U.S. Supreme Court Rules in Favor of Homeowners, Clarifies Rules for Rescinding Mortgages
The case involved Larry and Cheryle Jesinoski, of Eagan, Minnesota. Their mortgage was obtained in 2007 from Countrywide Home Loans, now part of Bank of America.
The language of the law "leaves no doubt that rescission is effected when the borrower notifies the creditor of his intention to rescind," Justice Antonin Scalia
The Supreme Court decision reversed a lower-court ruling that favored Countrywide. The provision is for homeowners who are struggling to pay their mortgages or who have had their rights violated by mortgage companies. Lenders have contended that notice is not enough if the claim is disputed, forcing many homeowners into litigation.
More Information: Jesinoski v. Countrywide, U.S. Supreme Court, No. 13-684
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