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#616056 - 09/21/06 02:34 PM Mobile Home Rescission
bgehres Offline
100 Club
Joined: Mar 2005
Posts: 126
We have a loan to an individual secured by a lot which has a mobile home on it used as their primary dwelling. We do not have a lien on the mobile home. Does rescission apply?

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Lending Compliance
#616057 - 09/21/06 02:40 PM Re: Mobile Home Rescission
poppy Offline
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Joined: Nov 2005
Posts: 224
What kind of loan is it? purchase, real estate refinance, home improvement...

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#616058 - 09/21/06 02:51 PM Re: Mobile Home Rescission
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
No.

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#616059 - 09/21/06 05:43 PM Re: Mobile Home Rescission
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
Quote:

We do not have a lien on the mobile home. Does rescission apply?





Under Reg. Z the ROR would not apply, however your state law may have a more stringent requirement. Doubtful, but possible.
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The opinions expressed are mine and they are not to be taken as legal advice.

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