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A Cancellation Clause is a provision in a lease or contract document that states under what conditions the parties involved can withdraw from the contract. The contract can be related to a mortgage deal or any insurance policy.

In the field of insurance, the notice with the cancellation clause is provided to the insured after the termination of one policy and the renewal of another. It may even be issued if the insured has not paid the premiums. A cancellation notice can also be provided for a current policy when both the parties decide upon renegotiating the terms of the policy. Cancellation clause is also valid in case of cancellation of insurance on home or office.

[b:2437bb7c6e]Cancellation clause and its affect on mortgage foreclosure:[/b:2437bb7c6e]

[list:2437bb7c6e][*:2437bb7c6e]In case a foreclosure is cancelled, the borrower shall continue to pay for the mortgage provided the lender does not demand the payment in full due to such an event.

[*:2437bb7c6e]Even if a foreclosure is called off, the cancellation clause is such that it will not affect the commencement of another foreclosure in future.[/list:u:2437bb7c6e]

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Are there time frame to withdraw a contract to my lawyer?

Like | Dislike | Share | Posted: Wed, 01/23/2013 - 19:50 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Are there time frame to withdraw a contract to my lawyer?

Like | Dislike | Share | Posted: Wed, 01/23/2013 - 19:50 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

There might be time frame to withdraw the contract. You should check out the agreement with your lawyer in order to find out about the time frame.

Like | Dislike | Share | Posted: Wed, 01/23/2013 - 21:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

In North Carolina how many days does a buyer have the option to cancel the contract for the purchase of a home (real estate) and when was this law passed? Under the previous NC law how many days did the buyer have to canel the contract for the purchase of real estate?

Like | Dislike | Share | Posted: Thu, 05/31/2012 - 11:07 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi John!

Welcome to forums!

As far as I know, you will get 3 days of rescission period. If you wish to cancel the deal, you will have to do it within these 3 days. If you cancel the deal within these 3 days, then you will be able to get the refund of the money you have paid.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 05/31/2012 - 23:07 | Post subject:

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