How to win in court without a lawyer. Click here.

Jurisdictionary Forums. Click here.

Foreclosure Procedure by State. Click here.

For vicitims of fraud, waste and abuse. Click here.

Do it yourself Loan Modification. Click here.

Evictions.  Click here.

Predatory Lending and Mortgage Fraud Review  Checklist

1. What documents do you need?  In most cases you can get all of the information you need from the following five or six loan documents:

   ___   IRS Form: 1040 and 4506-T
   ___   Truth in Lending Disclosure Statement
   ___   (3-Day) Notice of Right to Cancel
   ___   HUD-1 (or HUD-1A) Settlement Statement
   ___   Mortgage and Note (with any riders or attachments)
   ___   Uniform Residential Loan Application (1003)
   ___   Uniform Underwriting Transmittal Summary (1008)
   ___   HOEPA (or “Section 32”) Notice (if lender treated loan as a HOEPA loan)

2. What do you need to look for?  Violations of the following federal and state laws may entitle the borrower to a reduction in the amount they owe on a refinance or home equity loan.

RED FLAGS:  Fraud (material misrepresentation/s  in your Uniform Residential Application- form 1003 and Appraisal Report) and Impossibility of Performance (payment shock).

Federal laws
Truth in Lending Act (TILA)

download the following:
APRWIN
Office of the Comptroller of the Currency Truth in Lending  Handbook

Does the TILA Disclosure Statement clearly and conspicuously display each of the following?

   ___   Annual Percentage Rate (APR)
   ___   Finance Charge
   ___   Amount Financed
   ___   Total of Payments
   ___   Payment Schedule

Are the disclosures accurate on their own terms (i.e., are they internally consistent)?

   ___   APR (use APR calculator/software)
   ___   Total of Payments (based on the Payment Schedule and total of Amount Financed plus Finance Charge)

Are the disclosures accurate given an independent analysis of the charges?

   ___   Amount Financed (i.e., do we think the lender left out something that should have been included in the prepaid finance charge and thereby understated the Finance Charge/overstated the Amount Financed by more than $35 (for rescission) or $100 (for $2,000 statutory damages?))

(If any of above disclosures were not made conspicuously and accurately, the borrower has a 3-year right to rescind the loan, meaning the security interest is void and the lender is owed an unsecured “tender” amount corresponding to the Amount Financed minus all payments made on the loan.)

Did the borrower receive a proper (3-Day) Notice of Right to Cancel?  Notice must disclose:

   ___   That the lender has a security interest in the borrower's’s dwelling
   ___   That the consumer has a right to rescind the transaction
   ___   The scope of the consumer’s right to rescind (i.e., if refinanced by the same lender, only the new advance of funds is rescindable)
   ___   How to exercise the right to rescind, with a form for that purpose, designating the lender’s place of business
   ___   The effect of rescission
   ___   The date the rescission period expires (loan date plus three calendar days, excluding Sundays and federal legal holidays)
   ___   Also: there can be no disbursement by lender of funds within the 3 days (e.g., to a home improvement contractor), since that abrogates 3-day right to rescind

(If the borrower did not receive a proper Right to Rescind, the borrower has a 3-year right to rescind the loan, plus $2,000 statutory damages.)
Home Ownership and Equity Protection Act (HOEPA):

   ___   APR trigger: is the APR more than 10% above the comparable T-bill rate for the 15th day of the month previous to the date the loan application was received by the lender (or more than 8%, for mortgages in first position closed on or after October 1, 2002)?

(or)

   ___   Fees trigger: are HOEPA points and fees more than 8% of the “total loan amount” (i.e., the Amount Financed or slightly less)?

If covered by HOEPA, did the lender provide an adequate HOEPA Notice?

