For Lawyers: Rescission and Jurisdiction — Neil Garfield Show Tonight!

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The only jurisdiction the court had was based upon the allegations based upon the note and mortgage. The rescission removed the note and mortgage as valid instruments as of the date of mailing the rescission. Hence unless one or more of the parties allege that they are the owner of the debt and the end of the line in the “chain” (and then prove it) none of the existing parties have standing to dispute the rescission which, as Justice Scalia said on behalf of a unanimous US Supreme Court, was effective on mailing regardless of whether it was disputed or not.

22 Responses

  1. And Pay those Property Taxes. !!!!!!
    With rescission..there is No escrow! !
    Absurd to claim otherwise!!

  2. Neil, Nice Job nailing down when rescission becomes effective by law.

    Greg, Great Guests last Night!

    I just want to realiterate a couple of points from last night….

    After the recession is mailed, you request the accounting so that you may tender. Send the requests by US mail with POD.
    Do this several times. Also request the release of title …..
    If taking a new loan to tender .you will find …its conditioned to title. No one should have to wait for years for that release!!!

    After 12 months if they fail to respond…Its Over!

    Short, Sweet & Simple!

    If you wish to purse claims of wrongful foreclosure ..
    Do it in a separate case after the rescission issue is resolved!

    Or just quiet the title and go on your way!


  4. mn,

    first they must prove there is a trust to begin with. a legal binding operational trust. showing all steps taken by the trust , how they paid for mortgages , what mortgages did they purchase,etc,etc. show a cancelled check for payments for mortgages, and notes.

    and what am working on is , finding out how many certificates owners bought any certificates. if any were sold at all. and if so how many have been turned in for payment.

    also if you read most of the psa, and prospectus, there are allot of if, maybe,might, when, so as I have said . as to what I was told by the sec. and exchange. all they did was file something THAT THEY MIGHT DO, DOESN’T MEAN THEY DID IT.



  5. Thursday 28 January 2016

    Excellent radio show by Neil Garfield in his superb coverage of rescission
    and how to use it effectively against any lender.

    A standing “O” to him. Well done!

  6. This is all great discussion, but can you file a rescission if you are beyond the 3 years?, 443 677 2799. James Smith

  7. . I need to file a Rescission, can Steve FL or anyone else tell me where I can get a template to follow and what should be included in the Rescission and who I should send it to. James Smith,, 443 677 2799. Thanks

  8. Thursday 28 January 2016

    I am in Kalifornia’s high horse corner. The complaint is a decent template
    IF you are arguing the PSA contract to which almost all courts are
    stating defendant’s do not have standing to attack the contract. All of
    the info on the complaint has nothing to do with getting the court to
    declare a securitized void for not having complied with any of the required
    trust terms, and it is the LACK OF COMPLIANCE, at least under NY
    trust law, that makes a trust void, not voidable, and that is the direction
    one best pursue in defending/attacking a trust.

    For anyone being sued by the trustee and not the servicer, the PSA
    prohibits the trust from suing in foreclosure and for taking a deed or
    property in trust name. Prohibited acts are what makes a trust void.
    The facts of not compiling with any of the trust requirements, not having the true sale endorsements are points to be argued for stating
    the trust is void, and one is not looking to have any of the terms of the
    contract enforced, for none were ever complied with by the purported

  9. I sent a rescission notice to my mortgage company in 02/2009. I have never made another payment on the mortgage. They have filed foreclosure now but I have not been served. Any advice on attorneys who understand this issue. I’m in Florida and most just seemed concerned that it’s past the SOL, and hoping for a good Bartram decision. But it seems to me rescission nearly 7 years ago makes that argument pointless.

  10. the complaint go into, what all homeowners have said has aalso happen, so why is it that investor get away with it and not the homeowners. and by the way, they do explain what should happen when a securtization of mortgage . that is all am saying. there good to read, we all can take sec of it to help us. homeowners

  11. Can someone help me out here, I received a notice of acceleration from Wells Fargo and I think they are going to be trying to foreclose on my second mortgage of a securitized loan which has all kinds of illegal issues. Can someone explain to me if I can use Rescission as a defense to prevent the foreclosure. I’m in Maryland a Non Judicial State. Can someone explain in laymans terms what is rescission? Can I afford to do it? Will I need an attorney? Where can I find an example to do it myself and who should I send the notice to. The loan was closed back in 2005, but since then there have been fraudulent DOT’s filed as close at 3 to 4 years ago. Please assists. James ( 443 677 2799. Thanks

  12. Kalifornia, you need to come down off your high horse!

    Especially for someone without a Win behind them!

    Be Nice!

  13. Wait!

    Are the posts referencing djabelanger’s posting of a complaint from 2011 by a REMIC TRUST?

    FYI: djabelanger’s post is off topic, and has nothing to do with a homeowner.

  14. @ Shadowcat

    Where are the homeowners referenced in the post such that a denial is by same exists?

    Or is it that you are rambling, in the general sense?

  15. Why does anyone think that anyone is suing an originator or aggregator for selling unacceptable loans to a trust which never legally took ownership of the loans? The complaint(s) don’t mention this.
    US Bank certainly knows that this trust has no res. maybe that is the game. How can WMC be held responsible for “selling” defective loans to a trust via USBank when there was no actual purchase? After all, the loans are not in the trust. Maybe someone else bought them, your honor- it wasn’t us- the trust is empty! Must have been a documentation error. Have DOJ look into it. They’re good at what they do.

  16. @djbelanger

    Other than the fact that the posted complaint is well written, is there anything in particular that you believe applies to a homeowner as the MAKER / BAILOR of the putative base contract, particularly in the context of a rescission — TILA or otherwise?

  17. Homeowners didn’t deny the allegations, so the court took them as undisputed facts.

    And Folks…You want your MSJ to make sure they don’t come back!

    And for Heavens Sake take care of your land trustee duties!!!!
    Don’t play this game they owe you and you can use the taxes as a set off!!

    One has Nothing to do with the other!!!—-
    Don’t Give them Standing!!!!

  18. Foreclosure Mills know this! Put them on Notice!

    Keep up those Land Taxes, Maintaince & Insurance in Check on the Land.
    Keep Your Butt Parked … Possession & Primary Residence..

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