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#1680442 - 03/21/12 05:42 PM Rescission on Purchase Money HELOC
crlittle63 Offline
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Joined: Dec 2010
Posts: 10
We have a new HELOC with a purpose of "to purchase primary residence". Should this loan be subject to Right of Rescission? We have been told in the past by our external auditor that ALL HELOC regardless of the purpose must be given ROR otherwise, each time an advance is taken, rescission must be given. Help would be greatly appreciated.

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#1680497 - 03/21/12 06:01 PM Re: Rescission on Purchase Money HELOC crlittle63
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,016
Bloomington, IN
The initial advance used for the RMT would not be subject to rescission but all subsequent advances would be. Your auditor gave you sound advice.

Search the threads using +purchase +money +HELOCs and you will find all sorts of information on this topic.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1680503 - 03/21/12 06:09 PM Re: Rescission on Purchase Money HELOC crlittle63
crlittle63 Offline
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Joined: Dec 2010
Posts: 10
Thanks for the quick response!

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