If it helps Betsy, I agree with all that is said. Below I have cut and pasted a portion from our
Advance Lending Manual pertaining to this topic:
Waiver: [Section 226.23(e) – page 6666.04]
To modify or waive the right to rescind, the consumer must have a
bona fide personal financial emergency that must be met before the end of the rescission period. For example:
• Furnace replacement in the winter
• Funeral expenses
• Storm disaster recovery
The following do not constitute an emergency:
• Inconvenience for the borrowers to return to the bank
• Delinquent taxes
• Stock market timing
The bank is required to determine whether the waiver is actually justified.
To document the modification or waiver, the consumer must give a dated, written statement specifically modifying or waiving the right and also include a brief description of the emergency. Remember also that each consumer who is entitled to rescind must sign the waiver statement. Preprinted forms may not be used to waive the right to rescind.
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I hope this helps.