---

closing and 3 day recession

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
Mark Taylor Guest	Posted: Wed Jun 06, 2007 11:58 am    Post subject: 3 day recession Like 0 Dislike 0 what are my rights if the lender pushes the loan through before the 3 days are up?
blue Joined: 21 Oct 2005 Posts: 1131 Location: MARYLAND 138.04 Dollars($)	Posted: Wed Jun 06, 2007 1:24 pm    Post subject: Like 0 Dislike 0 Hi Mark, Welcome to Mortgagefit discussion board. A similar question was asked today on this page: http://www.mortgagefit.com/know-how/rescind-loan.html Kindly have a look to know the answers community members have given to that question. Do let me know if you have any other questions. Thanks Blue _________________ Lets help each other. Try my blog
kenstampe Moderator Joined: 22 Jan 2007 Posts: 145 Location: Dallas, TX 50.64 Dollars($)	Posted: Thu Jun 07, 2007 12:20 pm    Post subject: Like 0 Dislike 0 The loan cannot FUND until the end of the rescission period. This is a federal requirement and cannot be avoided. The rescission period starts after the loan is signed or closed and ends at midnight at the end of the third business day. Saturdays are counted as a day of rescission but Sundays and holidays are not. If you close on a Tuesday for example, then Wednesday, Thursday and Friday are your rescission days ending at midnight Friday night. In that case, your loan will not fund until Monday as funding only happens Monday through Friday. The rescission period is a protection for a borrower in a refinance transaction and only applies to refinances of primary residence properties. Rental properties, vacation homes, loans on unimproved land and all purchase loans are NOT affected by the rescission requirement. The purpose is to give the borrower extra time after closing to consider if the loan that they signed truly meets their needs. This prevents borrowers from getting to the loan closing and signing a loan with terms different then what they expected and having to succumb to pressure at closing to sign a bad deal. While it is true that during the rescission period the lender could ALSO cancel the loan, this rarely happens unless something comes up to point to fraud or misrepresentation on the borrower's part....or in the case of the lender going out of business during the rescission period which happened earlier this year with some of the large sub-prime lenders going under. hope this helps... _________________ Creating brand identity, awareness and development for real estate and financial professionals.
Caron Moderator Joined: 19 Jul 2005 Posts: 1519 Location: florida 281.04 Dollars($)	Posted: Fri Jun 08, 2007 5:29 am    Post subject: Like 0 Dislike 0 Ken, I like the idea of giving the borrower the right to rescind a loan. It gives the borrowers a chance to think over again even though the closing is over. That's a good thing that the industry has thought about its borrowers. The right of rescission helps the borrowers to go after a better deal at times when they feel that they cannot manage the deal they have already signed for. _________________ Mortgage Shopping made easy with booklet
hdtv571 Guest	Posted: Mon Mar 02, 2009 1:44 am    Post subject: Like 0 Dislike 0 What happens when a lender doesn't acknowledge receiving the right to rescind? I sent it certified, they signed for it within the 3 day window then denied ever getting it. They then funded the loan !!!
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Mon Mar 02, 2009 2:30 am    Post subject: Like 0 Dislike 0 Hi hdtv, You will get 3 days time in order to rescind or cancel the loan. This is known as right to rescission. If your letter reaches the lender within 3 days, he should accept it. As your lender has denied receiving such a letter, you can consult an attorney and take his opinion in this matter. Thanks. _________________ Good is the Enemy of Great.
rg Guest	Posted: Wed Sep 08, 2010 7:05 pm    Post subject: loan Like 0 Dislike 0 just curious can you get out or use the three day rescission on a home loan ?
smithsussane Joined: 18 Sep 2008 Posts: 10020 Location: Alaska 917.78 Dollars($)	Posted: Thu Sep 09, 2010 12:23 am    Post subject: Like 0 Dislike 0 Hi rg! Welcome to forums! The right of rescission is not available for all mortgages. There is no right of rescission for a mortgage taken out to buy a house. Feel free to ask if you've further queries. Sussane
ginabean73 Guest	Posted: Wed Nov 03, 2010 5:33 am    Post subject: HELP Like 0 Dislike 0 Can Lenders refuse funding after recession? I am going through this now, My loan got closed and on funding day the lender decides not to fund the loan to the mortgage co because the customer has been behind on payments for 6 mos now, why didnt they catch that in the beginning? Can they legally do this? Especially if recession is over?
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Thu Nov 04, 2010 12:34 am    Post subject: Like 0 Dislike 0 Hi ginabean, Though the rescission is over, the lender can refuse financing. However, in your case, the loan was already closed. In that case, the lender shouldn't refuse to give you the loan. _________________ Procrastination is the enemy of your financial success

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0