First mortgage, then a second mortgage

Posted By: Tricia

First mortgage, then a second mortgage - 12/27/05 03:45 PM

We are doing a first mortgage to pay off a HUD loan plus part of a second mortage from another bank. Then we are going to do a second mortgage to finish paying of the other second mortgage plus give customer some $$$ for other debt. Our question is since we are doing these at the same time, do we need double early disclosures, HUD statement, GFE, right of rescission, etc?
Posted By: #12

Re: First mortgage, then a second mortgage - 12/27/05 03:52 PM

I'm sure someone will correct me if I'm wrong, but I believe 2 loans = 2 sets of disclosures.