A ruling by the U.S. Supreme Court this week may be of particular interest to homeowners hoping to rescind a mortgage loan.
The court ruled unanimously in favor of Minnesota couple Larry and Cheryle Jesinoski, Reuters reports. The Jesinoskis sued their mortgage lender, Countrywide (now owned by Bank of America), after the company refused to rescind the couple’s $611,000 loan. The company claimed that the federal law allowing for mortgages to be rescinded required the couple to file a lawsuit within three years, which they did not do (they merely sent a letter). The Court ruled that in this case, the letter was good enough.
What should consumers take away from this ruling? Here are five things borrowers should know:
If you need help with a mortgage, fighting a foreclosure, or dealing with other property issues, an experienced real estate attorney can help explain your legal options.
Related Resources:
- Mortgage and Loan Basics (FindLaw)
- SCOTUS: Borrower Can Rescind Mortgage Just by Sending a Letter (FindLaw’s U.S. Supreme Court Blog)
- Supreme Court Grants Cert in Truth in Lending Act Circuit Split (FindLaw’s U.S. Eighth Circuit Blog)
- What Is Mortgage Fraud? (FindLaw’s Law and Daily Life)
You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help
Civil Rights
Block on Trump’s Asylum Ban Upheld by Supreme Court
Criminal
Judges Can Release Secret Grand Jury Records
Politicians Can’t Block Voters on Facebook, Court Rules
