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#925191 - 03/18/08 07:05 PM recission
dblack Offline
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Joined: Feb 2008
Posts: 263
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let me know if i am wrong on this one or not.

Son ( Borrower )lives in home that was grandparents.
Mother currently owns property.

Mother is not on the note, but I feel that she should sign a recission form?

Is this correct or am I looking at it wrong

Thanks
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#925216 - 03/18/08 07:19 PM Re: recission dblack
blvsinangels Offline
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Joined: Aug 2003
Posts: 372
So, the mother owns the home, but it is not her primary residence?

IMO if the son is living in the house, his mother is the owner on the deed, (even though it might have been the grandparents house at one time) if the mother is not living in the home as her primary residence, she does not need to sign recission.

Now she may need to sign some other forms since it's her property being put up for collateral!

However, I would wait for a more experienced lender to weigh on on this one!

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#925228 - 03/18/08 07:24 PM Re: recission blvsinangels
dblack Offline
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Joined: Feb 2008
Posts: 263
AL
I see what you are saying....

We already have a 3rd party collateral pledge...

And i guess the bit about the grandparents was useless info, it was deeded to mom a few years ago, and the mortgage is in only her name.
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#925517 - 03/18/08 10:37 PM Re: recission dblack
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
blvsinangels is correct. Since the home is not the mom's primary residence she is not entitled to rescission and since the son has no ownership neither is he.
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The opinions expressed are mine and they are not to be taken as legal advice.

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