Posted by sandi42 on 11/14/06 2:16pm
Msg #159876

Question?

Can a borrower waive the 3 day recission to their lender in writing?

Reply by SueW/Tn on 11/14/06 2:19pm
Msg #159878

I have seen it done only one time, I am told it is extremely rare.

Reply by Sylvia_FL on 11/14/06 2:23pm
Msg #159880

They have to be very special circumstances for the 3 day RTC to be waived.
This link is very helpful

http://www.ftc.gov/bcp/conline/pubs/alerts/3dayalrt.htm

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

Reply by sandi42 on 11/14/06 2:36pm
Msg #159887

Im taking a test it ask that question either yes or no?

Reply by SueW/Tn on 11/14/06 2:37pm
Msg #159890

Not trying to be nasty but read the link Sylvia included in her reply

Reply by Charm_AL on 11/14/06 2:42pm
Msg #159895

hold on a minute...

I hope you don't get blasted for this.
But in case you don't know, we don't answer test questions, they want to know if you know it. That is about as civil an answer I could dig up.

Reply by sandi42 on 11/14/06 2:48pm
Msg #159898

Re: hold on a minute...

well excluse me charm, as far as I know they don't waive the 3 day recission. I was just asking

Reply by MistarellaFL on 11/14/06 2:54pm
Msg #159900

well excluse me charm

I thought they were testing you on YOUR knowledge.

Reply by sandi42 on 11/14/06 2:58pm
Msg #159902

Re: well excluse me charm

Im sorry mist that I dont know everything you seem to do. I was always told 3 days no matter what except on rentals, vacation homes, etc.

Reply by MistarellaFL on 11/14/06 3:00pm
Msg #159903

Re: well excluse me charm

Sandi, go to the link that Sylvia has provided for your benefit.
It outlines the answer you want to the question you have.

Reply by sandi42 on 11/14/06 3:04pm
Msg #159904

Re:

Thanks I did go to the website never knew that misteralla

Reply by Charles_Ca on 11/14/06 3:12pm
Msg #159909

Sandi42 has no knowledge, she is only a self-designated

fat detector, and a not very accurate one at that. Tests are to test you knowledge, you are cheating, but I should expect that considering what a sterling character you have

Reply by sandi42 on 11/14/06 3:17pm
Msg #159913

Re: Sandi42 has no knowledge, she is only a self-designated

just like you charles no knowledge I forgot you know everything there is to know.

Reply by LawrenceOK on 11/15/06 10:28am
Msg #160246

Re: And your profile states

that you have been a loan signer for 5 years?

Reply by PAW on 11/15/06 11:23am
Msg #160254

Re: And your profile states

And further states, "... familiar with all aspects of Mortgage Documents including purchases and Reverse Mortgages."

Well, if someone with 5 years experience with ALL aspects, one would expect that person to at least know the laws of the land concerning mortgages. That includes Reg Z, RESPA, and all the other aspects of the mortgage industry as it pertains to the documents in a closing package.

Reply by Sylvia_FL on 11/14/06 6:15pm
Msg #160004

And the method I used to locate that link

when I needed to know about the RTC - many moons ago it seems. I did a search on the internet for "RTC" and "waiver"

Had I realized this question was for a test I may well have suggested doing a "google search"
You often learn more than you expect while searching the net for the answer to one question.

Reply by Susan Fischer on 11/14/06 2:42pm
Msg #159894

As usual, with many legal questions, the answer is 'yes and no.' Great answer andlink, BTW.

Best,
Susie

Reply by sandi42 on 11/14/06 3:08pm
Msg #159907

Re: Thank you sylvia for the info n/m

Reply by Ernest__CT on 11/14/06 3:10pm
Msg #159908

We are not supposed to do your homework for you, ...

... or to answer test questions for you. That's the whole point of it being a TEST.

This is unrelated to newbie questions!

Reply by sandi42 on 11/14/06 3:13pm
Msg #159911

Re: We are not supposed to do your homework for you, ...

I didnt ask noone too just asked a simple question. You know it all don't you ernest

Reply by Jersey_Boy on 11/14/06 3:28pm
Msg #159915

Careful guys... she'll might pull another hit n' run!! n/m

Reply by Jersey_Boy on 11/14/06 3:29pm
Msg #159916

she might... not she'll might.... doh! n/m

Reply by sandi42 on 11/14/06 3:32pm
Msg #159917

Re: Careful guys... she'll might pull another hit n' run!!

You know what who cares what you think I simply asked a question thats all, you are all very negative and fresh people who think know everything in the book, I'm sorry I didn't excluseeeeeeeeeeeeeeeee me.

Reply by CaliNotary on 11/14/06 4:04pm
Msg #159930

Wow, FOUR times in the same thread

Does she tell various people that they think they know it all.

Good lord Sandi, are you really so stupid that you can't think up ANY other insult than "you know it all"? That certainly does seem to be your catch-all response when anybody writes something that you don't like.

Reply by MelissaCT on 11/14/06 8:24pm
Msg #160052

Are you off your meds??

It seemed like you started to have a better attitude recently, now you're back to entitlement mode. Everyone is a "know-it-all" to you. Maybe you should play some "catch-up" and actually do your OWN studying for a change.

Reply by Ernest__CT on 11/14/06 3:36pm
Msg #159919

It appears that sandi42 is asking us to ignore any request

... that she Posts asking for help.

I'll be happy to oblige.

Reply by sandi42 on 11/14/06 3:37pm
Msg #159920

Re: It appears that sandi42 is asking us to ignore any request

foreget it ernest dont need it.

