Posted by Heather in CA on 5/13/04 10:44pm
Msg #2020

Help

Hello Everyone I need some help - I have my second signing in the morning. The signing was orginally suppose to be this evening but was pushed for the morning. The problem is as I am reviewing the e-docs the Right to cancel date is printed on the forms (instead of a fill in) anyhow it is dated a day too early due to the signing date. I know this is incorrect what would everyone do.

Reply by Anomyous on 5/13/04 11:16pm
Msg #2022

The Right to Cancel date should be changed to the correct dates and initialed by each borrower by the change (ie by the signing date up top and by the 3 day date in the cancel section). I always do this in front of the borrowers so that they know I did it, why I did it then they can initial each change with confidence.

You may also want to check with the lender/company hiring you as to their policy for making corrections.

I hope this helps.

Reply by heather in ca on 5/13/04 11:37pm
Msg #2023

thanks

Reply by Anonymous on 5/14/04 2:50am
Msg #2034

Re: Help--Read this on Right of Recission.

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.