Posted by mike/ca on 1/1/05 11:42am
Msg #15172

rtc

well this is a first, cleaning up all paperwork from last year and getting ready for 2005 i noticed on my 2004 rtc cal there was a mistake made as of a signing on 12/30/04 - stated the ending date would be 01/05/05. well i hope this is not a sign of the upcoming year. hate stupid mistakes!

Reply by PAW Notary Services on 1/1/05 12:06pm
Msg #15174

There has been lots of discussion about Federal Holidays and rescission calendars. If you want the correct information, go to the source. The Federal Holidays are published and available on the Office of Personnel Management web site (http://www.opm.gov/fedhol/index.asp). Currently, you can view the holidays for 1997 through 2010.

For 2005 there are two tricky dates to be aware of:

January 1, 2005 (the legal public holiday for New Years Day) falls on a Saturday. For most Federal employees, Friday, December 31, 2004, will be treated as a holiday for pay and leave purposes. However, Friday (12/31) is NOT a holiday in determining RTC expiration dates.

December 25, 2005, ( the legal public holiday for Christmas Day) falls on a Sunday. For most Federal employees, Monday, December 26, will be treated as a holiday for pay and leave purposes. Monday (12/26) is NOT a holiday in determining RTC expiration dates.

Reply by mike/ca on 1/1/05 12:14pm
Msg #15175

Yes! i am aware of that just looked at cal and wrote down date. Used cal all year long and never had a problem. just irk's me at the last part of the year!

Reply by Bob-Chicago on 1/1/05 2:11pm
Msg #15178

I did a signing on 12-30 and the preprinted recission date was 1-3
Tried to call, no luck, just went ahead and changed it to 1-4 and had bwr initial and then conformed bwr's copies.

Reply by Liz on 1/1/05 9:30pm
Msg #15193

I am sorry but I never got the reason why people needed a RTC. Are you brain dead? You close today start counting tomorrow, skip Sundays/Holidays. Never count the day you close, does that help>

Reply by Art_MD on 1/3/05 8:31am
Msg #15285

Re: rtc - why

Short explaination of why Right To Recind.

Originally this came about because of several scams.

Roofers (a few bad apples in the barrell) would talk little old ladies into spending a fortune on roof repairs when only minor repairs were needed. This high pressure sales/scams became widespread enough that the Fed got involved. Now, if certain size transactions (not sure of numbers) take place outside of a companies place of business, you have a federally mandated RTC. Not all transactions are covered. 2nd homes are not covered.

Theoretically, if you swigned the papers for a car in the local restaurant next to the dealers office, you would have a RTC.

Art

Reply by Joan-OH on 1/1/05 12:32pm
Msg #15176

If I am understanding you right, it may not be a mistake. There were a few banks that counted the Eve's and the Actual Holidays for the RTC. I heard Ameriquest was and maybe HFC. If they did, then the correct date would be the 5th. Was it prefilled in for you or did you enter it in? If they prefilled, that may be the date they wanted. If you look at the HUD, I would bet the Disbursement date is the 6th. If it is, then you are gold. If it says the 5th, then you know a mistake was made.

Joan-OH