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#214065 - 07/21/04 09:05 PM Right of Rescission
Anonymous
Unregistered

Is the purchase of a secondary home a rescindable transaction? It is a vacation home?

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Lending Compliance
#214066 - 07/21/04 09:14 PM Re: Right of Rescission
Kahola Offline
Platinum Poster
Kahola
Joined: May 2001
Posts: 712
Scottsdale, AZ. 85255
No. A consumer can only have one principal dwelling at a time. Look at Reg Z 226.23 (a) 3. commentary for more on this.

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#214067 - 07/21/04 09:57 PM Re: Right of Rescission
SMQ, CRCM Offline
Power Poster
SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
Is the primary home being taken as collateral for the secondary home?
_________________________
NOLA is my Beach!

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#214068 - 07/22/04 12:17 PM Re: Right of Rescission
Anonymous
Unregistered

No, the secondary home is being taken as the collateral. Does that change the first answer?

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#214069 - 07/22/04 12:44 PM Re: Right of Rescission
DMG Offline
Junior Member
Joined: Jun 2004
Posts: 37
Midwest
No.

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