TILA RESCISSION: Tolling the Statute of Limitations

ONE ON ONE WITH NEIL GARFIELD

COMBO ANALYSIS TITLE AND SECURITIZATION

EDITOR’S NOTE: Equitable tolling IS effective for common law fraud like appraisal fraud which is easy, simple and credible. Piggy back your TILA rescission on top of the common law fraud cause of action. Judge can’t first decide if you have a right to rescission without hearing the whole case. Rescission is equitable remedy so even if the statute obviously implies that everything works automatically, you can argue statutory imperative giving the Judge no discretion, but they don’t like that.

I spoke to a new customer today — trader and broker from Wall Street. Pretty smart on law too. What he did is get a bona fide escrow agent to say they are holding “legal tender” to pay off the whole mortgage. In order to get it, they have to come up with the canceled note, proof of who…