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#1976857 - 11/17/14 07:22 PM Primary Residence
Bones Offline
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Bones
Joined: Nov 2003
Posts: 3,020
Land of Enchantment
This may be a stupid question, but I am going to ask it anyway.

A customer and his in-laws want to do a refinance of the in-laws' primary residence. The property is actually titled under an LLC, of which the customer and his in-laws have ownership. The in-laws do live in the home. Being that the property is not titled in their names personally, but an LLC, can it still be considered a primary residence refinance? Does how the property is titled make a difference?
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Lending Compliance
#1976876 - 11/17/14 07:36 PM Re: Primary Residence Bones
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,018
Bloomington, IN
You need to check state law but under Reg. Z the consumer must have an ownership interest in the property to be entitled to rescind.
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#1976985 - 11/17/14 11:18 PM Re: Primary Residence Bones
Bones Offline
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Bones
Joined: Nov 2003
Posts: 3,020
Land of Enchantment
Thank you!
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