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You can back out of a mortgage with a simple letter?

The United States Supreme Court recently decided that a mortgage can be rescinded under the federal Truth in Lending Act (TILA) by simply writing a letter.

The Court held that a lawsuit is not necessary to back out of a mortgage under TILA, contrary to what the Eighth Circuit Court of Appeals held. Of course, borrowers who have TILA claims may want to bring a legal proceeding in court to avail themselves of other rights they may have under TILA. But the Court held that a lawsuit is not required.

More information can be found here.

If you or someone you know needs to rescind a mortgage or file a TILA claim, the law firm of Minnillo Law Group Co., LPA may be able to assist you.