Posted by vonneycali on 6/17/06 10:25pm
Msg #126601

Ever have one of THESE jobs..??

I just have to share this last notary job with you.. Signing was at 10:00am, but there was not a 3 day right to cancel... The lender told the borrower that there was no cancellation period on this refi, so that was the beginning of my problems. Next problem appeared when the borrowers wanted to literally READ EVERY DOCUMENT because of the non cancellation period. Sheesh! When we got to the 15 page deed, after hinting that I had another appt to go to, finally I just outright told them (they obviously weren't taking the 3 hints I gave them about having another appt.) I would not be able to stay beyond 30 mins more. We had already been there about 1 hour and 30 mins and I still had about 100 papers to go through! I had to end up cancelling my other appointments just to get through this signing! SHHEESHH.. But I will say that the notary company was very cooperative and understood what happened, and adjusted my fee accordingly. Thank God these types of non cancellation period refi loans only come my way once in a blue moon!

Reply by Raimond on 6/17/06 11:39pm
Msg #126605

Please share why this refi did not have a RTC....

TIA

Reply by BarbaraL_CA on 6/17/06 11:50pm
Msg #126607

The following is taken from the FTC website http://www.ftc.gov/bcp/conline/pubs/alerts/3dayalrt.htm

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If you have a bona fide personal financial emergency—such as damage to your home from a storm or other natural disaster—the law allows you to waive your right to rescind and eliminate the three-day period. To waive your right, you must give the creditor your own written statement describing the emergency and stating that you are waiving your right to rescind. The statement must be dated and signed by you and anyone else who shares in ownership of the home. But remember: if you waive your right to rescind, you must go ahead with the transaction.

The right to rescind does not apply in all situations when you are using your home for collateral. Among the exceptions are:

when you apply for a loan to buy or build your principal residence;
when you refinance your loan with the same creditor who holds your loan and you don’t borrow any additional funds; or
when a state agency is the creditor for a loan.

Reply by Raimond on 6/17/06 11:55pm
Msg #126608

Thank you for this information Barbara...

You learn something new everyday.....

Reply by Jenny_CA on 6/18/06 1:46am
Msg #126614

Ditto on the thank you Barbara. n/m

Reply by John_NorCal on 6/18/06 9:15am
Msg #126637

I agree with your explanation Barbara, but I wonder if that is the case in this scenario.

Reply by cfwMI on 6/18/06 6:49am
Msg #126625

I had a job, different, but similar to that on Thursday. The borrowers were refinancing a cottage and their primary residence. After 2 1/2 hours (going over the documents) the wife stated "I'm not doing this."

The loan officer kept insisting that they had 72 hours to decline, or cancel (on the cottage) if they didn't want to go through with it. (He actually didn't know that they couldn't cancel)

Well, I gathered up the documents (both loans) went home and contacted the SS that hired me.

On Friday morning, starting at 7:30, I got the first of many, many calls from the SS, loan office and his boss.

To make a long story short, everything got sorted out. Thank goodness I hadn't shredded the loan docs. (everything had been signed but the 3001) The SS paid me an extra signing fee to go back and get that signed.

Reply by Joan Bergstrom on 6/18/06 10:04am
Msg #126639

Other reason there is no 3 day right to cancel: I am doing a refinance signing today in Calif for a rental home in Minnesota and there is no right to cancel in an equity property.

Interesting one because yesterday I went to get the wife's signature on the papers (husband is in Minnesota) and she hadn't changed her drivers license to her married name in over 10 years and I am the first notary to question her I.D. I am using 2 credible witnesses to I.D. her tonight.

Reply by vonneycali on 6/18/06 10:18am
Msg #126641

The refi was on a rental home also...