|
|
|
 |
Rental Property Refi - Replenish Personal Funds
Answer by Randy Carey, BOL Guru
Guru Bios
Question: If a customer refinances their 1-4 family rental property for the purpose of replenishing their personal funds that were used to purchase the home would the loan be subject to right of rescission, RESPA and Reg Z?
Answer: For RESPA and Reg Z for TIL disclosures, the answer would be yes as it is for personal purposes. Right of rescission would not be required as it is not the primary residence.
First published on BankersOnline.com 3/31/08
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!