Reply by Charm_AL on 11/14/06 4:00pm
Msg #159927

Re: It appears that sandi42 is asking us to ignore any request

Sandi, I was trying to be civil and hoped it would end there. Really, can't you just admit a mistake and move on? This is a classic case of what I posted earlier. If you're wrong, you're wrong. Nobody is going to beat you up as long as you realize it was cheating and in fact, they are testing your knowledge. I look at this as taking a test in school and looking at the other guys answers just to pass, I couldn't care less if I know why.

It's too easy to come here demanding answers to test questions. More likely, your question should have been worded such as, "Can anyone lead to to a site where I can find out if a 3 day RTC is waiverable?" BAM, you got all the help in the world and you're done. This is why you have the seasoned and not so, jumping around trying to explain the basics again and again and again.....You know what I mean? I am appealing to your common sense.

Please don't attack when you hear something you didn't want to. Instead think oops, I fk'd up, it's that easy. No one intentionally wants to hurt your feelings and if you think we're bad, wait til you screw up a doc for a SS or TC that you got a pat answer for somewhere and have no clue as to when, why, how, or where and tells you off on the phone. You have no idea nor do you seem to care if the info received is correct or not. That's taking the easy way.
You need a thick skin and a humble attitude in this field....but most of all you have to know your state laws and what you can or cannot do and feel comfortable/confident that if anyone is held accountable for a screw up, you have only yourself to blame...imo

Reply by sandi42 on 11/14/06 4:03pm
Msg #159929

Re: It appears that sandi42 is asking us to ignore any request

I know my state laws charm and i have never screwed up. I just asked one simple federal law question about the ROR thats all.

Reply by Charm_AL on 11/14/06 4:06pm
Msg #159932

Re: It appears that sandi42 is asking us to ignore any request

I give, you win. I can't talk or reason with someone whom has no reasoning capabilities.

Reply by SueW/Tn on 11/14/06 4:12pm
Msg #159935

Sandi, here's the issue

You asked, we replied. Sylvia was even kind enough to include a link. It appears that you didn't bother to follow through because directly under her post you enlightened us that it was a test question and all you needed was a yes or no. Regardless of it being a test question or not, wouldn't you rather read the information yourself so that you could gain more knowledge?

Reply by CaliNotary on 11/14/06 4:13pm
Msg #159937

Re: Sandi, here's the issue

Obviously she wouldn't, she'd rather just have us know it alls hand it to her with a big red bow on top of it.

Reply by SueW/Tn on 11/14/06 4:15pm
Msg #159940

Hmmm...red ribbon and bows...season appropriate. n/m

Reply by Charm_AL on 11/14/06 4:18pm
Msg #159941

Hurry up...

what's a mortgage? Wrap that in purple please.....tia,
hey at least I said tia! Don't give ME your crap!
Oh and make it snappy.

Reply by SueW/Tn on 11/14/06 4:24pm
Msg #159942

nuttin' worse than a pushy notary republican n/m

Reply by Charm_AL on 11/14/06 4:26pm
Msg #159944

Re: nuttin' worse than a pushy notary republican

that's it, I am so overdone with you people. Somebody get me Harry's number. I'll wait right here.

Reply by Stephanie_CA on 11/14/06 5:16pm
Msg #159971

Re: nuttin' worse than a pushy notary republican(smiling) n/m

Reply by CaliNotary on 11/14/06 4:32pm
Msg #159948

Nice try Charm

but if you want to make it convincing, you need to get rid of all the punctuation and capitalization.

Reply by David Kral on 11/14/06 5:26pm
Msg #159980

Poorly worded test questions

I took one awhile back, but the questions were poorly worded. Who writes these things?
I think it referred to right of recission on "a loan". Well, is it a personal residence or an investment property loan?

So I had to guess whether they were being clever or looking for the simple answer. I had few similar questions. At the end, I looked over the whole test and concluced they were simple minded and went with all the simple minded answers, though in my opinion not technically correct answers. In the end that is what they wanted, but it would help if they would write better test questions!

Reply by BrendaTx on 11/14/06 5:56pm
Msg #159994

Re: Poorly worded test questions - true David! Not so great

on the phrasing. Hard to understand, and furthermore, they figure all test takers are from CA or FL. There's no quitclaim deed used in Texas any more but they will darn sure ask about them.

And, some of them get into more of the law than they should.

Reply by sandi42 on 11/14/06 6:49pm
Msg #160015

Re: Poorly worded test questions

Yes it was poorly stated just asked if a borrower can rescind if its in writing to the lender. That was it. My state doenst specify that. I probably shouldn't of ask this board shot down and down for not knowing.

Reply by MelissaCT on 11/14/06 9:09pm
Msg #160084

Of course your state doesn't

have anything about that because it's a federal law (Regulation Z).

As for those "poorly worded questions" -- some of them are worded as such to really make you think. The answer isn't always the first thing you think it is -- carefully reading the question will lead to the correct answer. Of course, this isn't the case for ALL tests, but the ones I've taken seem to have had "trick questions" that took a bit more thought (perhaps the goal). You really had to KNOW your stuff to choose the correct answer.

Reply by Elizabeth Soliday on 11/23/06 12:56am
Msg #161767

Sylvia, thanks for the link

I too was looking for the answer to this question, and I don't think there's anything wrong with asking questions on this board. Like it was said in this message, some of these answers we can only know from experience. I am taking a real estate finance class and this information is not covered. This is a place for all of us to come and share information.