Legal Question in Real Estate Law in Illinois

I send notice to rescind under TILA (presume timely and valid, with offer and ability to tender) and the creditor rejects it, intentionally delays, and fails to timely rescind, subsequently causing financial devastation and severe losses due to the failure to rescind. I file action for damages and failure to rescind, but the creditor alleges that I do not have the right to rescind because I cannot PRESENTLY tender proceeds.

Does TILA allow a creditor to avoid rescission and damages claims by using an "inability to tender" defense once it delays and does such damage to the point of causing me a complete inability to tender long after notice of rescission?

Shouldn't the ability to tender at notice of rescission date be used instead of a date after which the creditor caused the damages which caused the current inability to tender?


Asked on 8/28/10, 12:00 am

1 Answer from Attorneys
Stephen Messutta

In adequate information. There are exemptions depending on the kind of transaction, and you need to take the entire transaction, paperwork included, to an attorney to fully examine.

If you sued pro se, you may have lost all your rights if the lender won the case. If you had an attorney, you need to see that attorney for an explanation of what happened.

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Illinois. Responses are based solely on Illinois law unless stated otherwise.

Read more
Answered on 10/31/10, 1:30 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois