I rescinded a HELOC loan with secured Funding on May 19.
On May 21 the loan officer acknowledged receiving the Notice of Right to Cancel.
On June 4 he had the title company send the checks for the loan to us anyway. I spoke with many people to ensure the Deed had not been recorded for the loan I had cancelled.
On July 18 I received a letter stating that another lender bought the loan. I contacted that lender who told me to contact Secured Funding. Secured Funding said yes they had sold the loan but were in the process of buying it back. I spoke with a female employee & questioned how they had sold a loan, that had been rescinded. Her response was they had no knowledge of my rescinding the loan but they were recording a Request for Reconveyance anyway. I told her I wanted documentation proving they were buying the loan back. I found some of her answers to my questions regarding the situation were false.
I filed a complaint with the FTC but they only track info. Every lawyer I contacted stated there wasn't enough financial damages to be worth taking on the case. I filed a complaint with the state banking department regarding the RESPA & TIL violations,
& also the inconsistancies of her story. The banking department says they are not authorized to dispute facts of law or contracts. They could make sure the security interest was released though.
The compliance officer responded to the banking department claiming they sent the Deed to be recorded prior to receiving the Cancellation & it was an unfortunate situation, however, they had recorded the Request for Reconveyance on Aug. 5
& that released the security interest they had in our property.
Those statements as well were false. They sent the Deed to be recorded on June 5, & the Request they recorded did not release the property. They should of filed a Substitstution of Trustee. On Dec. 31 the Substitution was recorded.
The Notice of Right to Cancel Document is required to rescind the loan. It states the lender has 20 days to start the process of releasing the seurity interest in the property. Secured Funding took 7 months to release. Because of their negligence we were not able to get a loan to pay off our credit cards until the matter was cleared up. What about the clause in loan documents Time is of the Essence? Shouln't all parties be held to the same legalaties of the documents?
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