TILA Rescission Overview

1) Purported Lender at closing was a straw entity and never actually lent the
money to the borrower, instead was Table Funded1. Real Lender was not fully
disclosed. The Real lender was unbeknownst to the Borrower, there for a
Contract was NEVER consummated because there were not two identified
parties.
2) The right to rescind can extend beyond the 3-year statute of limitations because
the contract was never consummated and because of the doctrine of equitable
tolling2. Since the contract was not consummated, the time for rescission never
started, so borrower has a continued, unconditional right to rescind today. Due
to the doctrine of equitable tolling, the 3-year statute of limitation commences
when the borrower becomes aware that there was an unidentified third party
who did not give full disclosure.
3) Send the Notice of Rescission, Certified mail to the original lender and any other
party in the chain of interest. The notice should not be overindulgent of
information. It only needs to state that you are rescinding the loan documents. If
you like, you can briefly explain due to equitable tolling, you have an indefinite
right to rescind, the loan was not funded by the true lender, and that the actual
lender did not provide a Notice of Rescission.
4) The lender has 20 days to file for a declaratory action contesting the rescission. If
they do not, the rescission is effective.
5) After 20 days, file for a Declaratory Judgment to enforce the rescission quoting
the Jesinowski v Countrywide, unanimous Supreme Court decision. The loan has
been voided upon sending the rescission.

1 Table Funding Definition: A lending method employed when a loan originator does not have access to the money necessary to
make loans and then hold them until it has enough to sell on the secondary market. As a result, the originator forms a relationship
with a lender who provides the funds for closing and immediately takes an assignment of the loan.This is called table funding.
Under regulations of the Department of Housing and Urban Development, table-funded loans must disclose service release
premiumsprofit received by the originatoron the loan closing settlement statement. Loans sold on the secondary market do
not have to make those disclosures.
2 Equitable tolling is a legal principle evolved from the common law of equity. Equitable tolling states that the statute of limitations
will not bar a claim if the plaintiff, despite reasonable care and diligent efforts, did not discover the injury until after the limitations
period had expired. The doctrine of equitable tolling means only that the running of the statute is suspended, not that the limitations
period begins over again.