Skip to content
BOL Conferences
Learn More - Click Here!

New Reply Thread Options
#611572 - 09/11/06 03:27 PM Right of Recission
Anonymous
Unregistered

Husband owns property in his name only and loan is in his name only. Both husband and wife live in the home. Does wife need to sign Right of Recisssion and TIL? Our state does have Homestead Rights.

Return to Top Reply Quote Quick Reply Quick Quote
#611573 - 09/11/06 03:39 PM Re: Right of Recission
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
No.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top Reply Quote Quick Reply Quick Quote
#611574 - 09/12/06 04:45 PM Re: Right of Recission
Anonymous
Unregistered

To have homestead is not the question . Are you a community property state ? or dower state ? Below is a list of homestead states that also allow for community property if you are one of these states then DOWER \ Right to recission and TILL do apply to the spouse. If you are a dower state then yes r/r and till do apply
Arizona,California,Idaho,Louisiana,Nevada,New Mexico,Texas,
Washington, and Wisconsin.
This list does not include Dower states. only homestead/community property states..Dower and community property differ slightly in the fact that dower is automatic under the law and community property can be contested , the IRS recognizes the above listed states as both irs.gov search dower \ community property

Return to Top Reply Quote Quick Reply Quick Quote
#611575 - 09/12/06 06:58 PM Re: Right of Recission
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
In many states that are not community property states, if a spouse’s homestead is being conveyed, such spouse must agree to the conveyance, including a mortgage, or such conveyance or mortgage will be ineffective. The spouse will sign the mortgage or a waiver of homestead (depending on the jurisdiction) even when they are not on the note and are not deed holders of the property. This is a state specific issue.

Does that give the spouse ownership? If it does, then RoR should be given to the spouse. Note the definition of Consumer in Reg Z includes “a natural person in whose principal dwelling a security interest is or will be retained or acquired, if that person's ownership interest in the dwelling is or will be subject to the security interest.” Does the homestead law covey ownership when the non-deed holding spouse must sign any conveyance? Isn’t this the same principal that applies to community property states?

I would give them the right to rescind. Why be a test case.

Return to Top Reply Quote Quick Reply Quick Quote
#611576 - 09/12/06 08:10 PM Re: Right of Recission
Anonymous
Unregistered

There you go Texas your on the list above. NO to answer your question .Dower and or community property states don't need to show spouses ownership, but merely that the spouse has rights by marraige. With the exception to a second home you will normaly need a spouses sign off.
It would also make a diffrence as to direct title. Is it tenents in entirety or tenents in common. One may be listed however both could have intrest.
What state is it ? And Ill will post the regs for that state.

Return to Top Reply Quote Quick Reply Quick Quote
#611577 - 09/12/06 09:25 PM Re: Right of Recission
Anonymous
Unregistered

We are in the State of Wyoming. The Warranty Deed is in the husbands name as a married man dealing in his sole and separate property.

Return to Top Reply Quote Quick Reply Quick Quote
#611578 - 09/12/06 10:06 PM Re: Right of Recission
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
Here is a list of a few common law states where a spouse must agree to any mortgage, or such mortgage is ineffective. This is not a complete list but only a few. I have included the citation for each state.
  • Arkansas (18-12-403.)
  • Colorado (38-41-202.)
  • Kansas (Kansas Constitution, Article 15, §9)
  • Minnesota (except in case of purchase money mortgage, conveyance between spouses creating joint tenancy, or severance of joint tenancy. (507.02.))
  • Missouri (513.475.)
  • Montana (70-32-301.)
  • North Dakota (47-18-05.)
  • Nebraska (40-104.)
  • Nevada (123.230.)
  • Oklahoma (16-4.)
  • South Dakota (43-31-17.)
  • Utah (78-23-4[4].)
  • Wyoming (34-2-121.)

Return to Top Reply Quote Quick Reply Quick Quote
#611579 - 09/22/06 04:27 PM Re: Right of Recission
Anonymous
Unregistered

Colorado is not a common law state where the spouse has to sign. Colo. Rev. Stat. 14-2-207; 38-41-201; 38-41-202; 38-41-212

Return to Top Reply Quote Quick Reply Quick Quote
#611580 - 09/23/06 05:09 PM Re: Right of Recission
Lucy Griffin Offline

Diamond Poster
Lucy Griffin
Joined: Nov 2000
Posts: 1,544
The issue here is the spouse's inchoate rights in the property. Many states -- particularly those with homestead laws -- grant the non-owner spouse what are called inchoate rights in the property. These rights morph into actual property rights under certain circumstances. The prudent lender would require the spouse to sign a right of rescission notice. It is state property law that will make the ultimate determination. I recommend being prudent.

Return to Top Reply Quote Quick Reply Quick Quote
#703955 - 03/21/07 06:54 AM Re: Right of Recission Lucy Griffin
Anonymous
Unregistered

In Missouri Laws..does home buyer has right of recission on new construction contract...does days incolude week days and weekends

Return to Top Reply Quote Quick Reply Quick Quote
#704024 - 03/21/07 01:58 PM Re: Right of Recission Anonymous
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
New construction is a purchase not a refi so ROR does not apply no matter what state you're in.

Return to Top Reply Quote Quick Reply Quick Quote
#710225 - 04/02/07 10:32 PM Re: Right of Recission Truffle Royale
Anonymous
Unregistered

Is Virginia a Dower state

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale