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Product ID: 405759EAU
 
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Regulation Z: Rescission Rights and Wrongs

OnDemand Webinar (86 minutes)

Learn what the requirements for effective rescission demands are, and how a creditor can defend itself against such a claim.

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. This material 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.

Authors

Michael C. Flynn, Buchalter Jason E. Goldstein, Buchalter

Agenda

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