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#1962498 - 09/17/14 02:27 PM Loan to purchase and equity to improve
ahou Offline
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ahou
Joined: Aug 2002
Posts: 3,094
One loan to purchase the new home with another to make improvement to new home. Both loans are secured by the new home.

Does the borrower have rescission rights on the 2nd loan?
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Lending Compliance
#1962511 - 09/17/14 03:04 PM Re: Loan to purchase and equity to improve ahou
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
If they are simultaneous loans, no.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1962513 - 09/17/14 03:06 PM Re: Loan to purchase and equity to improve ahou
ahou Offline
Power Poster
ahou
Joined: Aug 2002
Posts: 3,094
Thanks Dan.
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