Definitions for "Right of Recission"
A right extended to borrowers pursuant to law which permits them to cancel a mortgage refinance transaction within three days from the date the settlement documents were executed.
The cancellation of a contract. With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security.
a borrower's right to cancel a home loan within three business days of the closing.