Thread Starter: Anonymous
Title: Re: Rescission
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Yes. But be careful you don't trade one issue for another. Review Reg Z 226.23 or 226.15 for applicable waiver rules.
A bona fide financial emergency is one that will cause significant financial distress to the obligor. Just wanting to get their money three days sooner so they can go on vacation won't cut it.
Don't put words in the borrowers' mouths and don't prepare the waiver request for them.
Suggest you do a little more research on the subject before you close the loan. BOL Info Vault is an excellent place to start. As for "under what circumstances" well, that's where the can of worms starts.
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