Here's a question regarding Right of Rescission / perfecting
security interest in real property ---

Individual A applies for a home equity line of credit. The deed to the property that is being pledged as collateral shows that in 1994, Individual A and Individual B deeded the property to Individual B and Individual C. In addition, the deed shows that Individual A reserved the right to live on the premises for the term of her natural life.

At the time the loan closed (3/05), Individual A and Individual B resided on the premises being used as security for the loan, while Individual C was living in California.

Q1 ) When closing the loan, who should have signed the mortgage document to perfect the bank's security interest?

Q2) Who was entitled to receive the Right to Cancel?

Can anyone help? The property is located in NYS.

Q1 - Individual B and C

Q2 - Individual B

In MHO

No expert on NY, but here goes...

Q1: A, B, and C should sign the mortgage. Imagine foreclosing & wanting to take possession, but A hasn't signed anything that provides for surrender of their life-time possessory right in the event of loan default... if the bank attempts to enter the property under these circumstances, the bank would be guilty of trespass.
B & C must sign as title owners.

Q2: A & B, for the R-T-C is the right of the people living in the dwelling to void any agreement that might cause them to lose the roof over their head. As it isn't the primary residence of C, & needn't sign.

Without know every in and out of NY property laws - I concur with Anon #445491.

I don't know NY law either but here is what I would do:
We have life tenants sign the mortgage as life tenants- they have no rescission rights at all. Life Tenants don't have ownership interest they have rights to live their live on property. Individual C lives in California- rescission is for owners who reside in their princ residence- Individual C doesn't- no rescission rights. Individual B owns and lives in princ residence so rescission rights apply to him only.

I get tired of people who say to be safe everyone who signs the note signs the mortgage- hello- no they don't and I want to know the right way to do the the loan documents and disclosures- not the safe way.

Then - hello - what are you doing on this site and not sitting in your attorney's office. Ownership interest and the rights and obligations of life tenants will be defined by State law.

I also get tired of anonymous posters looking for legal advice and pooh poohing the answers that they get here.

and if life interest(party A) isn't ownership interest wouldn't the more important question then become why is the life interest party securing a loan on property they do not have an ownership interest in..........I would also consult a NY attorney for clarification....
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just my 2cents

You need to consult counsel on all these "what ifs"..