Posted by Lenora Clark on 10/1/05 10:25am
Msg #68287

RTC rules

I am rather new and was under the impression that if a Borrower canceled; they were entitled to get any money paid to the Lender back. Is that not true?

Reply by PAW_Fl on 10/1/05 10:35am
Msg #68290

Most, if not all, is to be returned. Please view http://a257.g.akamaitech.net/7/257/2422/14mar20010800/edocket.access.gpo.gov/cfr_2002/janqtr/12cfr226.15.htm
which is the Code that pertains to the RTC, rights and responsibilities.

Reply by DeltaSigner on 10/1/05 10:56am
Msg #68294

Thank you soooo much for the factual info. The Borrower had given them a $600 deposit and was told that it was not refundable; unless the Lender backed out??? Certainly, we are not to give advice...but I was curious for my own information.