if you are paying off a second mortgage (closed end) with a new second mortgage (closed end) and it is the same lender and there is no new cash out do you have to give a right of rescission? If so why is this different than if you are paying off a first mortgage by the same lender and no new money is disbursed?

thanks for the clarification!

The "no new cash" exemption applies to any mortgage involving the same borrower and lender, regardless of lien position.