We start with the simple and irrefutable premise that if the parties are NOT in litigation, only a timely lawsuit filed by a party with legal standing could be considered to vacate the TILA rescission that is effective, as a matter of law, when it is mailed. The note and mortgage become void at that moment. Any claim of standing based upon the void note and void mortgage is by definition frivolous.
The banks want to place the burden on the homeowner to explain why this court should consider the rescission effective. But that is not the law. The burden is on the Banks to bring a timely action by a party with legal standing explaining why the rescission should be set aside or vacated.
Despite the simplicity of 15 USC §1635 it appears that the entire TILA rescission issue is being re-litigated even in the face of a unanimous…
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