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Posted by Anonymous on 5/14/04 2:50am
This article pretty much spells out the Right of Recission and the consequences.
Highlights:
1) Not part of RESPA, but comes from the Federal Truth in Lending Act and then implemented by the Federal Reserve under Regulation Z.
2) Applies to refinancings of properties(not purchases of properties).
3) Bottom of article. Serious problems for the lender and possibly you the notary if recission is not correct. The borrower could subsequently escape the loand and the lender does not have a valid security interest in the property. Perhaps the lender might decide to come after you. (I am not a lawyer, I don't know if he would or not.)
The problem you would have is that the start date as you mentioned would not match the sign date(unless you backed the documents one day(( do not back date--very bad practice to get into))). Since the dates would not match the recission form would likely be invalid.
Hence, the signing or lending company needs to authorize changes. While this is what another writer suggested, the attached article should help enhance your personal legal knowledge, educate you about the risk associated with an improperly executed recission form and enable you to decide if you want to complete the assignment if the vendor does not properly comply. If you have to....send them the article!
Good luck.
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