   ___   Received by the borrower 3 business days before closing
   ___   Tells borrower s/he does not have to go through with the loan, and that if s/he does, s/he could lose the home
   ___   Sets forth APR
   ___   Sets forth initial monthly payment
   ___   If ARM, sets forth maximum monthly payment
   ___   Sets forth balloon payment, if any
   ___   Sets forth the “total amount borrowed,” for loans closing on or after October 1, 2002

(If the HOEPA Notice is defective, the borrower has a 3-year right to rescind and is entitled to statutory damages of $2,000 per violation, plus all amounts paid on the loan.)

If covered by HOEPA, does the loan contain any terms or practices prohibited by HOEPA?

   ___   Balloon payment on loan of less than five years
   ___   Negative amortization (payments that cause the principal balance to increase)
   ___   Advance payments of more than two periodic (usually monthly) payments
   ___   Increased interest rate after default
   ___   Refund calculated by method less favorable than the actuarial method
   ___   Prepayment penalties after five years, or in absent verification (through signed financial statement, credit report, and employment income records) that borrower’s debt-to-income ratio does not exceed 50%
   ___   Improvident lending
   ___   Direct payments to home improvement contractors

(If the HOEPA loans contains any of the above prohibited terms, the borrower has a 3-year right to rescind and is entitled to statutory damages of $2,000 per violation, plus all amounts paid on the loan.)
Real Estate Settlement Procedures Act (RESPA):

   ___   Yield-spread premium (YSP) paid to broker (listed on HUD-1)
   ___   Separate broker fee listed
   ___   Is three times the YSP enough to offset the amount the borrower was in default when sued?

(If answer is yes to all three you may have a good RESPA claim.)
Equal Credit Opportunity Act (ECOA):

   ___   Loan application sets forth requested terms (interest rate, loan amount, fixed-rate)
   ___   No written counter-offer (within 30 days) to terms requested
   ___   Loan includes terms worse than those requested in loan application

(If answer is yes to all three, you may have a good ECOA claim, entitling borrower to the more favorable terms requested by the borrower, plus up to $10,000 in punitive damages.)
State laws
Anti-predatory lending regulations:

   ___   Was the loan closed on or after May 17, 2001?
   ___   Is lender license by OBRE or DFI?

If yes to each of the above, is either of the following two triggers met?

   ___   APR trigger: is the APR more than 6% (8% for junior liens) above the comparable T-bill rate on the 15th day of the month previous to the date the loan application was received by the lender?

(or)

   ___   Fees trigger: are points and fees (including YSP and single-premium credit insurance) more than 5% of the “total loan amount” (i.e., the Amount Financed or slightly less)?

If either trigger is met, does the loan contain any of the following prohibited terms or practices?

   ___   Improvident lending (presumed if debt-to-income ratio exceeds 50%)
   ___   Prepayment penalty (of > 3% in 1st yr, >2% in 2nd yr, >1% in 3rd yr, or anything thereafter)
   ___   Single-premium credit insurance
   ___   Refi of covered loan within 12 months, with added points and fees, absent financial benefit to borrower
   ___   Balloon payment on loan of less than fifteen years
   ___   Financed points and fees (including YSP and single-premium credit insurance) in excess of 6%
   ___   No direct payments to contractors
   ___   Negative amortization (payments that cause the principal balance to increase)
   ___   No loan in excess of 105% of the value of the home
   ___   Failure to provide notice of consumer credit counseling prior to foreclosure
   ___   Failure to provide notice of right to participate in Mortgage Awareness Program prior to issuing the loan

(If any of the above prohibited terms or practices are included in a loan covered by the Illinois regs, you may be able to sue for relief under the Illinois Consumer Fraud Act.)
Interest Act:

   ___   Is the loan a junior lien?
   ___   If so, does the loan have an interest rate higher than 8%, and loan origination fees (or other fees paid to the lender--not broker’s fees or smaller transaction fees, e.g., appraisal fee, closing fee)  in excess of 3% of the principal amount?

(If so, the borrower may be entitled to twice the interest on the loan, which should more than offset the full amount owed.)

