Definitions for "Right to rescission"
Pursuant to the Truth-in-Lending Act, a borrower has the right to cancel certain mortgage loans within 72 hours of its signing. Select the state in which you wish to find a Real Estate Agent to buy, sell, buy and sell, a home today! Alabama / Alaska / Arizona / Arkansas / California / Colorado / Connecticut / Delaware Florida / Georgia / Hawaii / Idaho / Illinois / Indiana / Iowa / Kansas / Kentucky / Louisiana Maine / Maryland / Massachusetts / Michigan / Minnesota / Mississippi Missouri / Montana / Nebraska / Nevada / New Hampshire / New Jersey / New Mexico New York / North Carolina / North Dakota / Ohio / Oklahoma / Oregon / Pennsylvania Rhode Island / South Carolina / South Dakota / Tennessee / Texas / Utah / Vermont / Virginia Washington / Washington DC / West Virginia / Wisconsin / Wyoming Copyright © 2005-2006 RealEstateLocalSearch.com, All Rights Reserved
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. Not applicable for mortgages made to purchase a home.
The legal right to void or cancel a contract. Right of rescission is not applicable to mortgages made to purchase a home, but may be applicable to home equity loans, or other contracts. ecurity Interest - An interest a lender takes in the borrower's property when it is used as collateral to assure repayment of a debt.