[Again, this is part of the education series and of course a dedication to "Fight Back Your Foreclosure". Come on folks Don't Just Walk Away From Your Homes. No attorney client relationship is sought and meant. As usual, see a Nevada Licensed Attorney for legal help]
To Whom It May Concern:
I represent the above mentioned clients concerning the loan transaction which they entered into with Aurora Loan Services. I have been authorized by my clients to rescind this transaction and hereby exercise that right pursuant to the Federal Truth in Lending Act, 15 U.S.C. § 1635, Regulation Z § 226.23.
The disclosure statement failed to provide all the required material disclosures correctly, including, but not limited to:
(a) The broker’s fee in this transaction is a prepaid finance charge but was erroneously disclosed as part of the amount financed. Consequently, the amount financed is overstated.
(b) Unless the disclosed prepaid finance charge is the broker’s fee, the prepaid finance charge and finance charge are understated.
(c) The disclosed payments do not equal the total of payments.
The security interest held by Countrywide is void upon our rescission. See 15 U.S.C. § 1635; Regulation Z § 226.23. Pursuant to the Regulation, you have twenty days after receipt of this notice of rescission to return to my clients all monies paid and to take action necessary or appropriate to reflect termination of the security interest.
My clients are hereby making a commitment of limited duration which will allow them to tender an amount due after appropriate credits are made by you to their account. Please be advised that if you do not cancel the security interest and return all consideration paid by our client prior to the expiration of our loan commitment, you will be responsible for actual and statutory damages pursuant to 15 U.S.C. § 1640(a).
We are prepared to discuss a tender obligation, should it arise, and satisfactory ways in which my clients may meet this obligation. Please be advised that if you do not cancel the security interest and return all consideration paid by our client within 20 days of receipt of this letter, you will be responsible for actual and statutory damages pursuant to 15 U.S.C. § 1640(a).
Until the expiry of twenty days, we still like to hear any proposals of loan modification including a reduction in their principal consistent with the current appraised price. Please also send me a copy of the clients’ payment history and other document showing the loan disbursements, loan charges, payments made, and current principal balance due.