WCCO EYE4 LOGO WCCO Radio wcco-eye-green01, ww color green

Local

Court To Clarify Process For Rescinding Mortgages

View Comments
(credit: Jupiter Images)

(credit: Jupiter Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. This 62-Year-Old Minn. Woman Is A Sage For Anglers
  2. Duluth, Minneapolis Rank Among Top 10 Most Livable U.S. Cities
  3. Excitement Builds For First Day Of Minnesota State Fair
  4. WCCO At The Fair: Al Franken
  5. Pull Up An Invisible Chair

WASHINGTON (AP) — The Supreme Court will decide what a home buyer must do to rescind a mortgage that violates the federal Truth in Lending Act.

The justices on Monday agreed to hear an appeal from a Minnesota couple who refinanced their home in 2007 with Countrywide Home Loans, Inc. They claim the company failed to provide some disclosures required under federal law.

The couple sent a written notice of rescission within the three-year statute of limitations, but a federal judge ruled that they should have filed a lawsuit instead. The 8th U.S. Circuit Court of Appeals affirmed.

The couple argues that federal appeals courts are split on the issue, with some saying written notice is enough and others requiring a lawsuit to rescind. The high court is expected to resolve the split.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,795 other followers