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#1075418 - 11/03/08 06:14 PM Right of Rescission required?
dwedding Offline
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Joined: Apr 2003
Posts: 122
Would a Right of Rescission disclosure be required for the following transaction?

The customer currently has a HELOC and is requesting a note modification for change of collateral to their primary residence.

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Lending Compliance
#1075445 - 11/03/08 06:40 PM Re: Right of Rescission required? dwedding
Cowboys Fan Offline
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Joined: Dec 2002
Posts: 4,615
SC
Yes, if you're adding the primary residence to the HELOC then rescission would apply.
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#1075448 - 11/03/08 06:42 PM Re: Right of Rescission required? dwedding
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
Yes, you are adding a security interest to their primary residence.
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The opinions expressed are mine and they are not to be taken as legal advice.

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