News & Analysis as of

Truth in Lending Act (TILA) Borrowers Rescission

Rosenberg Martin Greenberg LLP

No Windfall For You! Fourth Circuit Holds That Return of Loan Proceeds Is A Critical Part Of Rescission Under Truth In Lending Act

The federal Truth In Lending Act (TILA) is a consumer protection statute designed to protect borrowers from unfair lending practices. When a consumer loan is secured by the borrower’s residence, the TILA gives the borrower...more

Spilman Thomas & Battle, PLLC

Reverse Mortgages Becoming a Bigger Part of Litigation in West Virginia

Consumers in West Virginia have found a new subject on which to file lawsuits. Within the past couple of years, litigation over reverse mortgages has become a bigger part of consumer lending litigation in West Virginia....more

Buchalter

Truth-In-Lending Act Rescission Part I: Why The U.S. Supreme Court’s Jesinoski Opinion Does Not Defeat The Statute of Limitations

Buchalter on

Before the United States Supreme Court opinion in Jesinoski v. Countrywide Home Loans, Inc. (2015) __ U.S. __, 135 S.Ct. 790, the law in the Ninth Circuit was that a borrower who sought to exercise a conditional right of...more

Dorsey & Whitney LLP

Jesinoski Update: TILA Rescission in a Post-Jesinoski World

Dorsey & Whitney LLP on

A little over one year ago, the U.S. Supreme Court issued its ruling in Jesinoski v. Countrywide Home Loans, Inc., 135 S. Ct. 790 (2015), which resolved a circuit court spit regarding how a mortgage borrower may exercise the...more

Ballard Spahr LLP

Borrower Must File Suit before Foreclosure To Exercise Rescission Rights, Eighth Circuit Holds

Ballard Spahr LLP on

The Eighth Circuit recently held that a borrower must file suit before foreclosure to exercise rescission rights under TILA. The court now joins the Ninth and Tenth Circuits in holding that notice alone is not sufficient. In...more

Buchalter

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

Buchalter on

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

Ballard Spahr LLP

Third Circuit TILA rescission decision adopts CFPB position

Ballard Spahr LLP on

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

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

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