Posted by Martha_AZ on 7/13/05 1:06pm
Msg #51654

No RTC with ELOC

Just received ELOC pkg from SA. No RTC enclosed. Shouldn't there be an RTC with an ELOC?

Reply by patti_ca on 7/13/05 1:19pm
Msg #51667

It depends on if it is for the primary residence or not. RTC is required on primary residence only, other than that it is optional

Reply by Martha_AZ on 7/13/05 1:21pm
Msg #51669

It is the primary residence. Thanks

Reply by OnTheGoInFla on 7/13/05 3:41pm
Msg #51727

RTC For primary residence only does not apply in all states.

Reply by PAW_Fl on 7/13/05 4:23pm
Msg #51762

RTC or more technically correct, Right of Rescision is federal law. It is part of the Code of Federal Regulations, actually it is Title 12, Volume 3, Revised as of January 1, 2002. It is available, online at http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/cfr_2002/janqtr/12cfr226.15.htm

Reply by Sylvia_FL on 7/13/05 1:50pm
Msg #51679

Call the company and let them know there is no RTC in the package.
HELOC's have them if it is a primary residence.

Reply by Martha_AZ on 7/13/05 1:54pm
Msg #51680

I have a call and email into them but no call backs yet. I always seem to have a problem getting SS's to call me back for legitimate questions regarding the pks sent.

Reply by Sylvia_FL on 7/13/05 1:59pm
Msg #51684

Martha
As you have the package, there should be a contact number for the company (title or lender) call them and ask.

Reply by Anon on 7/13/05 3:14pm
Msg #51714

Re: ELOC is your first indication of RTC.

ELOC Equity Line of Credit (Not Home) No RTC
HELOC Home Equity Line of Credit (Home) RTC included.
It is always a smart move to double check!