It’s the hot new theory on foreclosure websites: wipe out your loan with a TILA rescission notice! Can you really do that? Is it really possible to wipe out your mortgage just by sending a letter?

In the video below, Ricardo & Wasylik foreclosure lawyer Mike Wasylik explains what the TILA rescission right is, how the three-day deadline can extend to three years, and what the 20-day response date really means.

Millions in ill-gotten bank gains used to tilt the scales against bank victims

In 2013, five of the largest mortgage servicers in the nation ponies up billions of dollars to settle federal and state claims they they had violated federal and state laws by, among other things, using false information to obtain federal money backing mortgage loans. Florida got share of that money, and promptly allocated $31 million of it to address the “foreclosure backlog,” funding additional judges, senior judges, and court resources to handle foreclosure cases faster, throwing families out of their homes at the highest rates this state has ever seen.

In other words, the banks stole money, the states recovered some of it, and Florida used that money against the interests of the bank’s victims. Way to go, Florida!

But on June 30, 2015, that backlog project—and the assembly-line treatment of foreclosure cases that it funded—comes to an end. All those special court divisions created to speed those cases along, ended. All those extra judges, gone. All that extra court time and additional dockets, shut down. In most courts, foreclosure cases will be handled by the same judges that handle all other civil cases, and hopefully will apply the same rules of evidence and civil procedure. And most importantly, those who were hired solely to “clear out the backlog” and felt pressured to do so, will give way to those who will handle foreclosure cases just like any other civil case. In most courts, borrowers will get back onto an even playing field.

But until then, there’s still a lot of pressure on the courts to complete as many cases as possible. This means courts will be hostile to any sort of delay and especially anything they see as a stalling tactic—and this means setting as many cases for trial as they possible can before the June 30 deadline.

In the video below, attorney Mike Wasylik talks about how the ending of the “Foreclosure Backlog” era affects trial schedules and any attempts to reschedule trials.

Should you get a forensic foreclosure audit?

April 26, 2015

Should you get a forensic foreclosure audit? Many clients who come to us ask whether it’s worth spending hundreds or thousands of dollars some forensic audit firms will charge to review your loan. Some come to us, having already spent that kind of money, wanting to know if we can use it to help them. […]

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Supremes Schedule Bartram Argument for October

April 26, 2015

The Florida Supreme Court has decided it wants to hear oral argument about why it should reverse the disastrous ruling of the Fifth District Court of Appeal in U.S. Bank Nat’l Ass’n v. Bartram, 140 So.3d 1007 (Fla. 5th DCA 2014). The Court will hear oral argument at 9:00 a.m., Wednesday, October 7, 2015. A […]

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Does improper service of process invalidate a foreclosure?

April 25, 2015

A viewer asked us whether improper actions by the process server in serving the summons can affect the validity of the foreclosure. The answer, which we discuss in this video, may surprise you.

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Appellate Court upholds Statute of Limitations: Deutsche Bank v. Beauvais

January 19, 2015

In April of 2014, one of Florida’s appellate courts handed down a ruling in U.S. Bank v. Bartram that effectively gutted the statute of limitations in foreclosure cases—meaning that even if you beat the bank in court on your foreclosure, they could simply file a new case, no matter how long the first case had […]

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Ocwen and the New York State Consent Order: Backdating Letters, Broken Systems, Scripts With Feeling

January 18, 2015
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Ocwen Financial Services, LLC, the company that millions of Americans are forced to deal with when handling their mortgage loan transaction, welcomed the New Year by admitting, once and for all, that its records on countless home mortgage transactions simply could not be trusted. As part of a settlement agreement with the New York State […]

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Fortify Yourself—the Lesson of Castillo de San Marcos

December 11, 2014
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What can a centuries-old Spanish fort teach you about banking law? Plenty, if you take the time to study it. The Castillo de San Marcos in St. Augustine, Florida, is the oldest European fortification in the continental United States. Built starting in 1672 by Spanish naval forces who then occupied the area, the purpose of […]

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Is the Florida State University Student Conduct process rigged?

November 23, 2014

As we head into the last few weeks of the college football season, controversy still surrounds Florida State University quarterback Jameis Winston, who is about to face student conduct proceedings to address the choices he’s made off the field. Some fear that the student conduct code proceedings, which are completely controlled by the university, are […]

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Are banks secretly selling poison properties to an unsuspecting public?

November 23, 2014

Imagine a home filled with poison gas, sealed airtight for three, four, even five years. Imagine the last owners of that home, forced to flee with nothing but the clothes on their backs — contaminated clothes they would have to throw in the dumpster as soon as they bought replacements. Imagine that the bank forecloses […]

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