Thread Options
#1965286 - 09/29/14 12:02 PM ROR question
pjs Offline
10K Club
pjs
Joined: Aug 2004
Posts: 10,319
oHiO
An amish father owns land and is letting his son build a house on his land- the land will remain in the father's name - The father has his own home on this plot of land too. Would this be a construction loan with the father having ROR rights or what? I am confused. Thanks so much.

Return to Top
Lending Compliance
#1965288 - 09/29/14 12:17 PM Re: ROR question pjs
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,963
TN
My opinion - if you're taking a lien on the land that includes the father's home he will have rescission rights. It seems to be a consumer loan secured by the father's home.
_________________________
My Opinions Only

Return to Top
#1965295 - 09/29/14 12:53 PM Re: ROR question pjs
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,644
The Swamp
Agree...you have a lien on the father's land and PR...ROR will come in to play.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#1965535 - 09/29/14 08:59 PM Re: ROR question RR Joker
pjs Offline
10K Club
pjs
Joined: Aug 2004
Posts: 10,319
oHiO
Thanks ladies!

Return to Top

Moderator:  Andy_Z