Supreme Court Sets Lenders Up For More Rescission Fights
By Evan Weinberger (January 13, 2015, 6:58 PM EST) -- The U.S. Supreme Court's Tuesday decision confirming that homeowners have three years to notify lenders and servicers that they intend to rescind their mortgages gives borrowers more power to walk away from their homes, creating a potential minefield for lenders the next time the housing market slumps.
In a unanimous decision, the high court ruled that the Truth In Lending Act gives homeowners three years from the time they close on their mortgage to send written notice to their creditors that they intend to rescind their home loan due to alleged misrepresentations at the time the mortgage was issued.
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