Not legal advice, for informational purposes only. TILA rescission is effective by optional law, the moment it is sent to the lender. So, what does all this really mean for mortgage loan contracts? Once a letter to rescind and cancel a mortgage loan contract is sent, an event has occurred that can’t be easily undone. So to undo the event requires an Judgment against the event that occurred. TILA Rescission Usually, the mortgage lender will just send a letter to the homeowner, stating that the TILA rescission is rejected as untimely and denied. However, the Supreme Court of the Untied States ruled that TILA rescission is a nonjudicial remedyRead More →