What is a Notice of Rescission of Declaration of Default and Demand for Sale and Notice of Default a
Full Question:
Answer:
A recission is a cancellation or voiding of something as if it had never transpired. A declaration of default is a notice to a borrower that he/she is behind in payment on a loan and election to sell means that the lender is not accepting late payment and will foreclose on the property. The language quoted appears to day the lender opts to keep the loan in force as if the notice to sell was never made, so that the date which the lender’s lien began remains the same date as when it was originally filed when the loan was made. However, it is recommended you contact the lender to understand the circumstances and conditions surrounding this reversal, as it may not mean you are not in breach or liable for a default.
The following is an example of a clause in such a notice:
"This rescission shall not in any manner be construed as waiving or affecting any breach or default past, present or future, under said Deed of Trust, or as impairing any right or remedy thereunder, but is and shall be deemed to be, only an election, without prejudice, not to cause a sale to be made pursuant to said Declaration and Notice, and shall in no way jeopardize or impair any right, remedy or privilege secured to the Beneficiary and/or Trustee."
