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Is Loan to Home Owner Rescindable?

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We are providing a primary dwelling secured loan to a consumer who owns the home free and clear. Since it is not a refinancing, is the transaction rescindable?

Yes. You are taking a security interest in the consumer's primary dwelling. Review Reg. Z 226.15 and .23 and their Commentaries.

First published on 1/24/11

First published on 01/24/2011

Filed under: 
Filed under security as: 

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