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Rescission Update: The Notice and the Response

Another blog post by Neil Garfield discussing the notice of rescission and the response. I agree completely with his suggestion not to include a lot of factual allegations in the notice of rescission.

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 The challenge is getting people to accept the simplicity of the specific statutory procedures contained in the statutes governing TILA Rescission. The most common mistake I see is that the borrower justifies the rescission with all sorts of factual allegations in their notice of rescission. In so doing they may have set the stage for their undoing.

Where the notice of rescission contains too much information it raises issues on its face that might cause a problem. There is  confusion raised between whether they are invoking common law rescission — where they must file a suit, allege…

View original post 1,544 more words

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