AlfonsoGomezBroker.com - On Tuesday, Jan. 13, 2015, the U.S. Supreme Court ruled that a borrower can rescind their mortgages simply by notifying creditor in writing of their intention to rescind within three years under a key fair lending law.
The U.S. Supreme Court overturned a Sept. 2013 Eighth Circuit ruling that the petitioners, Larry and Cheryle Jesinoshi of Eagan, Minn., were required to sue Countrywide Home Loans Inc. to have their mortgage financing rescinded within three years of the transaction closing under the Truth In Lending Act (TILA). According to the Jesinoskis the TILA only states that they needed to provide a notice of rescission in writing with those three years, an argument that the U.S. Supreme Court supported.
This is a great blow to the lenders out there that want to make life a complete nightmare for borrowers who were victimized by their illegal loans. I applaud the U.S. Supreme Court for their decision and I hope this ruling helps homeowners who were scammed by these larger than life banks. I fear the these large banks will come up with other ways to try to avoid liability.
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