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#691315 - 02/22/07 05:44 PM Right to Cancel?
sue's mom Offline
Gold Star
sue's mom
Joined: Feb 2003
Posts: 455
IL
Loan application in his name. He is married. Property is in his name only. Doesn't spouse sign to waive homestead and also get copy of the Notice of Right to Cancel? In state of Illinois, not community property state.

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#700151 - 03/12/07 09:14 PM Re: Right to Cancel? sue's mom
Dave M_TCA Offline
Platinum Poster
Dave M_TCA
Joined: Oct 2000
Posts: 685
Wherever my most benevolent em...
Spouse would not get the RTC because spouse doesn't have an ownership interest in the property.

12 CFR 226.23(a)(1)In a credit transaction in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind the transaction...
_________________________
David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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