The Truth in Lending Act (TILA) was designed to protect Americans from unfair and fraudulent lending practices by the Banks. It requires the Banks to, among other things,
be truthful about interest rates and other material terms of the loan and to inform borrowers of the right to cancel the loan.  One of the most powerful remedies available to the Homeowner to fight against foreclosure is the right to rescind a mortgage if the loan papers violate certain provisions in the Truth in Lending Act (TILA).   If your mortgage papers contain certain TILA violation that entitles you to rescind the loan, you (or your lawyer) have powerful leverage in re-negotiating the terms of your mortgage.    How Does a Homeowner Determine if a TILA Violation Exists? 

Rescission under TILA is available for:

1) Failure to give adequate TILA Credit Term Disclosures

2) Failure to Give Adequate Notice of Right to Cancel or Rescind 

The first type of violation, for inadequae credit term disclosure, requires some technical proficiency and knowledge and can be tricky to figure out particularly if there is a

variable interest rate. It may require an audit. The second type of error, however, is simple to spot and any homeowner can determine if there is a violation by simply looking at their loan papers. Here's what to look for.

Under TILA, the lender is required to give each borrower two (2) Notices Of the Right To Cancel the loan transaction within 3 business days of signing the loan papers. Thus a TILA violation exists if:

1) The borrower is not given two (2) Notice of Right to Cancel forms per borrower, or four (4) Notices of Right to Cancel per couple to keep for their own records after signing the original; or

2) The Notices of Right to Cancel left with the borrower are not completely filled in with the date of the transaction and date of cancellation, or

3) The borrower was not given any Notice of Right to Cancel with the loan papers within 3 days of signing the papers.

This is an example of a Notice of Right To Cancel that violates TILA:
The Notice violates TILA because it failed to fill in the date of the transaction and fails to fill in the date by which the homeowner may cancel.

Remember the powerful rescission remedy is only available on:

1. Non-purchase mortgages (such as refinances or equity lines of credit)

2. Mortgages secured by homeowner's primary residence

3. Loan transaction occurred within 3 years or less



“It’s better to be pro se than not to do anything at all,” said Garfield, the Arizona attorney. “But it’s better to have a lawyer than be pro se. A lot of this stuff requires knowledge of motion practice, civil procedure, evidence, proof that the average person never had a reason to learn.”


keep asking the other side for documents to which homeowners are entitled under the legal process of discovery. The most important document he sought was the original loan note. To have standing in a foreclosure proceeding, a financial institution must show that it possesses the note, and can document the chain of sales and assignments by which it was obtained. In today’s financial world, home loans are sold and resold many times to various investors, often as part of highly complex securities transactions, and true ownership is often unclear.

Instead of providing the documents, the plaintiff’s lawyers will file a motion for summary judgment in which they ask the Judge to simply declare them the winners of the case and grant the foreclosure. show up for the hearing on that motion and tell the judge that the plaintiffs had not complied with your requests for discovery.

mariokenny.wordpress.com

FORECLOSURES: TILA RIGHT OF RESCISSION and CONSEQUENCES

FORECLOSURES: TILA RIGHT OF RESCISSION and CONSEQUENCES May 7, 2008 · 30 Comments Seminars for Layman (Pro Se Litigants) and For Lawyers TILA RIGHT OF RESCISSION and CONSEQUENCES TRUTH IN LENDING FEDERAL CIVIL COURT, FEDERAL BANKRUPTCY, STATE COURT INFORMATION THIS POST RELATES ONLY TO RESCISSION UNDER TILA.

IT SHOULD BE REMEMBERED THAT THERE ARE MULTIPLE GROUNDS FOR RESCISSION AND CANCELLATION OF THESE NOTES AND POSSIBLY TREBLE DAMAGES FOR USURY. SEE HOLDER IN DUE COURSE IN GLOSSARY. I have been inundated with TILA questions. So I went out hunting to see if anyone had already written about it in terms that a lay person might be able to understand. What I found is shown below. I believe it to be generally correct and the citations are good citations of law. See this site for the entire write-up. It should give most lay people an idea on how to handle this and it will be valuable to your lawyer if he/she is not totally familiar with the TILA context.

http://www.rcxloan.com/Civil_Action__BK__Motion_14.htm. As always, we are available to answer questions and direct you to the proper people to get expert help and advice.

