“The mortgage itself is not only released but it is recorded. The problem with that is that it is incontestable that the borrower retains a right to rescind for the first 3 days on any grounds at all, and that the 3 days starts to run from the date of consummation.
If the party on the note as payee and on the mortgage as mortgagee did not consummate the transaction with the borrower and instead was a sham nominee or party to a table funded loan, then it would follow that the 3‑day period under the Truth in Lending Act had not commenced running. It would also follow that the 3‑year limitations in the Truth in Lending Act had also not commenced running. ”