Garfield Admits He Didn’t Grok TILA Rescission

I have denigrated Neil Garfield’s legal conclusions for years, ever since I realized that foreclosure defense amounts to little more than a scam lawyers use to bilk their clients out of monthly fees for the privilege of leading them by the hand into the jaws of loss of the mortgaged property.

Most recently, since the SCOTUS Jesinoski opinion a year ago, Garfield has claimed that the creditor must sue in order to avoid serious consequences for failing to remove the lien and tender money upon receipt of a notice of rescission.  Naturally, I disagreed vehemently with that nonsense, and you can read it in other posts on this blog.

Well, yesterday, Garfield finally admitted that he had not understood TILA Rescission, and that it operates the way Mortgage Examiner Storm Bradford and I said it did.  That is, the borrower must tender after the creditor tenders, but the creditor will NEVER tender if he believes he did not breach TILA or the borrower did not send him timely and proper notice of rescission, or if the borrower cannot tender (which most cannot because most have underwater loans so they cannot refinance or sell the property to raise the tender money).

A court in foreclosure issue may order debt setoffs for TILA violations, even though the borrower cannot tender.  I know of only one reason the court will order a rescission when the borrower cannot tender:  if the lender or creditor cheated or deceived the borrower.  And Garfield has not discussed that as far as I know.

Read Garfield’s explanation below, and realize that Garfield seemed to suggest to his readers that almost everyone with a home loan should try to rescind.  He did that to sell his rescission packages, which I considered a big scam to bilk confused borrowers out of more money.

By the way, I don’t necessarily endorse anything in Garfield’s article below other than that he made a horrifying mistake in explaining TILA rescission to others, all while pretending to be an expert in the law.

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Bob Hurt, Writer
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