MY ANSWER TO OUR READER’S QUESTIONS: 1. TILA Rescission is self enforcing. It automatically extinguishes the lien and the liability. The time for rescission does not run until you actually knew the full scope of the violation.

That is tantamount to it never running out.

2. YOU CAN ASSERT AND SHOULD ASSERT TILA VIOLATIONS IF YOU CAN BEFORE YOU ARE IN FORECLOSURE OR EVEN IF YOU ARE CURRENT IN YOUR PAYMENTS.

3. Judge is required to look for authority himself if you are representing yourself without a lawyer (pro se). This provision in effect makes the Judge your lawyer and your Judge.

Pretty good combination for you. 4. Judge has no discretion to deny damages, refunds etc to Borrower once a violation of TILA, no matter how small, is discovered.

5. TILA Rescission is NOT barred before during or after other proceedings unless those other proceedings specifically mention rescission as an issue to be tried.

6. Federal Action for injunction against the players to require them to file documents canceling the documents of record and providing judgment for damages and refunds is probably the best action since that is what is contemplated.

7. If in bankruptcy, it should be pled in an adversary proceeding. But if the bankruptcy is primarily related to the foreclosure the better practice would be to file in the same Federal Court, Civil Division, a complaint for violation of TILA rescission.

8. A Quiet TItle Action in State Court would probably also be a good idea before, during or after the Federal action. It clears up any doubt whatsoever about the status of title or the lender’s lien or encumbrances.

9. THIS IS INFORMATION YOU NEED BECAUSE THE LATEST LENDER STRATEGY SEEMS TO BE FOR THE LENDER TO IGNORE THE RESCISSION NOTICE. THE LENDER IS BETTING YOU WON’T KNOW WHAT TO DO.

10. Suggestion: If you are in Court and you have opted or are ordered to settlement, try to get a paragraph in the mediation order that requires all decision-makers to be present, whether they are parties or not.

This would include the holders of securities who are the ultimate owners of the mortgage. (You may get a pleasant surprise. We have reports that the lenders sometimes can’t trace them down, in which case, the foreclosure action or sale is dismissed and you have no mortgage).

TILA & Res Judicata (Analogous to Mr. Pierre R. Augustin, Pro Se’s situation since he had never litigated fully or raised any TILA claims affirmatively or defensively) – A rescission action may not be barred by prior or subsequent TIL litigation which did not involve rescission (Smith v. Wells Fargo Credit Corp., 713 F. Supp. 354 (D. Ariz. 1989) (state court action involving, inter alia TIL disclosure violations did not bar a subsequent action based on rescission notice violations in conjunction with same transaction which were not alleged or litigated in prior action) (See also In re Laubach, 77 B.R. 483 (Bankr. E.D. Pa. 1987) (doctrine of merger bars raising state and federal law claims arising from a transaction on which a previous successful federal TILA action was based; merger does not bar, however, rescission-based on the same transaction)). IX. Timely Notified Lenders/Attorneys of TILA Right of Rescission Mr. Pierre R. Augustin, Pro Se filed a copy of the notice of rescission letter (See Exhibit 5) in the bankruptcy court notifying the attorneys representing DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance as well as having certified receipt return of proof of delivery to the Lawyers including are proof of notification according to the Official Staff Commentary, 226.2(a)(22)-2 as authorizing service on attorney.

The Truth-in-Lending law empower Mr. Pierre R. Augustin, Pro Se to exercise his right in writing by notifying creditors of his cancellation by mail to rescind the mortgage loan transactions per (Reg. Z §§ 226.15(a)(2), 226.23(a)(2), Official Staff Commentary § 226.23(a)(2)-1) and 15 U.S.C. § 1635(b).

