…What? You can’t return a mortgage….can you? It’s not like it’s an ill-fitting shirt from the mall, or a bad batch of cheese from the grocery store. However, according to the Supreme Court, buyer’s remorse can now apply to homes as well. If you are unhappy with your mortgage, or have been unfairly treated by your lender, you can now rescind your mortgage. Check out this post by Holden Lewis at Bankrate for more:
“…In that case, you can rescind, or cancel, the mortgage any time within three years. All you have to do is send a letter to the lender — even if you have fallen behind on the payments. Heck, especially if you’ve fallen behind on the payments.”
That’s according to the Supreme Court, which ruled this week in favor of borrowers who sued their bank for not letting them unilaterally rescind their mortgage three years after closing.