The U.S. Supreme Court gave homeowners more power when it comes to canceling mortgages, National Mortgage News reported.
Before the judgement, borrowers had a three-year deadline if they wished to rescind their mortgages because lenders did not provide the required disclosures. The court ruled that homeowners do not have to file suit to rescind but only need to send a letter to lenders. Lenders can fight back, however, by proving in court that buyers received the forms required under federal law.
