• Sherzer v. Homestar Mortgage Services: The Third Circuit Takes Sides in a Circuit Split Over How a Borrower Exercises Rescission Rights Under TILA
  • March 19, 2013 | Authors: Christopher H. Hart; Stephen J. Shapiro
  • Law Firms: Schnader Harrison Segal & Lewis LLP - Philadelphia Office ; Schnader Harrison Segal & Lewis LLP - San Francisco Office ; Schnader Harrison Segal & Lewis LLP - Philadelphia Office
  • In a recent decision, the Third Circuit took sides in a split between U.S. Circuit Courts of Appeal over what action borrowers must take to exercise their right to rescind a loan under the Truth in Lending Act (TILA). It ruled that borrowers need only send lenders valid notice within the time allowed under the statute in order to rescind a loan agreement.