Equitable Tolling The filing of Bankruptcy tolls or extends the rescission time as Mr. Pierre R. Augustin, Pro Se had filed for bankruptcy on September 26, 2005 and obtained a discharge on September 26, 2006. Also, the principle of equitable tolling does apply to TILA 3 years period of rescission since despite due diligence, Mr. Pierre R. Augustin, Pro Se could not have reasonably discovered the concealed fact of TILA violations in-depth and explicitly until September 17, 2006 at about 5 a.m. in reading the Truth-in-Lending book by the National Consumer Law Center.

The equitable tolling principles are to be read into every federal statute of limitations unless Congress expressly provides to the contrary in clear and ambiguous language, (See Rotella v. Wood, 528 U.S. 549, 560-61, 120 S. Ct. 1075, 145 L. Ed. 2d 1047 (2000)). Since TILA does not evidence a contrary Congressional intent, its statute of limitations must be read to be subject to equitable tolling, particularly since the act is to be construed liberally in favor of consumers.

Security Interest is Void The statute and regulation specify that the security interest, promissory note or lien arising by operation of law on the property becomes automatically void. (15 U.S.C. § 1635(b); Reg. Z §§ 226.15(d)(1), 226.23(d)(1). As noted by the Official Staff Commentary, the creditor’s interest in the property is “automatically negated regardless of its status and whether or not it was recorded or perfected.”

(Official Staff Commentary §§ 226.15(d)(1)-1, 226.23(d)(1)-1.). Also, the security interest is void and of no legal effect irrespective of whether the creditor makes any affirmative response to the notice. Also, strict construction of Regulation Z would dictate that the voiding be considered absolute and not subject to judicial modification.

