LivingLies: “The time may now be coming where the court systems and Federal and State legislatures must come to terms with two inescapable legal facts:
(1) That borrowers who sent TILA rescission notices — and particularly those who sent them within 3 years of consummation of the mortgage — still own the land that was deemed “lost” in foreclosure.
(2) That such borrowers possess valid claims to recover title, possession and money damages.
It was bound to happen and now it has. In one case, a judge is asking the following questions and inviting briefs on the following subjects: What is the effect of the failure to return consideration upon an attempt to exercise the right of TILA Rescission?
What is the effect on rescission if the borrower continues to pay?
Does TILA pertain to refinancing?”