Consumer complaint received 2022-11-08
Company: PENNYMAC LOAN SERVICES, LLC.
State: MI
Product: Debt collection
Sub-product: I do not know
Issue: Took or threatened to take negative or legal action
Sub-issue: Seized or attempted to seize your property

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX MI XXXX SENT via E- MAIL and CFPB submission. 

Respond REQUESTED RE : XXXX XXXX, loans numbers XXXX ; VA number XXXX ; XXXX ; XXXX ; XXXX purportedly pooled with XXXX XXXX XXXX XXXX, where XXXX XXXX XXXX XXXX is a Trustee. 


Dear TRUSTEE XXXX XXXX XXXX XXXX, and alleged " servicer '' PennyMac '' I HEREBY EXERCISE MY RIGHTS TO RESCIND THE LOAN TRANSACTION IN ITS ENTIRETY UNDER THE THREE DAY RULE, THE THREE YEAR LIMITATION, [ which starts from discovery ] AND UNDER CONTRACT FRAUD ; FRAUD BY INDICEMENTL THE USURY AND GENERAL CLAIMS THEORIES AND CAUSES OF ACTION. 

BY FAILING TO DISCLOSE THE TRUE LENDER AND USING SUBTERFUGE TO HIDE THE FACT THAT THE LENDER AT CLOSING WAS PAID TO POSE AS THE LENDER WHEN IN FACT AN UNDISCLOSED UNREGISTERED THIRD PARTY HAD RENTED THE CHARTER OR LENDING LICENSE OF THE LENDER, THE LIMITATION ON MY RIGHT TO RESCIND WAS EXTENDED INDEFINITELY. UNDER STATE AND FEDERAL LAW, THE MORTGAGE IS NOW EXTINGUISHED AND YOUR RIGHTS UNDER THE TRUSTEE DEED HAVE TERMINATED. 

I hereby rescind the above referenced loan and/or declare it to be null and void and demand treble damages for the face value of the note, on the grounds set forth below : 1. Fraud in the inducement : Borrower reasonably relied to borrowers detriment upon the representations and good faith estimates and the duty of the mortgage broker and lender to act within their duties as fiduciaries and representatives of the borrowers in executing a loan that was vastly different from the loan the borrower was promised or reasonably believed to be the case at the loan closing.

2. Fraud in the execution : Borrower reasonably relied upon the representations and good faith estimates of the parties at the loan closing and was tricked into issuing what became a negotiable security from which the participants received fees and profits far in excess of their normal remuneration. The participants at the loan closing knew that the borrower believed that the borrower was merely entering into a loan closing when the borrower, without his knowledge or consent was in fact issuing what would be used as a negotiable security to commit fraud upon other third parties.

3. Usury : The appraisal fraud resulted in an undisclosed cost of the loan, in addition to the loss of earnest money, costs of closing and after-purchase expenses and costs that raised the cost of the loan well above standards set in this state for usury. No exemptions apply because ( 1 ) the real lender was not a bank or other registered or chartered lender nor even a party registered to do business within this state and ( 2 ) the transaction was in fact a securities transaction in which the rights of rescission were ignored and undisclosed.

4. PAYMENT : The lender was paid in full before, during or immediately following the loan closing by an agent of the real lender. To this was added a fee of approximately 2.5 %. If there was or is a party that is a holder in due course of the note and who has not been paid by reserves, overcollateralization, credit default swaps, insurance, or cross guarantees, then demand is herewith made for the name ( s ) of such holder ( s ) in due course and their contact information. 

This General Rescision Notice is in addition to my XX/XX/2022 TILA Notice which you still failed to acknowledge. 

PLEASE GOVERN YOURSELVES ACCORDINGLY! 

SINCERELY. 

XXXX XXXX XXXX Right of rescission

Company response to consumer: Closed with explanation