Answer:
Answer by Andy Zavoina:
Under 226.15 and 226.23 "each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind...".
So it is not limited to only those owners residing there.
Answer:
Answer by Mary Beth Guard:
If, however, the dwelling does not serve as the principal residence for at least one of the owners, the right of rescission will not apply. For example, if the dwelling is being occupied as rental property, you won't be taking a security interest in the owner's principal dwelling, so rescission doesn't come into play.
First published on BankersOnline.com 2/11/02
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