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    Power of Attorney Revocation

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    Roberto Monterrosa
    1) The homeowner has exercised their right to rescind their mortgage loan transaction with the finance company from April 30, 2016 involving a note and security deed on their residential property. 2) The homeowner was not provided with the proper notice of their right to rescind under the Truth in Lending Act, which is required for refinancing with the same lender. 3) The finance company has 20 days to return all monies paid by the homeowner and terminate any security interest, or they will be responsible for actual and statutory damages under the Act.

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    Power of Attorney Revocation

    Uploaded by

    Roberto Monterrosa
    886 views2 pages
    1) The homeowner has exercised their right to rescind their mortgage loan transaction with the finance company from April 30, 2016 involving a note and security deed on their residential property. 2) The homeowner was not provided with the proper notice of their right to rescind under the Truth in Lending Act, which is required for refinancing with the same lender. 3) The finance company has 20 days to return all monies paid by the homeowner and terminate any security interest, or they will be responsible for actual and statutory damages under the Act.

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    1) The homeowner has exercised their right to rescind their mortgage loan transaction with the finance company from April 30, 2016 involving a note and security deed on their residential property. 2) The homeowner was not provided with the proper notice of their right to rescind under the Truth in Lending Act, which is required for refinancing with the same lender. 3) The finance company has 20 days to return all monies paid by the homeowner and terminate any security interest, or they will be responsible for actual and statutory damages under the Act.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    886 views2 pages

    Power of Attorney Revocation

    Uploaded by

    Roberto Monterrosa
    1) The homeowner has exercised their right to rescind their mortgage loan transaction with the finance company from April 30, 2016 involving a note and security deed on their residential property. 2) The homeowner was not provided with the proper notice of their right to rescind under the Truth in Lending Act, which is required for refinancing with the same lender. 3) The finance company has 20 days to return all monies paid by the homeowner and terminate any security interest, or they will be responsible for actual and statutory damages under the Act.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    POWER OF ATTORNEY REVOCATION

    [Date]

    (CREDITOR/DEALERSHIP/FINANCE COMANY)
    (ATTN: CEO/CFO/RA/TRUSTEE INDENTURE)
    (ADDRESS)

    Re: (LOAN NUMBER)


    Transaction between (HOMEOWNER/ BUYER)and (FINANCE COMPANY), dated April
    30, 2016, involving note and security deed and secured by residential property at [address]

    To Whom It May Concern:

    I represent (HOMEOWNER/ BUYER) concerning the mortgage loan transaction which


    she entered into with (FINANCE COMPANY) on (MONTH,DAY, YEAR OF
    CONTRACT) ("the transaction").

    (HOMEOWNER/ BUYER) has a present right to rescind the transaction for at least the
    following reason: she was not provided with the type of notice of her right of rescission
    under the Truth in Lending Act ("TILA"), 15 U.S.C. §1601 et seq., that is required by the
    Federal

    1 The Rescission model forms in Regulation Z Appendices H-8 to H-9 are shorter and
    safer, simply providing:

    I WISH TO CANCEL

    ___________________ ________

    Homeowner’s Signature Date 2 See discussion in § 10.6.2.2.

    Revised: 12/21/16

    Reserve Board for a refinancing with the same lender. (HOMEOWNER/ BUYER)
    reserves all rights to raise additional or alternative grounds for rescission under state or
    federal law.

    I have been authorized by (HOMEOWNER/ BUYER) to rescind the transaction and


    hereby exercise that right on her behalf pursuant to 15 U.S.C. §1635, and Regulation Z, 12
    C.F.R. §1026.23. This rescission is effective as to all aspects of the transaction, including
    all documents signed in connection therewith, and automatically and immediately places
    the parties in the status quo ante, i.e., in their pre-contractual positions, before the
    transaction was entered into.
    Page 1 of 2
    You have twenty days after receipt of this letter to return to my client all monies paid by
    her in the transaction and to take any action necessary to reflect the termination of any
    security interest created under the transaction. Please be advised that if you do not cancel
    the security interest and return all consideration paid by our client within twenty days of
    receipt of this letter, you will be responsible for actual and statutory damages pursuant to
    15 U.S.C. § 1640(a).

    Please provide me with an itemization of the loan disbursements, the loan charges, the
    current principal balance, and all payments received from my client, so that we may
    determine the exact amount needed for tender.

    If you wish to contact me regarding this matter, I can be reached at.... Sincerely,

    [Client’s Name]

    (SIGNATURE)

    Page 2 of 2

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