Re: Can this be used when sending for Validation ?
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Posted by CAK
(66.140.213.40) on December 16, 2003 at 15:03:35:
In Reply to: Can this be used when sending for Validation ? posted by computerguy on December 16, 2003 at 14:30:05:
You forgot items N through Z.
I'd say your letter says it all and then some.
If the debtor would happen to be a co-signor, on a note, I use this to zero out their debt. "As per Regulation Z "Truth in Lending Act", and after receipt of (John Doe's) Recission Letter, you were at that time to nullify any security interest giving rise to his/her right of rescission, i.e., void the transaction. Furthermore as per Section 226.23 (d), John Doe is not responsible for, or liable for any amount, including finance charge. As your claim is not with John Doe, you should pursue the correct individual, which in this case is the Primary.
Therefore, PRODUCE, a signed and notarized copy of John Doe's Recission Letter, sent to the bank within the time allowed. This has worked every time I've used it for a co-signer, where the Primary had defaulted. Burden of proof is on them.
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