A couple who defaulted on their mortgage loan sued the holder of their note for violations of the Truth in Lending Act (TILA), arguing that the defendant failed to provide the proper disclosures. The lower court agreed with the couple, finding that rescission was available as long as the couple tendered the remaining loan funds within 90 days. The couple appealed the decision, and the appeals court affirmed the lower court’s decision.
Wilson and Joan Iroanyah closed on two loans with defendant Taylor Bean & Whitaker Mortgage Corp. in November 2006 and used their home as security. One loan was assigned to defendant Bank of New York Mellon and the second was assigned to defendant Bank of America NA (BofA).
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