A ruling by the U.S. Supreme Court this week may be of particular interest to homeowners hoping to rescind a mortgage loan.
The court ruled unanimously in favor of Minnesota couple Larry and Cheryle Jesinoski, Reuters reports. The Jesinoskis sued their mortgage lender, Countrywide (now owned by Bank of America), after the company refused to rescind the couple's $611,000 loan. The company claimed that the federal law allowing for mortgages to be rescinded required the couple to file a lawsuit within three years, which they did not do (they merely sent a letter). The Court ruled that in this case, the letter was good enough.
What should consumers take away from this ruling? Here are five things borrowers should know: