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ROR Required for Construction on Primary? (Mobile)

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Question: 
We are doing a construction loan on a primary residence. The customer is living in a mobile home on 19 acres where the new house is to be built. Our form system is not giving a right of rescission. Is a ROR required?
Answer: 

We cannot tell from the information you presented. You do not indicate whether or not the mobile home is taken as collateral for the transaction. If you are taking the mobile home as collateral, then right of rescission will apply.

First published on 03/17/2014

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