For the Doubters on TILA Rescission and Jesinoski READ THIS
by Neil Garfield, published on Living Lies, on November 18, 2015
IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF OREGON
WILLIAM J. PAATALO,
Plaintiff,
vs.
JPMORGAN CHASE BANK,
Defendant.
Case No. 6:15-cv-01420-AA
__________________________
OPINION AND ORDER
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
argument 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.
PAGE 11 – OPINION AND ORDER
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.
CONCLUSION
Defendant’s motion to dismiss (doc. 6) is DENIED. Defendant’s
request for oral argument is DENIED as unnecessary.
IT IS SO ORDERED.
Dated this 12th Day November 2015.
Spread the word
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.
In plain english please!
Christine, Sandra, all others…
here are some other articles that explain TILA.
https://i-uv.com/bias-in-the-courts-ucc-and-tila-review/
https://i-uv.com/standing-will-ultimately-determine-what-happens-in-tila-rescission/
https://i-uv.com/living-with-the-lies/
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.
BZ
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.