TILA Rescission: Three Years from When? Three Days from When?

Unknown's avatarLivinglies's Weblog

James Macklin, a senior forensic analyst has worked together with attorneys and produced the following article on the “statute of limitations” as it applies to notices of rescission. I think I agree with their premise but would add that in all probability, if the lender is not known — the three day right of rescission starts to run when the real lender is disclosed. Otherwise there either is no contract for loan or the three day right can be exercised. If the three day right is exercised, then there is no defense to it of any kind even if the bank files the challenge action within 20 days of the notice. The challenge action would be subject to dismissal for failure to state a cause of action.

=================

The general rule you will normally see in regard to TILA 3 year right of rescission is the following:
“Section 1635 of…

View original post 1,436 more words

Unknown's avatar

Author: timothymccandless

I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education. Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money. I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked.

Leave a comment