ROR Needed When Changing a Rate on Note?
Answer by Dan Persfull, BOL Guru Guru Bio
Question: Do we need a right of rescission disclosure when we are just changing the rate on the note? We do have first on the property. The purpose of the loan was to reimburse the borrower for home construction costs paid out of pocket.
Answer: No. There is no money being disbursed or an additional security interest being taken.
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