Homeowners Win U.S. High Court Clash on Canceling Mortgages

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Homeowners Win U.S. High Court Clash on Canceling Mortgages

Homeowners Win U.S. High Court Clash on Canceling Mortgages

You can read the ruling here: Jesinoski v. Countrywide | SCOTUS – A borrower exercising his right to rescind under the Act need only provide written notice to his lender within the 3-year period, not file suit within that period. Section 1635(a)’s unequivocal terms—a borrower “shall have the right to rescind…


Bloomberg-

The U.S. Supreme Court gave homeowners more ability to cancel their mortgages if lenders don’t provide the required disclosures, in a setback for the banking industry.

The dispute centered on the three-year deadline for borrowers seeking to rescind their mortgages. The justices today said unanimously that borrowers don’t have to file suit within three years and instead can meet the deadline by sending a letter to lenders.

The issue is one that the banking industry says has arisen frequently in recent years with borrowers who are in default on their mortgages and are facing foreclosure.

The Supreme Court ruling is a victory for Larry and Cheryle Jesinoski, who in 2007 refinanced their Eagan, Minnesota, home for $611,000 with Countrywide Home Loans Inc., now part of Bank of America Corp. (BAC)

[BLOOMBERG]

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