Does right of rescission apply to a residential renter purchase?

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Does right of rescission apply to a residential renter purchase?
by Andy Zavoina, BOL Guru
BIO AND CONTACT INFO

Question: If a consumer lives in a property (renting) that we are making a loan for the same consumer to purchase the property they are living in, are there rescissions?

Answer: The person buying the property had no ownership interest initially so this is a residential mortgage transaction. RMTs are exempt from rescission.

First published on BankersOnline.com 8/05/02

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