We have an owner who will not be signing the note and just the mortgage. Should they sign the TIL along with the Right of Rescission?
Reg Z - I have a borrower who is using his mother's primary residence as collateral for consumer purpose. The mother is not going to be on the note itself. She is just pledging the collateral. Would the Higher Price Mortgage requirements apply and is an Escrow required?
We're processing a 1-year, interest monthly bridge loan, in which we are taking a 1st lien on the homestead being purchased, and a 2nd lien on their existing home which is currently for sale. Is Right of Rescission required on this transaction?
A spouse's name is not on any real estate loan documents except for the mortgage for homestead rights. Should the spouse's name be on the right of rescission?
I am working on a new loan transaction. The borrower is purchasing a primary residence and the loan will be sold in the secondary market. The 20% down payment will be borrowed against his home that is currently his primary residence that he owns free and clear. After the purchase is finalized, he will be living in the new home as his primary residence and the home he owns now that will be securing the equity loan will be used as an investment property. Does RESPA apply to the equity loan? Do early disclosures have to be issued? Also, does rescission apply to the equity loan since it is in fact his primary residence at this time. Also, since the equity loan will be kept in-house on a balloon rate, will this be considered a HPML where escrow will have to be collected?
Does the right of rescission apply on a HELOC if it will be a first mortgage?
Is the refinance of a loan to be secured by shares of stock in a cooperative corporation subject to the right to rescission under Reg Z? The borrower does not own the property, he/she owns shares of stock in the cooperative which allow him/her the right to possess the unit. The cooperative corporation owns the property.
Does the Right of Rescission apply to a lease purchase? Reg Z specifically eliminates all "purchases", and ownership is not transferred until the actual purchace has been made.
Our bank did a construction loan for a customer knowing that permanent financing would be done when home was completed. RESPA documents were given to customer when construction loan was done(preliminary disclosures, TIL, Good Faith etc). Now we are closing the permanent financing loan. Is there Right of Rescission on the permanent financing loan?
My question involves a redisclosure of TIL combined with right of rescission. Using a real life 2010 calendar example, the redisclosed TIL was put in the mail on 4/2/10 (a Friday). Allowing three days mail time and three days for the TIL puts us to the following Friday, 4/9/10. Do I have then to wait until the following Saturday (the 10th) to mail the right of rescission forms, thereby allowing another three days mail time and the three days right of rescission, allowing me to disburse on 4/19/10?