May 8, 2015
You Can Back Out Of A Mortgage With Simple Letter?
Debt AttorneysIf a debtor feels their lender has violated the Truth in Lending Act, they may want protect their rights by backing out of their mortgage.
The United States Supreme Court recently decided that a mortgage can be rescinded under the federal Truth in Lending Act (TILA) by simply writing a letter.  The Court held that a lawsuit is not necessary to back out of a mortgage under TILA, contrary to what the Eighth Circuit Court of Appeals held. Of course, borrowers who have TILA claims may want to bring a legal proceeding in court to avail themselves of other rights they may have under TILA. But the Court held that a lawsuit is not required.

More information can be found at: http://www.utsandiego.com/news/2015/jan/13/supreme-court-clarifies-rules-for-rescinding/. This story is about a couple that wrote a letter within 3 years of the loan closure. If you or someone you know needs to rescind a mortgage or file a TILA claim, the law firm of Minnillo & Jenkins may be able to assist you.