A period of three days after the closing in which a borrower can cancel an owner-occupied refinance transaction. Loan fundings occur after this period has expired.
The right of a consumer to nullify a contract within three business days of signing it without paying a penalty or down payment. see also rescission.
This a legal right to the borrower after signing the note and all final documents at closing to rescind their action and undo the contract. For refinances this can take place during the following 72 hours omitting Sundays and national holidays. For purchases and investment property refinances the time duration is 24 hours following signing excluding Sundays and national holidays. If this right is omitted or cut short the borrower then holds the right to rescind the contract any time during the next 3 calendar years. If the lender omits a legally required document (such as the Notice of Transfer of Servicing Rights) or does not follow regulations required otherwise (such as failing to correctly disclose the Truth in Lending), the borrower may again be eligible to rescind at any time during the following 3 years.
You are entering into a contract that will result in a lien on, or a security interest in, your home. Federal law gives you the legal right to rescind or cancel this contract without cost to you, but you must give notice of your decision to cancel within three (3) business days from whichever of the following events occurs last. The date you signed the contract. The date you received this notice of your right to cancel. If the work is performed immediately and you sign a waiver of rescission to start the work before the 3 days you have most likely given away your right to change your mind.
The legal right to cancel a mortgage contract that treats the contract as if it never existed. The Right of Rescission does not apply when purchasing a home or refinancing an investment property. It is applicable to refinances and home equity loans.
A legal right to cancel your mortgage contract in such a way as to treat the contract as if it never existed. Right of rescission is not applicable to mortgages made to purchase a home, but may be applicable to refinances and home equity loans.
Under the provisions of the Truth in Lending Act, the borrower has the right to cancel the loan within three days of signing the closing loan documents, if the new loan is a refinance of an existing loan, and the subject property is the borrower's principal dwelling.
Period of three full days after signing loan documents in which the borrower is allowed to cancel the refinance mortgage.
The borrower's statutory right under the truth-in-lending law to change his or her mind and cancel a loan within three business days from the date of the loan application.... read full article
State and federal laws that allow consumers who refinance first mortgages and certain second mortgages to cancel their contract and receive a refund of all fees. This must take place within three business days following the closing, or following the delivery of the required information and rescission forms and disclosures, whichever occurs last.
When a borrower's principal dwelling is going to secure a loan, the borrower has three business days following signing of the loan documents to rescind or cancel the transaction. Any and all money paid by the borrower must be refunded upon rescission. The right to rescind does not apply to loans to purchase real estate or to refinance a loan under the same terms and conditions where no additional funds will be added to the existing loan.
Period of three full days after closing in which the consumer is allowed to negate an owner occupied refinance transaction.
The customer's right to cancel a loan transaction in which a security interest is or will be retained or acquired for a consumer's principal dwelling. Second Mortgage See Home Equity Loan
Provision to a borrower to cancel a loan within three days of entering into the agreement. Provision is part of the federal Truth-in-Lending Act.
A three-day federally-mandated period that begins on the day of closing, during which the borrower may opt to cancel the loan without penalty. Funding of a home equity loan or line of credit is completed after expiration of this 'Right of Rescission' period.
a borrower's right to cancel a home loan within three business days of the closing.
The right to void a contract without any penalty within three days as provided in the Consumer Credit Protection Act of 1968.
The legal right, usually three business days, to void or cancel a mortgage contract in such a way as to treat the contract as if it never existed. Right of rescission is not applicable to mortgages made to purchase a home, but is applicable to other mortgages, such as home equity loans.
Federal law that allows consumers who refinance first mortgages and who borrow money secured by certain second mortgages to cancel their contract and receive a refund of any fees incurred and paid. This cancellation must take place within three business days following the closing.
Under the Truth-in-Lending Act, borrowers may change their minds about car loans or certain home equity loans within three days.
Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan.
A provision of the federal Truth-in-Lending Act that allows a borrower to change his or her mind and cancel a loan within three days.