We offer 10 year HELOCs. If a customer requests an increase during the 10-year term and is approved, the increase will be accomplished by a modification agreement that modifies both the Note that is already in place and the Deed of Trust to reflect an increase in the security. The modification agreement also states that the modification is also evidenced by a Renewal and/or Modification Note, which it is - a new Note disclosing the new terms is created and signed by the customer.
My question is this...Should we be using Rescission Model Form (When Opening an Account) or Rescission Model Form (When Increasing the Credit Limit)?
Always learning something new...