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#1065524 - 10/16/08 03:46 PM HELOC/Renewals/Rescission
Dollye7 Offline
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Dollye7
Joined: Jun 2006
Posts: 255
Southwest USA
Orignal HELOC for $15K is paid off before its maturity date on 8.22.08. It was paid off with advance from new HELOC for $38K. Rescission rights for new HELOC did not end until midnight on 8.23.08.

Customer did not get the money…but the money was advanced for his debt. Did we goof?

Thanks!

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Lending Compliance
#1065637 - 10/16/08 05:06 PM Re: HELOC/Renewals/Rescission Dollye7
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I think you goofed.
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David Dickinson
http://www.bankerscompliance.com

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#1065673 - 10/16/08 05:22 PM Re: HELOC/Renewals/Rescission David Dickinson
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
I agree.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1065857 - 10/16/08 06:47 PM Re: HELOC/Renewals/Rescission Dan Persfull
Dollye7 Offline
Gold Star
Dollye7
Joined: Jun 2006
Posts: 255
Southwest USA
David and Dan - Thanks, I was afraid of that.

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