Rescission, Mortgages | JD Supra Law News

Closing Protection Letters: Overlooked Indemnity Coverage For Common Foreclosure Defense Claims

by Joanne Davies, Randall Manvitz | Buchalter Nemer on 4/25/2013

Mortgage lenders are all too familiar with borrowers’ assertions that they did not receive two properly dated copies of the Truth-In-Lending Act (“TILA”) mandated Notice of Right to Cancel form (“NORTC”) at closing. Under...more

Sherzer v. Homestar Mortgage Services: The Third Circuit Takes Sides in a Circuit Split Over How a Borrower Exercises Rescission...

by Christopher Hart, Stephen J. Shapiro | Schnader Harrison Segal & Lewis LLP on 3/18/2013

In a recent decision, the Third Circuit took sides in a split between U.S. Circuit Courts of Appeal over what action borrowers must take to exercise their right to rescind a loan under the Truth in Lending Act (TILA). It...more

Federal Court Holds Borrowers Must Allege Sufficient Basis To Exercise TILA Three-Year Right Of Rescission

by BuckleySandler LLP on 3/13/2013

On February 28, 2013, the U.S. Court of Appeals for the Fourth Circuit held that a borrower failed to state sufficient facts to avail herself of TILA’s extended three-year right to rescind her mortgage. Wolf v. Federal Nat’l...more

Third Circuit TILA rescission decision adopts CFPB position

by Martin Bryce, Jr. | Ballard Spahr LLP on 2/8/2013

The Third Circuit has now joined the Fourth Circuit in ruling that a lawsuit seeking rescission filed more than there years after loan consummation is timely as long as the borrower sent a written notice of rescission within...more

Borrower Can Sue After Three Years to Rescind Mortgage Loan, 3rd Circuit Rules

by Richard J. Andreano, Jr., Martin Bryce, Jr., Alan S. Kaplinsky, John D. Socknat, Michael S. Waldron | Ballard Spahr LLP on 2/7/2013

A borrower can bring a lawsuit seeking rescission more than three years after loan consummation as long as the borrower has sent a written notice of rescission within the three-year period, the U.S. Court of Appeals for the...more

Fourth Circuit Suggests Borrower Must Plead Tender In TILA Rescission Case

by BuckleySandler LLP on 12/20/2012

On December 10, the U.S. Court of Appeals for the Fourth Circuit affirmed in an unpublished per curiam opinion the dismissal of a TILA rescission claim because of the borrower’s failure to allege tender of the net loan...more

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Rescission › Mortgages