Posted: Wed Jun 06, 2007 12:04 pm Post subject: What are my rights as
What are my rights as A home buyer if the loan company processes and pushes my loan through before my 3 day recession period is up. I wanted to cancel and loan was already pushed through Help
You need to be aware that the 3 day recession period does not apply if:
a. You are applying for loan to purchase or build your primary home.
b. If existing loan is refinanced with the same lender and no additional funds are borrowed or
c. Any state agency is creditor for the loan.
David
Hustwit Guest
Posted: Wed Jun 06, 2007 3:35 pm Post subject:
Quote:
What are my rights as A home buyer if the loan company processes and pushes my loan through before my 3 day recession period is up. I wanted to cancel and loan was already pushed through Help
Is this a refinance loan? You have the right to decide whether you want to accept the loan or refuse that is what the recession period is for. How can the company push the loan through in that period.
Wu Li Guest
Posted: Wed Jun 06, 2007 5:29 pm Post subject:
A mortgage company cannot force anything on you. Did you send in writing to this company that you want to rescind, within the 3 day period?
If this is a purchase transaction....and thats what it sounds like....there isn't a 3 day right to cancel the loan. The underlying question should be why would you want to cancel the loan. Where the term different than what was quoted? What are the issues? _________________ Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.
Posted: Thu Jun 07, 2007 5:31 am Post subject: RE: rescind a loan contract
yeah, it's important as to why Mt wants to withdraw from the contract. There may be issues which is why he wants to cancel the loan. Mt, you can freely discuss if you are going through any problems; may be our community can give you the right suggestions that can help you out.
Posted: Wed Oct 08, 2008 9:09 pm Post subject: 3 day recession period
I am being forced by the sellers agent to further proceed with the purchase of a home. I have since passed the date of the due dillegence period. I cannot afford the monthly mortgage payments. The sellers agent is threatening a civil suit if I do not proceed to close on the home.
You can personally speak to the seller and ask him to give you some time to arrange for the payments. You may also request the seller for a easier repayment plan through which you will be able to clear off the debts.
Did you sign any kind of papers at the initial stage? Often borrowers are required to sign on papers, which list application, appraisal and other fees as non-refundable. If that is the case with you, you will not get the appraisal fee back. Otherwise, you can talk to the lender and demand a refund of the money. But I'm not sure if the lender will refund the fees.
mt375hp
