This was the light in the tunnel, homeowners’ hope against the massive corruption. Justice Scalia stood by the letter of the law and for this we should all be grateful. Rest in peace Your Honor – you will be missed.
COULD THE SUDDENESS OF SUPREME COURT JUSTICE SCALIA’S DEATH BE SOMEHOW RELATED TO THE LANDMARK SCOTUS RULING AGAINST MASSIVE FRAUDCLOSURES WRITTEN BY HIM?
By: Adam B. Brandon
The Truth in Lending Act (“TILA”) requires lenders to make certain disclosures to borrowers before the parties close on a residential mortgage. TILA also affords borrowers the right to rescind a mortgage for any reason for three day after the transaction. Furthermore, if a lender fails to make the disclosures that TILA requires, then the borrower may rescind the transaction within three years or until the sale of the secured property, whichever comes first.
On January 23, 2015, the U.S. Supreme Court issued a significant opinion that clarifies how a borrower may exercise the right to rescind. Previously, many federal courts required a borrower seeking rescission to file a declaratory judgment action. If the borrower failed to file suit within three years, the…
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