How-to Use TILA Fraud Violations To Cancel Mortgage Interest Payments Forever
Posted On July 24, 2017
(This is not legal advice, for informational purposes only). What if you could cancel every single mortgage interest payment for the life of your loan forever? How about also being able to completely erase your mortgage loan entirely??
“Bet that really got your attention?”
Cancel Mortgage Interest Payments
Back in2013, there were 15 mortgage servicing companiessubject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing, who reached an agreement in principle with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to provide approximately $10 billion in cash payments and other assistance to help borrowers.
Keep in mind, these payments to borrowers only ranged from $300 to $125,000, depending on how much harm a borrower potentially suffered as a result of actions by the mortgage servicer.
“The majority of borrowers who took to social media and forums reported only receiving $300 on average.”
As of January 2017, the Independent Foreclosure Review (IFR) Payment Agreement was concluded.
All outstanding checks expired on December 31, 2016. At least three years had passed since the initial checks were mailed to borrowers, which began in April 2013.
The Paying Agent, Rust Consulting, Inc. advised that the efforts undertaken to locate borrowers covered by the payment agreement exceeded efforts in similar payment distributions.
Those borrowers then had until March 31, 2016, to cash their new checks.
After March 31 had come and gone, there was still more than $80 million dollars left, at that time the Fed directed the paying agent, Rust Consulting, to redistribute the funds to borrowers who cashed their checks by the March 31 deadline.
” So for whatever reasons, there were many borrowers who never received any payments and lots of money that didn’t go to help borrowers.”
The sum included $3.9 billion in direct cash payments to eligible borrowers and $6.1 billion in other foreclosure prevention assistance, such as loan modifications and forgiveness of deficiency judgments.
The servicers that participated in the Payment Agreement included Aurora Bank, Bank of America, Citibank, EverBank, GMAC Mortgage, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo and certain of their affiliated mortgage companies. All participating servicers and their affiliated mortgage companies were included.
For the participating servicers, fulfillment of the agreement satisfied the foreclosure review requirements of enforcement actions issued by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Office of Thrift Supervision in April and September 2011 and April 2012. As a result of the Payment Agreement, the participating servicers ceased the Independent Foreclosure Review, which involved case-by-case reviews, and replaced it with a broader framework allowing all of the borrowers of the participating servicers covered by the agreement to receive compensation significantly more quickly. The Independent Foreclosure Review Process was completed for the one servicer that did not enter into the agreement (OneWest Bank/IndyMac Mortgage Services).
Actually, even today most borrowers will still be utterly shocked to discover TILA Violations for fraud are currently hidden inside mortgage documents.
You may have heard about Forensic Loan Auditors warning that mortgage loans still contain fraud.
It’s how the securities for mortgage loans are set up by Wall Street until this is changed non-disclosure will never be revealed to borrowers.
However, the Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Here is how TILA Violations for fraud can eliminate mortgage interest payments forever and erase mortgage loans entirely.
This Act was implemented to safeguard consumers in connection with the utilization of credit by requiring full disclosure of the terms and conditions of finance charges in credit transactions or in offers to extend credit; by restricting the garnishment of wages; and by creating the National Commission on Consumer Finance to study and make recommendations on the need for further regulation of the consumer finance industry; and for other purposes.
When important information is not disclosed borrowers can use TILA Violations, to rescind and cancel their mortgage loans forever!
The “three-year statute of limitation” can be challenged with the involvement of fraud. Allowing borrowers who didn’t Rescind and Cancel before the deadline of three years. When fraud is involved this vitiates the mortgage loan contract.
The mortgage loan is canceled by operational law the moment notice is given to rescind and cancel. Which requires the lender to return all payments including interest and void enforceable security interest within 20 days.
No further collection of payments or interest is enforceable by the mortgage lender or their servicer after Rescind and Cancellation of the mortgage loan is sent.
While the mortgage lender can certainly send a notice or letter in objection to the borrower’s Rescind and Cancellation notice. Which the mortgage lender will often do.
However, under Regulation Z, 15 U.S.C. § 1625(b) to dispute a borrower’s right to rescind and cancel the mortgage lender must file a declaratory judgment action within 20 days after receiving notice of Rescind and Cancellation or be in default to the borrower.
By operational law, the enforceable security interest against the property is still void and not merely voidable.
If you would like to learn how-to properly rescind and cancel your mortgage loan contract or any mortgage loan contract not in your name, that you also have a Security interest in the property??
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