We are refincancing a 1st lien FHA loan and have been asked if the borrowers can waive their right to rescind, because if the rescission period ends on Nov 4th, the borrowers will have to pay an additional month of interest to FHA...+/- $900 (
does FHA charge 30 days of interest even if loan is paid off on day 4? seems absurd to me, but I'm unfamiliar with FHA lending). However, even if they are charged an additional 26 days of interest, I do not see that this situation would be a bona fide personal financial emergency.....even though the borrowers do see it that way..... Any thoughts?...