can successfully claim you did not receive it?
Re: TILA Rescission Rights
We never received any information about recission or were given any papers to sign. The paperwork was incorrectly filed, dated, and was a modification/renewal/extension of a previous loan. We are already in the process of refinancing and have already been told by the Comptroller and our Texas attorney that we need to file against the bank.
One other thing, no I was not asked to sign the Truth in Lending Statement. Only my husband's name was on that one document and they only had him sign.