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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41221
Experience:  JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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I just refinanced my house as an investment property today

Customer Question

I just refinanced my house as an investment property today so I could get a lower interest rate since my wife and I are separated and I no longer live there. I should of read all the paper work because of this MERS rider and 1-4 family rider, which gives up my right to ever live there and giver the lender the right to act as property management to rent it out. Since I just signed this today is there a 3 day grace period for me to get out of this loan.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Dimitry Esquire replied 2 years ago.

Thank you for your question. Please permit me to assist you with your concerns.

Hi, there is an automatic 3 day right of rescission for any residential mortgage agreement. Provided that this is still listed as a residential loan, you can rescind, but if this is a 'commercial' refinance (which I suspect it might be since you mentioned that this is an investment property loan), there is no longer an automatic statutory right of rescission. I would therefore very strongly urge you to review the documentation to see exactly how it was drafted because that will tell you if this is commercial or residential/personal in nature. If the former, the loan is binding, but if the latter, you would have an automatic right to rescind the terms.

Sincerely,

Dimitry, Esq.