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#1936699 - 06/30/14 06:25 PM Right of Recission; TIL
mdog76 Offline
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Looking for confirmation here: Couple A live in a home owned by Person B. Person B agrees to put home up for collateral. All parties (couple A and person B) have the right to rescind right?

Also on the TIL, Person B doesn't sign the TIL since they are not involved in the lending transaction, correct?

Hope that all makes sense
Last edited by mdog76; 06/30/14 06:27 PM.
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Lending Compliance
#1936707 - 06/30/14 06:38 PM Re: Right of Recission; TIL mdog76
Skittles Online
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TN
Is this a rental house?
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#1936709 - 06/30/14 06:39 PM Re: Right of Recission; TIL mdog76
mdog76 Offline
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Not from what I understand.

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#1936710 - 06/30/14 06:39 PM Re: Right of Recission; TIL mdog76
Kathleen O. Blanchard Offline

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Does B live in the home, as B's primary residence?
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#1936711 - 06/30/14 06:40 PM Re: Right of Recission; TIL mdog76
mdog76 Offline
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Person B is a mother and Couple A is a daughter/son-in-law.

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#1936713 - 06/30/14 06:42 PM Re: Right of Recission; TIL mdog76
mdog76 Offline
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Person B (the mother) does not live in the house, only owns it.

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#1936716 - 06/30/14 06:47 PM Re: Right of Recission; TIL mdog76
Red Raiders Offline
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Compliance Land
Couple A do not own the house - no rescission for them.

This is not Person B's principal dwelling - no rescission for her.
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#1936718 - 06/30/14 06:54 PM Re: Right of Recission; TIL mdog76
Kathleen O. Blanchard Offline

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Agreed...no rescission for A, they do not own the home.

No rescission for B, the home is not B's principal residence.
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Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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