no right of rescission

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pirateria

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Post Posted: Tue Dec 05, 2006 3:16 pm    Post subject: no right of rescission
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are there any situations where right of rescission can not be applied, we are located in Indiana.thanks
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colin
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Joined: 30 Jun 2006

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Location: Waltham, Massachusetts
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Post Posted: Tue Dec 05, 2006 3:31 pm    Post subject:
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Hi Pirateria,

There are some situations when the right of rescission will not be applicable such as when:
  1. You apply for a loan to buy or build your house.
  2. You refinance your mortgage with the same lender and no additional funds are borrowed from the refinance.
  3. In situations where any state agency is the lending institution.
If you have any other doubts then please let us know.

Colin
pirateria

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Post Posted: Tue Dec 05, 2006 3:42 pm    Post subject:
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thanks, if my mortgage does not fall under the divisions you have specified and I would like to rescind then what I do and what happens after I rescind?
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colin
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Joined: 30 Jun 2006

Posts: 582
Location: Waltham, Massachusetts
112.65 Dollars($)
Post Posted: Tue Dec 05, 2006 4:04 pm    Post subject:
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Hi Pirateria,

You must notify the lender in writing your desire to cancel the contract. You can use the form provided by the lender for this purpose. Also make sure it is delivered before the 3rd business day ends.

After you send the notice of rescission, the lender should return all the money or property you had paid as part of the transaction back to you.

The money or property should be returned within twenty days from the date lender receives the notice. It is also necessary for the lender to release the security interest held on the home.

If you had received any amount, you can keep it until the lender proves that lien which was placed on the property has been released. For this, the lender has the option to show the release of lien filed with the county clerk's office. It would confirm that the home is no longer held as collateral. After which you can return the amounts received by you from the lender.

Colin
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