Homeowners Win in Supreme Court Decision on Rescission Rights
The Truth in Lending Act affords homeowners the right to rescind a mortgage for up to three years from consummation of the loan if material mortgage disclosures were inaccurate or not provided. At issue was whether the homeowner needed to simply notify the lender in writing of his/her desire to rescind, or if the homeowner was required to actually file suit within the three-year window. The Supreme court reversed lower court decisions and held that written notice was all that was required to exercise this right. [1/14/15]
