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#2191598 - 09/04/18 08:15 PM Rescission?
mmason Offline
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Joined: Nov 2001
Posts: 447
New England
Here's the scenario: Currently friend 1 and friend 2 own a property together. The bank has two applications individually from each one. Friend 1 is applying to refinance existing property and remove friend 2 from the mortgage and the deed (procedure is to give ROR since individual already has ownership). Friend 2 has applied to purchase a new home. Friend 2 needs to close ASAP because the seller's health is failing, but can't close until removed from existing lien. Friend 1 wants to waive ROR. Should the bank allow the waiver?

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#2191600 - 09/04/18 08:19 PM Re: Rescission? mmason
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,416
Bloomington, IN
How is that a financial emergency for Friend 1?
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2191603 - 09/04/18 08:55 PM Re: Rescission? mmason
NSF, CRCM Offline
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NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
You didn't specify this in your post. But is this Friend 1's principal residence?
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It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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#2191612 - 09/05/18 03:37 AM Re: Rescission? mmason
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,285
If your bank holds the current mortgage, you have the ability to release Friend #2 from it prior to Friend #1 paying it off. That will allow #2 to go to closing asap.

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#2191643 - 09/05/18 03:16 PM Re: Rescission? mmason
mmason Offline
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Joined: Nov 2001
Posts: 447
New England
Thank you for the feedback. Dan, my first thought was the same as yours, once I clarified who was doing what. It is the principal residence of Friend 1, but I hadn't thought about the option of releasing Friend 2 now. Thank you again.

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