For the Doubters on TILA Rescission and Jesinoski READ THIS

by / Wednesday, 18 November 2015 / Published in Absolute Data





For the Doubters on TILA Rescission and Jesinoski READ THIS

by Neil Garfield, published on Living Lies, on November 18, 2015


NOTE: BILL PAATALO  is an experienced private investigator and forensic analyst. Taking my material to heart and despite being ridiculed by bank lawyers and even some foreclosure defense lawyers, Paatalo took the simple position that once the notice of rescission is sent, that is the end of the matter, to wit: it is effective upon mailing.
The Bank basically took the only road they had available — “That’s ridiculous. Nobody meant for the borrowers to be able to cancel the loan transactions.”
The Court said “Bank, you are wrong. The matter is settled.”
A L E R T | Paatalo v. J.P. Morgan Chase Bank et al | TILA RESCISSION | ~OPINION AND ORDER 11-12-2015~ | M-T-D….DENIED | The Supreme Court implicitly rejected defendant’s argument when it declared “rescission is effected” at the time of notice . . . . . The question here is what happens when the unwinding process is not completed and **neither party files suit** within the TILA statute of limitations.





Case No. 6:15-cv-01420-AA



Case 6:15-cv-01420-AA    Document 12    Filed 11/12/15    Page 11 of 18

Defendant argues this reading of Jesinoski cannot be correct
because it means “a borrower’s mere notice of rescission  . . .
automatically converts a secured lender into an unsecured lender,
leaving the lender with no other remedy{?!} but to file suit to
challenge the validity of a borrower’s rescission.”
…..The Supreme Court implicitly rejected defendant’s
when it declared “rescission is effected” at the time of
notice, without regard to whether a borrower files a lawsuit within
the three-year period.


Case 6:15-cv-01420-AA    Document 12    Filed 11/12/15    Page 18 of 18

The timing of Jesinoski is also significant. Although
foreclosing trustees and purchasers at trustee’s sales have a
significant interest in finality, consumers have a countervailing
interest in avoiding wrongful foreclosure. Jesinoski revealed the
majority of federal courts had “misinterpreted the will of the
enacting Congress,” Rivers, 511 U.S. at 313 n.12, in allocating to
borrowers the burden to go to court to enforce their statutory
rescission rights under TILA. Further factual development is
necessary to determine what effect that revelation should have on
the property rights of subsequent buyers of the property.

Defendant’s motion to dismiss is denied with leave for defendant to
renew its arguments about the effect of the trustee’s sale.

Defendant’s motion to dismiss (doc. 6) is DENIED. Defendant’s
request for oral argument is DENIED as unnecessary.

Dated this 12th Day November 2015.

Spread the word



4 Responses to “For the Doubters on TILA Rescission and Jesinoski READ THIS”

  1. Christine Zimmerman says : Reply

    I live in Canada. Are you aware if what I just read applies only in the jurisdictions of the United States or can these same laws apply in other countries. I was a victim of foreclosure on my home while living in Phoenix AZ and also a victim of felony fraud, embezzlement of my home and possessions, extortion of all my funds through corrupt legal practices and dis-entitlement of my status as my late husband’s spouse and questionable death thereof. Hence, I returned to my country of origin, destitute and suffering severe elder abuse. I have endeavoured to put this behind me and begin the journey of rebirthing myself, however, when I receive information such as I have just read, it tends to resurrect the whole thing. I truly would like to see more of this justice come to the fore and maybe one day it may come to me. Thank you.

  2. Sandra says : Reply

    In plain english please!

  3. I M Power says : Reply

    Christine, Sandra, all others…
    here are some other articles that explain TILA.

    TILA is a Federal Act, from the US Congress and the TILA Rescission and its power was made clear and fully unleashed with the US Supreme Courts Unanimous decision in the Jesinoski case to uphold TILA Rescission is now being upheld by state courts in the US. If you are in foreclosure or know of someone who is this is a very important and powerful tool for you. Actually for anyone who has a loan.

    As far as Canada or other countries you will need to research and see if your country has a similar federal truth in lending act.

  4. Peter Klika says : Reply

    If you are behind on you home loan and facing foreclosure ALWAYS file a TILA recession notice and then file an action for Declaratory Relief and a lis pendens. This will give you enormous bargaining power with your lender to restructure your loan. JUST DO IT. Don’t let “chicken little” attorneys tell you it can’t be done. I did it a reduced my loan to 2% and had back payments forgiven.

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