Rescission and Wrongful Foreclosure Tonight on the Neil Garfield Show.

Nov 19, 2015

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So those of you who have followed me since 2007 know that I have said two things repeatedly and that most of my esteemed colleagues said I was on the fringe of legal theory and basically not credible. The two things that I always harped on was that rescission levels the playing field and that there is a lot of money in bringing wrongful foreclosure actions. Lawyers have been missing the opportunity of a life time for over a decade.

Thousands of Judges in hundreds of thousands of decisions all refused relief to homeowners who were playing by the rules and found for the banks who never played by the rules and never intended to play by the rules. Another thing I always said was that all the cases involved the issue standing — having an injured party bringing the foreclosure process and that there were no parties with standing who were bringing the foreclosure hammer down on innocent homeowners to the detriment of innocent investors.

Despite all those decisions — the greater weight of decisions across the country, I read, reviewed and rejected all of the naysayers. I stuck to my guns despite having periods where I wondered if it mattered what I said. And now, after enduring 8 years of attacks, I feel like it was worth it because the tables are turning.

For our inspection are the Paatalo and Wolf cases respectively. In one case Paatalo, a private investigator and forensic analyst brought the issue of TILA rescission front and center. And in the Wolf case the court awarded over $5 million in damages, following another ruling in another state against Deutsch for foreclosing on a loan that did not exist. Yes that’s right, the homeowners had paid cash and never took out any loan. Deutsch not only brought the action they ignored service requirements and sold the property without any notice to the homeowners. Now Deutsch and Ocwen are paying them $2 million, a large part of which is punitive damages. Why? because it was no mistake.

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