MERS, Fraudulent Practices,TILA Time Limits to Foreclosure


A recent ruling by the U.S. Court of Appeals (Ninth Circuit), on September 7, 2011, rejected a claim by consumers to have been the victims of fraudulent mortgage loan practices because they were unable to avoid the effects of the statute of limitations on their Truth in Lending Act (TILA) claims.

The essence of the consumers' charges was that they were never properly informed of the operations of the Mortgage Electronic Registration System (MERS) and that some of MERS's activities were fraudulent. Their efforts to invoke equitable tolling and equitable estoppel were both rejected by the Court.

This class action lawsuit, Cervantes (et al) v. Countrywide (et al), is available in our Library.

Article provides brief description and resources.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jonathan Foxx, Lenders Compliance Group | Attorney Advertising

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