Is the recission of a mortgage available for second homes as well as first homes even though I could find nothing about it in the mortgage package.
Country relating to Question: United States
State (if USA): New York
Nothing. This is my first step.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.
There is no right of rescission for a mortgage made to buy a house. The right of recission applies to refinances and home equity lines of credit. As such, if a party buys a second home, they may not be able to rescind the Loan, absent something specific in the loan documents.
It is a refinance. Does that allow me to recind?
Yes, as long as it was in the allotted time period. Moreover, you should have received this disclose when you closed on the loan and if it was not, you could have a valid defense to raise against the lender, if the time has passed.
Did the lender fail to provide you with any disclosures advising you of your right?
I was told the recission wasn't in effect because the refinance was for a second home.
Thank you for the clarification. There was some original confusion based upon what was stated above. The right is limited to owner-occupied properties. If this was a second home, it would not be something that would be able to be rescinded.
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