This requires DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance to submit canceling documents creating the security interest and filing release or termination statements in the public record. (Official Staff Commentary §§ 226.15(d)(2)-3, 226.23(d)(2)-3.) Extended Right of Rescission The statute and Regulation Z make it clear that, if Mr. Pierre R. Augustin, Pro Se has the extended right and chooses to exercise it, the security interest and obligation to pay charges are automatically voided. (Cf. Semar v. Platte Valley Fed. Sav. & Loan Ass’n, 791 F.2d 699, 704-05 (9th Cir. 1986) (courts do not have equitable discretion to alter substantive provisions of TILA, so cases on equitable modification are irrelevant). The statute, section 1635(b) states: “When an obligor exercises his right to cancel…, any security interest given by the obligor… becomes void upon such rescission”. Also, it is clear from the statutory language that the court’s modification authority extends only to the procedures specified by section 1625(b). The voiding of the security interest is not a procedure, in the sense of a step to be followed or an action to be taken. The statute makes no distinction between the right to rescind in three day or extended in three years for federal and four years under Mass. TILA, as neither cases nor statute give courts equitable discretion to alter TILA’s substantive provisions. Since the rescission process was intended to be self-enforcing, failure to comply with the rescission obligations subjects DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance to potential liability. XIII. Non-Compliance Non-compliance is a violation of the act which gives rise to a claim for actual and statutory damages under 15 USC 1640. TIL rescission does not only cancel a security interest in the property but it also cancels any liability for the Mr. Pierre R. Augustin, Pro Se to pay finance and other charges, including accrued interest, points, broker fees, closing costs and that the lender must refund to Mr. Pierre R. Augustin, Pro Se all finance charges and fees paid. In case DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance do not respond to this default letter, Mr. Pierre R. Augustin, Pro Se has the option of enforcing the rescission right in the federal, bankruptcy or state court (See S. Rep. No. 368, 96th Cong. 2 Sess. 28 at 32 reprinted in 1980 U.S.C.A.N. 236, 268 (“The bill also makes explicit that a consumer may institute suit under section 130 [15 U.S.C., 1640] to enforce the right of rescission and recover costs and attorney fees”). TIL rescission does not only cancel a security interest in the property but it also cancels any liability for Mr. Pierre R. Augustin, Pro Se to pay finance and other charges, including accrued interest, points, broker fees, closing costs and the lender must refund to Mr. Pierre R. Augustin, Pro Se all finance charges and fees paid. Thus, DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance are obligated to return those charges to Mr. Pierre R. Augustin, Pro Se (Pulphus v. Sullivan, 2003 WL 1964333, at *17 (N.D. Apr. 28, 2003) (citing lender’s duty to return consumer’s money as reason for allowing rescission of refinanced loan); McIntosh v. Irwing Union Bank & Trust Co., 215 F.R.D. 26 (D. Mass. 2003) (citing borrower’s right to be reimbursed for prepayment penalty as reason for allowing rescission of paid-off loan). XIV. Sources of Law in Truth in Lending Cases “These include TILA itself, the Federal Reserve Board’s Regulation Z which implements the Act, the Official Staff Commentary on Regulation Z, and case law. Except where Congress has explicitly relieved lenders of liability for noncompliance, it is a strict liability statute. (Truth-In-Lending, 5th Edition, National Consumer Law Center, 1.4.2.3.2, page 11) XV. Synopsis of How Rescission Works The process starts with the consumer’s notice to the creditor that he or she is rescinding the transaction. As the bare bones nature of the FRB model notice demonstrates, it is not necessary to explain why the consumer is canceling. The FRB Model Notice simply says: “I WISH TO CANCEL,” followed by a signature and date line (Arnold v. W.D.L. Invs., Inc., 703 F.2d 848, 850 (5th cir. 1983) (clear intention of TILA and Reg. Z is to make sure that the creditor gets notice of the consumer’s intention to rescind)). The statute and Regulation Z states that if creditor disputes the consumer’s right to rescind, it should file a declaratory judgment action within the twenty days after receiving the rescission notice, before its deadline to return the consumer’s money or property and record the termination of its security interest (15 USC 1625(b)). Once the lender receives the notice, the statute and Regulation Z mandate 3 steps to be followed. XVI. Step One of Rescission First, by operation of law, the security interest and promissory note automatically becomes void and the consumer is relieved of any obligation to pay any finance or other charges (15 USC 1635(b); Reg. Z-226.15(d)(1),226.23(d)(1). . See Official Staff Commentary § 226.23(d)(2)-1. (See Willis v. Friedman, Clearinghouse No. 54,564 (Md. Ct. Spec. App. May 2, 2002) (Once the right to rescind is exercised, the security interest in the Mr. Pierre R. Augustin’s property becomes void ab initio). Thus, the security interest is void and of no legal effect irrespective of whether the creditor makes any affirmative response to the notice. (See Family Financial Services v. Spencer, 677 A.2d 479 (Conn. App. 1996) (all that is required is notification of the intent to rescind, and