The Eighth Circuit has now joined the Tenth Circuit in ruling that notice alone within the three-year period is insufficient to validly exercise a right to rescind....more
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
2/8/2013
/ Borrowers ,
Bright-Line Rule ,
Closing Date ,
Consumer Financial Protection Bureau (CFPB) ,
Lenders ,
Loans ,
Mortgages ,
Rescission ,
Statute of Limitations ,
Statute of Repose ,
Truth in Lending Act (TILA)
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