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Paatalo v. JPMorgan Chase Bank

United States District Court for the District of Oregon
2015 WL 7015317 (2015)


Facts

William Paatalo (plaintiff) owned a home in Oregon that was secured by a mortgage loan. In 2006, Paatalo refinanced the mortgage loan on his property with Washington Mutual Bank, F.A. (WaMu). Paatalo later suspected WaMu of fraudulently inflating the appraised value of his property and falsifying the income on his loan application. Paatalo also believed that WaMu had violated provisions of the Truth in Lending Act (TILA), 15 U.S.C. §§ 1601 et seq., by failing to provide him with necessary notices of rescission. In 2008, Paatalo sent a notice of rescission to WaMu, which was declined. Paatalo then filed suit against WaMu. While the case was pending, WaMu recorded a notice of default and election to sell regarding Paatalo’s property. JPMorgan Chase Bank (JPMorgan) (defendant) purchased the property at a foreclosure sale. Paatalo filed suit against JPMorgan, seeking a declaratory judgment that (1) Paatalo was the owner of the property, (2) the foreclosure was null and void, and (3) all documents filed after Paatalo gave WaMu notice of rescission were null and void. JPMorgan moved to dismiss for failure to state a claim, contending that Paatalo had failed to complete the steps necessary for rescission by filing a lawsuit against WaMu prior to his notice of rescission.

Rule of Law

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Issue

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Holding and Reasoning (Aiken, C.J.)

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  • A "yes" or "no" answer to the question framed in the issue section;
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