8th Circ. Tightens Window For Mortgage Rescission Claims

Law360, New York (August 19, 2013, 6:00 PM EDT) -- The Eighth Circuit ruled Monday that borrowers using the Truth in Lending Act to rescind home loans must bring legal action before a bank sells off their property, rejecting a Minnesota family’s attempt to undo a series of allegedly deceptive mortgage transactions.

A majority of the three-judge panel affirmed the dismissal of the Hartman family's bid to rescind several complicated loan transactions they entered into with Prime Security Bank and a real estate financing outfit called Midwest Equity Consultants Inc. that enabled them to build an...
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