the agreement is automatically rescinded). It is clear from the statutory language that the court’s modification authority extends only to the procedures specified by section 1635(b). The voiding of the security interest is not a procedure, in the sense of a step to be followed or an action to be taken. The statute makes no distinction between the right to rescind in 3-day or extended as neither cases nor statute give courts equitable discretion to alter TILA’s substantive provisions. Also, after the security interest is voided, secured creditor becomes unsecured. (See Exhibit #6) XVII. Step Two of Rescission Second, since Mr. Pierre R. Augustin has legally rescinded the loans transaction, the mortgage holders (DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance) must return any money, including that which may have been passed on to a third party, such as a broker or an appraiser and to take any action necessary to reflect the termination of the security interest within 20 calendar days of receiving the rescission notice which has expired. The creditor’s other task is to take any necessary or appropriate action to reflect the fact that the security interest was automatically terminated by the rescission within 20 days of the creditor’s receipt of the rescission notice (15 USC 1635(b); Reg. Z-226.15(d)(2),226.23(d)(2). XIII. Step Three of Rescission Mr. Pierre R. Augustin is prepared to discuss a tender obligation, should it arise, and satisfactory ways in which to meet this obligation. The termination of the security interest is required before tendering and step 1 and 2 have to be respected by DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance XIV. Conclusion I am requesting an itemized statement of my payment record to DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance. When Mr. Pierre R. Augustin rescinds within the context of a bankruptcy, courts have held that the rescission effectively voids the security interest, rendering the debt, if any, unsecured (See Exhibit #6). (See in re Perkins, 106 B.R. 863, 874 (Bankr. E.D.Pa. 1989); In re Brown, 134 B.R. 134 (Bankr. E.D.Pa. 1991); In re Moore, 117 B.R. 135 (Bankr.E.D. Pa. 1990)). Once the court finds a violation such as not responding to the TILA rescission letter, no matter how technical, it has no discretion with respect to liability (in re Wright, supra. At 708; In re Porter v. Mid-Penn Consumer Discount Co., 961 F,2d 1066, 1078 (3d. Cir. 1992); Smith v. Fidelity Consumer Discount Co., Supra. At 898. Any misgivings creditors may have about the technical nature of the requirements should be addressed to Congress or the Federal Reserve Board, not the courts. Since DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance have not cancelled the security interest and return all monies paid by Mr. Pierre R. Augustin within the 20 days of receipt of the letter of rescission of September 21, 2006, the lenders named above are responsible for actual and statutory damages pursuant to 15 U.S.C. § 1640(a). Once again, please send me a copy of my payment history and other document showing the loan disbursements, loan charges and payment made. Also, DanversBank, Ameriquest Mortgage, Commonwealth Land Title Insurance Company, New Century Mortgage and Chase Home Finance are to take any necessary or appropriate action to reflect the fact that the security interest was automatically terminated by the rescission (15 USC 1635(b); Reg. Z-226.15(d)(2),226.23(d)(2). This requires canceling documents creating the security interest and filing release or termination statements in the public record of FREE and CLEAR TITLE to Mr. Pierre R. Augustin. Thank you (TTTLMG). May GOD Bless America, Pierre Richard Augustin, Pro Se, MPA, MBA 28 Cedar Street, Lowell, MA 01852 Tel: 617-202-8069 TILA Pleading Under the Federal Rules of Civil Procedures, it may be sufficient to plead that the TILA has been violated. (Fed.R. Civ. P. 8(a)). Specific violations do not necessarily have to be alleged with particularity (Brown v. Mortgagestar, 194 F. Supp. 2d 473 (S.D. W. Va. 2002) (notice pleading is all that is required in TILA case); Herrara v. North & Kimball Group, Inc., 2002 WL 253019 (N.D. Ill. Feb.. 20, 2002) (notice pleading sufficient; response to motion to dismiss can supplement complaint by alleging facts re specific documents assigned); Staley v. Americorp. Credit Corp., 164 F. Supp. 2d 578 (D. Md. 2001) (Mr. Pierre R. Augustin, Pro Se need not specify specific statute or regulations that entitle him to relief; court will examine complaint for relief on any possible legal theory); Hill v. GFC Loan Co., 2000 U.S. Dist. Lexis 4345 (N.D. Ill. Feb. 15, 2000). The consumer’s complaint need not plead an error exceeded the applicable tolerance, since this is an affirmative defense (Inge v. Rock Fin. Corp., 281 F.3d 613 (6th cir. 2002)). In page 2 (See Exhibit 1) of Mr. Pierre R. Augustin, Pro Se’s civil complaint, he stated that TILA was in of the Jurisdiction of all the claims against the creditors or defendants in that civil action. At #6 of page 14 (See Exhibit 2) of civil complaint, Mr. Pierre R. Augustin, Pro Se explicitly stated that the New Century Mortgage Note which is now assigned to Chase is in violation of TILA and Regulation Z claims. In page 17 of the civil complaint, Mr. Pierre R. Augustin, Pro Se did mention rescission and statutory damages (See Exhibit 3).


Law by Source: Uniform Laws
Resources
pdf library 
Books
Links and credits

Disclaimer

Not Legal Advice

The information presented on this Web site is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel