Answer:
Per Regulation Z, if the mobile home (a dwelling under Reg Z) is the consumer's principal residence, a loan secured by the dwelling is subject to rescission whether or not the loan is secured by the land on which the dwelling sits.
"Sec. 226.23 Right of rescission.
(a) Consumer's right to rescind. (1) In a credit transaction in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind the transaction, except for transactions described in paragraph (f) of this section."
"226.2(a)(19) Definitions: Dwelling means a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence. "
First published on BankersOnline.com 5/21/12
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