Posted By: pjs
ROR question - 09/29/14 12:02 PM
An amish father owns land and is letting his son build a house on his land- the land will remain in the father's name - The father has his own home on this plot of land too. Would this be a construction loan with the father having ROR rights or what? I am confused. Thanks so much.
Posted By: Skittles
Re: ROR question - 09/29/14 12:17 PM
My opinion - if you're taking a lien on the land that includes the father's home he will have rescission rights. It seems to be a consumer loan secured by the father's home.
Posted By: RR Joker
Re: ROR question - 09/29/14 12:53 PM
Agree...you have a lien on the father's land and PR...ROR will come in to play.