Posted by Easteller Bruihl on 5/27/06 12:12pm
Msg #122695

Right to Rescind Form Missing At Signing!

Do I go ahead and send in the completed forms on a new purchase? Or refuse to submit? The signing agency said they would send the lender the forms later; it's just routine. I'm afraid I could be legally wrong by not having notified the signer of the time/date in which to rescind in writing since the form was omitted at the time signing.

Go ahead and return the forms to the agency and let them handle it? Or can I be held responsible for not having it done when all the other forms were signed? I offered to have the form fax'd to me and I'd return to the signer and complete the procedure but they do not seem to want that.

What should I do? This is in California for a Florida property. Need answer ASAP!

Reply by Anonymous on 5/27/06 12:23pm
Msg #122696

I'm pretty sure right to cancel doesn't apply to a purchase. They are for refinancing. Hope that helps.

Reply by PAW on 5/27/06 12:29pm
Msg #122697

Right to Rescind NOT Missing At Signing!

>>> Do I go ahead and send in the completed forms on a new purchase? Or refuse to submit? <<<

On a PURCHASE, borrowers do not have the right to rescind. Besides that, it is not your responsibility to ensure that all the necessary forms are in a package, only that the forms that are there are properly executed and signatures notarized as required.

The SS was wrong in telling you that it is "routine" to send the RTC later. It is pretty rare that a lender would not include the RTC if one is required. It is pretty common not to have the correct number of copies, but not have it missing entirely.

Reply by Stephanie_CA on 6/1/06 10:23am
Msg #123430

Re: Right to Rescind NOT Missing At Signing!

PAW:

This info helped me alot this morning; thank you.

Stephanie