Editor's note: Meet Tara-Nicholle Nelson at the upcoming Real Estate Connect conference in San Francisco, which runs from Aug. 5-7, 2009. She will be available to meet with conference attendees from 12:30 p.m. to 1:30 p.m. on Thursday, Aug. 6, in the Palace Hotel's Ralston Room. Click here to send Tara-Nicholle a message.In the case of Melfi v. WMC Mortgage Corp., et al., the borrower refinanced his home mortgage with the lender. At closing, the lender provided the borrower with a notice of borrower's right to rescind the transaction within three business days, as required under the Truth in Lending Act (TILA).The lender utilized the Federal Reserve Board's model form of notice, but left both the blanks for the date of the transaction and the actual rescission deadline blank, although the date of the transaction was stamped on the upper right corner of the form.Under TILA, an improper notice of right to rescind extends the rescission period from three business days to three years follo...
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