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#1853747 - 09/19/13 03:13 PM Rescission
#12 Offline
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Joined: Jun 2005
Posts: 1,338
I'm having a brain freeze, and could use a little help. We have a customer who is taking out a HELOC on their primary dwelling with the initial purpose of purchasing a 2nd home. Is the initial advance (for the purchase of the home) exempt from rescission. I think as I type this question out, I'm going to say it is not, only residential mortgage transactions are exempt, and this would not be an RMT as it is not to purchase a primary dwelling.

Thoughts?

Thanks in advance for the confirmation!
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Lending Compliance
#1853749 - 09/19/13 03:14 PM Re: Rescission #12
RR Joker Offline
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Joined: Nov 2002
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The Swamp
I agree. It's not exempt.
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#1853751 - 09/19/13 03:15 PM Re: Rescission #12
Skittles Offline
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Posts: 13,963
TN
I also agree.
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#1853754 - 09/19/13 03:17 PM Re: Rescission #12
#12 Offline
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Joined: Jun 2005
Posts: 1,338
Thanks! Like I said, I must have just needed to type the question out in order to answer it for myself!
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#1853766 - 09/19/13 03:31 PM Re: Rescission #12
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
sometimes that just works! grin

And then you go...why did I ask that? crazy
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