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RESCISSION
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#1259781
-
09/30/09
10:24 PM
RESCISSION
theloanbug
Platinum Poster
Joined:
Sep 2005
Posts: 743
Customer borrows new money adds to existing loan, his home is securing the loan, only the home not the land is rescission applicable?
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Lending Compliance
#1259794
-
09/30/09
10:41 PM
Re: RESCISSION
theloanbug
Cowboys Fan
Power Poster
Joined:
Dec 2002
Posts: 4,614
SC
Assuming the home is the borrower's primary residence then rescission would apply to the new money being advanced/added to the existing home equity loan.
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#1259814
-
10/01/09
12:14 AM
Re: RESCISSION
Cowboys Fan
theloanbug
Platinum Poster
Joined:
Sep 2005
Posts: 743
Ok,that was my answer, but what if the bank funded the loan in early?
Thanks for your help.
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#1259841
-
10/01/09
02:42 AM
Re: RESCISSION
theloanbug
David Dickinson
10K Club
Joined:
Nov 2000
Posts: 18,762
Central City, NE
If they funded the loan early, they violated 226.23. The loan is not subject to rescission for 3 years as they provided a RofR notice.
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David Dickinson
http://www.bankerscompliance.com
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#1259991
-
10/01/09
02:47 PM
Re: RESCISSION
David Dickinson
theloanbug
Platinum Poster
Joined:
Sep 2005
Posts: 743
If this land that the home is on is government land is this different? Would rescission still be applicable?
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#1260001
-
10/01/09
02:52 PM
Re: RESCISSION
theloanbug
David Dickinson
10K Club
Joined:
Nov 2000
Posts: 18,762
Central City, NE
If it's their principal dwelling, RofR applies. I don't believe there is an exception for government land.
_________________________
David Dickinson
http://www.bankerscompliance.com
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#1260007
-
10/01/09
02:57 PM
Re: RESCISSION
David Dickinson
theloanbug
Platinum Poster
Joined:
Sep 2005
Posts: 743
Ok, thanks that is might thought also. Thanks for your quick reply.
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