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Regulation Z: Rescission Rights and Wrong's

Webinar: ID# 1038080
Recorded On-Demand
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About This Course:
Regulation Z rescissions can be costly, and become more frequent when defaults and foreclosures rise. The regulatory requirements for such rescissions are detailed and complex, and present a difficult playing field for borrowers and creditors.

This program will help the listener learn what the requirements for effective rescission demands are, and how a creditor can defend itself against such a claim.

The Program will examine the regulatory framework for such rescissions, who may exercise the right of rescission, and what a borrower must do to exercise that right properly. It will also explore when a creditor can successfully challenge such a demand, and how a creditor can protect itself while meeting its obligations.

With recession claims and lawsuits expected to increase whenever the number of defaults and foreclosures increase, the program will also examine how lenders can raise effective defenses in litigation.What You'll Learn:The Regulatory Framework
  • Loans Covered by TILA Right to Rescind
  • Who Can Rescind and Waiver of Right to Rescind
  • Notice of Right to Rescind
  • Extension of Time Period to Three Years
Processing Rescission Demands
  • Time Requirements for Response
  • Borrower Obligation to Tender Net Loan Proceeds and Creditor Obligation to Tender Cancelation of Mortgage/Deed of Trust
  • Calculating Total Finance Charges
Borrower Remedies
  • Litigation
  • Rescission as a Defensive Weapon in Foreclosure
Defenses
  • Borrower's Ability to Return Net Proceeds
  • Proving Borrower's Receipt of Notice of Right to Rescind
  • Statute of Limitations
  • Others
Ability to Repay - Rescission's Companion Foreclosure Offset
  • ATR Requirements
  • Foreclosure Setoff
  • Defenses
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Regulation Z: Rescission Rights and Wrong's
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