Right to Cancel on 'Abundance of Caution' Mortgage - Dan Persfull

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Right to Cancel on 'Abundance of Caution' Mortgage
by Dan Persfull, BOL Guru
Guru BIOS

Question: Is a right to cancel required when an 'abundance of caution' mortgage is taken on a personal residence? This is when the loan is clearly for personal, not business, purposes.

Answer: Yes. Anytime a new or increased security interest is taken on the borrower's principal dwelling for a consumer purpose the right to cancel will apply.

First published on BankersOnline.com 8/15/05

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