Construction Loans & ROR - Andy Zavoina

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Construction Loans & ROR
by Andy Zavoina, BOL Guru
BIO AND CONTACT INFO

Question: I am dong a construction loan for a consumer to payoff the lot and purchase and set up a mobile home. The property is 6.0 acres out of a 15 acres tract. They are currently living on the property in a travel trailer and receive mail at the collateral address Does Right of Rescission apply to this transaction?

Answer: You have a residential mortgage transaction for construction and bypass the RoR requirements. (I assume you are NOT taking the travel trailer as collateral.)

First published on BankersOnline.com 08/4/03

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