As published in National Mortgage News
By Michael Flynn
“As the economic effects of COVID-19 pandemic containment steps spread, commentators, regulators and lenders are focusing on the impact on the volume of mortgage defaults and foreclosures. In times of financial stress, mortgage loan borrowers are more likely to turn to Truth-in-Lending Act rescission claims, especially if they are able to argue for an extended time line to file their grievance. As the U.S. economy enters a period of uncertainty because of the coronavirus, lenders may see an influx of such claims.”
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