Posted by Charm_AL on 4/18/06 4:12pm
Msg #114278

you know what I don't understand?...

if the first spouse signs on the 1st and has three days and the second signs on the 4th and has his three days....the first goes past the rescind date. The second signer sees something glaringly wrong during his rescission and tries to cancel, but the 1st refuses to sign the rescind, what happens? Does it require only one to cancel?
I'm having some major brain cramps today.

Reply by MB_AZ on 4/18/06 4:16pm
Msg #114280

My understanding is only one needs to rescind and the hole deal is off.

Reply by Margaret_FL on 4/18/06 4:24pm
Msg #114285

Most loans I have done have always had a copy of the RTC for each borrower. I have always been told that only one borrower needs to recind

Reply by Charm_AL on 4/18/06 4:26pm
Msg #114286

hmmm....some of the loans I've closed have had both on one RTC...of course a copy for each, but all of a sudden, I'm questioning this out of no where.

thanks

Reply by whitesatin on 4/18/06 4:28pm
Msg #114289

Yes Charm. That is confusing. I have had several loan document packages lately that have 2 RTCs for each borrower in their individual names and then there will be another 1 or 2 RTCs that have both names on them. I found that strange.

Reply by whitesatin on 4/18/06 4:26pm
Msg #114287

Yes, it only takes one borrower to rescind. That's why they each get two copies in their own names.

Reply by Charm_AL on 4/18/06 4:27pm
Msg #114288

Nights in White Satin....Never meaning to end....letters are written, never meaning to send....one of my favs.

Reply by whitesatin on 4/18/06 4:30pm
Msg #114290

[laugh]

Reply by BrendaTx on 4/18/06 7:25pm
Msg #114329

Re: you know what I don't understand?...whitesatin...

I don't understand why I always sang about

KNIGHTS in white satin.

I interpreted this song quite differently than the rest of you.

Reply by Paul_IL on 4/18/06 5:29pm
Msg #114305

Only 1 spouse is required to sign. Matters not what the first signer feels.

Reply by NCLisa on 4/18/06 5:39pm
Msg #114308

Only 1 borrower needs to rescind to cancel the process. The recission period ends for both borrowers 3 business days from the date the last borrower signed the docs.

Reply by Lee/AR on 4/18/06 6:07pm
Msg #114314

Every B has a right to cancel that ends 3 business days after s/he signed.
One copy can be signed by both simply as written proof to Lender that they said they each received their copies of the RTC.
It only takes ONE to rescind.
Clear?

Reply by BrendaTx on 4/18/06 7:19pm
Msg #114325

**Every B has a right to cancel that ends 3 business days after s/he signed.
One copy can be signed by both simply as written proof to Lender that they said they each received their copies of the RTC.
It only takes ONE to rescind.
Clear?**

No Lee...would you help me with that just once more?? How many did you say??? I promise to write it down this time.

Reply by BrendaTx on 4/18/06 7:09pm
Msg #114323

Re: you know what - let me recycle a plot from '04

It only takes ONE to rescind. - Consider this scenario:

Perhaps during day one of the 3 RTC days, a new milkman has taken the route belonging to Mr. & Mrs. Borrower.

The house in the loan docs is Mrs. Borrower's from one of her seven previous marriages. However, in order to refi at a lower rate, she needs Mr. Borrower's income to refinance the house. In fact, let's just say that is why she married him...simply for his credit rating and refi-ability. She has no problem allowing his name on the DOT at the refi because her divorce lawyer and she are still in constant contact and she knows she'll get it back if things don't work out...in Texas anyhow. Probably. Maybe.

So, our wiley Mrs. B starts up a heated affair at milk delivery on day two of the RTC period.

On day three this becomes apparent to Mr. B and he decides he's been had. But, he remembers his two signed copies of the RTC! So he laughs, "Ha Ha Ha!" and cancels the loan when he gets to work that day using one of his copies. (First he faxes it, then he sends it off via FEDEX - good thing there is another copy for his lawyer's file.)

After work, he packs his clothes and moves out. Mrs. B is left with a poor credit-bearing milkman (albeit a very hunky and attractive one) PLUS a high interest rate on her mortgage.

Mr. B's lawyer has one fully signed copy of the RTC for use in divorce court as a start on the character assassination of the evil Mrs. B, plus Mr. B gets the closing costs back, plus the dog, BMW, and the engagement ring that was his mother's.

Reply by whitesatin on 4/18/06 7:37pm
Msg #114333

Re: you know what - let me recycle a plot from '04

Hee! Hee! Brenda! LOL!!!! You still have milkmen in Texas, or are you dating yourself? j/k

Reply by BrendaTx on 4/18/06 7:52pm
Msg #114339

Re: you know what - let me recycle a plot from '04

I am an astoundingly youthful 47...but I remember the milkman.

(MaryKay Ashe says that ladies never tell their age. I just did.)

Reply by whitesatin on 4/18/06 8:03pm
Msg #114342

Re: you know what - let me recycle a plot from '04

Brenda,

I am 51, that's why I could poke fun. The last time I remember seeing a milkman was around 1964. Those were the good old days!

Speaking of a woman not telling her age reminds me of a funny story.

My father was in a residential care facility because he had Alzheimer's. The son of one of the female residents said that when people would ask his mother how old she was, she would reply, "Can you keep a secret?" People would invariably answer, "Yes". Then she would wink and smile and say, "So can I." I thought that was precious.

Reply by BrendaTx on 4/18/06 8:55pm
Msg #114348

That's priceless! So can I... thanks whitesatin. n/m

Reply by BMoon_FL on 4/18/06 10:08pm
Msg #114358

Re: That's priceless! So can I... thanks whitesatin.

My precious little 87 year old step-mother says age is just a number and hers is unlisted! She still wears makeup and colors her hair. Never remarried after my father passed away 50 years ago.

Reply by whitesatin on 4/19/06 11:03am
Msg #114465

Re: That's priceless! So can I... thanks whitesatin.

Hers is unlisted! That's a hoot! Thanks for the laugh!

Reply by Ilona_OH on 4/18/06 7:47pm
Msg #114337

U should be making $100,00 a yr writing a novel! n/m