Almost on a daily basis Neil Garfield posts something on his blog that is factually and legally incorrect. He continues to tell homeowners or anyone else who’s dumb enough to listen, that a mortgage transaction borrower can send a Notice of Right to Cancel, to their bank, outside of the unconditional period (3 days), regardless if there actually was a TILA violation; regardless of the type of loan; regardless of the statute of limitations; regardless of the unwinding process; regardless of “status quo ante;” that a homeowners mortgage transaction is void.
Moreover, he claims that a homeowner does not have to tender; the courts can’t interfere; the bank must acknowledge there is a rescission with 20 days; and if not the homeowner will get his home free and clear; the bank must file a lawsuit; the borrower NEVER has to file a lawsuit; rescission is not a claim; the mortgage transaction was not actually “consummated;” ad nauseum.
The facts are everyone of those claims of his is a known lie, backed by hundreds of cases.
It is clear that Garfield is either insane, or he is knowingly defrauding homeowners.
If anyone thinks they have been defrauded by Garfield, you’re probably right, and the only way to get this cancer off of homeowners is to report him to the authorities, and sue him for either disgorgement of fees, or malpractice.
LivingLiesTheTruth 
Great post!
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I can’t understand why everyone is posting and arguing about the rescission law. First of all you would have to be a flaming moron to use rescission (3day/3year) in the first place. If you do not have the violations, why would you use the right to rescind in the first place. If you meet the first threshold: different bank from your original bank, a refinance of an existing home only, it must be your personal dwelling only, and it can’t be a commercial loan, only personal. Next if your in foreclosure there is only a very few items that will allow you to rescind after 3 years. The first is you did not get the required amount of disclosures, every one gets those. Hidden fees that are not disclosed. This is usually a broker’s fee that is hidden. Even if you have a 3 page HUD-1 or 4 page HUD-1 or a 2 page HUD-1 Pre 2008, you must have the exact violations. Any one can go onto the Chicago FED Website or the New York FED Website and find rescission. You will have to tool around a little, but eventually you will hit it. Most of the laws have not changed since 1968. You have to read them, digest them, understand them, period. The law is very accurate, but if you have the violations you move to the next step. Once you read the federal guidelines you will clearly understand if you have it or not. The FED spells it out, plain and simple. Rescission is not a defense. You dam better well have those very limited violations. If you Don’t, move on. As far as the Chicago FED goes you will know you have it when you see about 22 bright royal blue boxes with an animated character in a black suit, with black hair, and his finger pointing up. This website clearly spells out all you need to know. Once you got all of it, find the correct agency to enforce it. Now that is another whole ball game. And if you Don’t have the violations, move on, you can’t massage them. Sell your home or do what ever it takes, but do not live in La-La Land, your only kidding yourself. KJT.
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