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charlesarmbruster · Posted: Fri Oct 13, 2006 10:10 am Post subject: closing the loan

Did you get satisfaction? Are you all taken care of? I'd be happy to answer questions or assist you.

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I heard somewhere that I can cancel the mortgage even after three years of signing the application for the agreement?but others I asked said it is 3 days, has the rule changed

blue · Posted: Fri Oct 13, 2006 2:38 pm Post subject:

Hi Lynn,

What you have heard about the three day time period to rescind the loan is quite correct.

But for non-purchase-money mortgages if the lender does not provide you the notice of the right to rescind or delivery of other material disclosures then your rescission right will continue for up to 3 years.

Let me know if you have any other queries.

Thanks
Blue

mcole · Posted: Sat Oct 14, 2006 3:37 am Post subject:

But keep in mind, the 3-day right to rescind a loan is only on a refinance – not a purchase. And only then if it's on your primary residence. There are a couple of other stipulations as well.

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