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Second Homes Subject to ROR?

Answered by: 
Randy Carey

Question: 
Are second homes subject to the right of rescission?
Answer: 

Only a principal residence is subject to the right of rescission. 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.

First published on BankersOnline.com 8/25/08

First published on 08/25/2008

Filed under: 
Lending
Security
Filed under lending as: 
Interest
Right of Rescission
Security
Security Interest
Filed under security as: 
Security
Security Interest

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