Vera v. Olympia West Mortgage Group, LLC
Vera v. Olympia West Mortgage Group, LLC
Opinion of the Court
ORDER
This matter comes before the Court on Defendant Wells Fargo Bank, N.A.’s (“Wells Fargo”) Motion to Dismiss. The Court grants Wells Fargo’s Motion because both the rescission and damage claims Plaintiffs make under the Truth in Lending Act, 15 U.S.C. § 1601 et seq. (“TILA”), are time-barred. The three-year time limit on TILA rescission pursuant to 15 U.S.C. § 1635(f) (2010) is absolute, the expiration of which extinguishes the borrower’s rescission right regardless of whether any notice of rescission was filed within three years of closing. Because Plaintiffs filed their Complaint in this case on April 26, 2011, nearly four years after closing on May 21, 2007, their rescission claims under TILA are time-barred. Similarly, Plaintiffs’ damage claims under TILA are time-barred and must be dismissed under TILA’s one-year limitation period for damage actions. 15 U.S.C. § 1640(e) (2010).
With respect to Defendant Olympia West Mortgage Group, LLC (“Olympia
ORDERED that the claims against Wells Fargo and Olympia West are dismissed, and this case is dismissed.
Reference
- Full Case Name
- Anita G. VERA and Roberto E. Vera v. OLYMPIA WEST MORTGAGE GROUP, LLC
- Cited By
- 1 case
- Status
- Published