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.
Being legally entitled to treat a contract as being at an end.
The legal right to void or cancel your mortgage contract in such a way as to treat the contract as if it never existed. Right of rescission is not applicable to mortgages made to purchase a home, but may be applicable to other mortgages, such as refinances. The term of the rescission period is 3 days from the day you sign your mortgage closing documents. You may still owe amounts due for services that were completed on your loan such as the appraisal, credit report, or verification fees even if you choose to rescind on the transaction before it closes. This is a document that must be signed with all other documents at closing.
A provision defined in the Federal Truth in Lending Act that gives borrowers the right to cancel or opt out of their mortgage contract within three days of the agreement.
Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage.
The legal right to cancel a mortgage contract treatingthe contract as if it never existed. The Right of Rescission does not apply when purchasing a home or refinancing an investment property, but is applicable to home loans, such as refinances and home equity loans.
A provision in the federal Truth-in-Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing.
The legal right to void or cancel your mortgage contract in such a way as to treat the contract as if it never existed. The right of rescission is applicable on the refinance of a primary residence, or the addition of a second lien such as line of credit on a primary residence.
Provision of the Truth in Lending Act, giving borrowers the right to cancel certain types of loans within three days of signing.