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#1738078 - 09/05/12 05:31 PM Matured Home Equity Line of Credit
Sullivan Offline
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Joined: Jan 2009
Posts: 51
We have a matured hom equity line of credit that we would like to extend for an additional period of time. Our process is that the renewal is taken care of prior to maturity date but we did have one that was overlooked. At this point I know we have to give a new HELOC disclosure to the borrower and get a new note signed, but how does the right to rescind work? Once it matures, do we have to have a new ROR signed for each advance or can we have them sign just once at the time they sign the new note and just make sure no new advances are allowed until the 3 business days pass?

Thank you,
Dawn

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#1738104 - 09/05/12 06:08 PM Re: Matured Home Equity Line of Credit Sullivan
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
The ROR will be given at closing and it will cover all subsequent advances on the new plan once the rescission period expires.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1738180 - 09/05/12 08:23 PM Re: Matured Home Equity Line of Credit Sullivan
Sullivan Offline
Member
Joined: Jan 2009
Posts: 51
Great, thank you so much for your help.

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#1757890 - 11/14/12 05:00 PM Re: Matured Home Equity Line of Credit Sullivan
Tesla Offline
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Joined: Nov 2003
Posts: 3,726
Which Model Form ROR did you use or did you have to create one?
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