Posted by hp/MD on 6/13/09 1:09pm
Msg #292260

Bank nof America, No Roght to Cancel

I did a signing last week. The lender was BOA. When I received the doc and printed them, I notice that the there was no right to cancel. I called the TC and they said BOA's loan don 't have RTC any more.This loan was not a purchase nor was a second home or investment property. Is it legal? It was not a Countrywide either.

Reply by Linda_H/FL on 6/13/09 1:13pm
Msg #292261

Maybe a refi with same lender with no cash out? n/m

Reply by Linda_H/FL on 6/13/09 1:18pm
Msg #292263

Also, from FTC.org

"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.

In these situations, you may have other cancellation rights under state or local law"

Reply by MistarellaFL on 6/13/09 1:15pm
Msg #292262

I had the same thing happen a few weeks ago...4 of them, all FHA's.
We were perusing over the "hardship" issue, which an issue allowable for waiving the RTC.

Reply by Curtis Hull on 6/14/09 7:14am
Msg #292282

this is a new thin boa is doing with no cash out refi. I had one Friday and got an answer before leaving for my appt

Reply by PAW on 6/14/09 7:42pm
Msg #292298

BofA has been doing streamlines and interest reduction loans for many, many years. If they are simply doing a refi on an existing account, with no additional principal and no cash out, then there is usually no right to rescind.

An important note about refinancing with the same lender and getting cash-out (increase in principal). The Right to Rescind only applies to the cash-out amount (**additional** amount of principal). It does not apply to the entire loan. If the refinance is through a different lender, then the Right to Rescind applies to the entire loan.

Reply by Kate/CA on 6/14/09 7:10pm
Msg #292296

Bank nof America, yes, some have Right to Cancel

I had several BofA (countrywide) loans this week, they did have a right to cancel. It is kinda tricky, they will have a date 06/13/2009 ** and then two astericks near it. If the date has past, you do not correct, or have borrower initial. Read the directions that comes with the docs. It explains it. they go by the signing date and three business days after.

Reply by Associates Title Group on 6/15/09 11:16am
Msg #292323

I once had a lender who sent the right to cancel out a week ahead of time with the Comittment letter. They got it back signed, before settlement so they did not require one to be signed at settlement.

Reply by Linda_H/FL on 6/15/09 11:47am
Msg #292327

" I once had a lender who sent the right to cancel out a week ahead of time with the Comittment letter. They got it back signed, before settlement so they did not require one to be signed at settlement."

Not that it carried any weight since the rescission period doesn't begin to run until the latter of the 3 dates - date of transaction, receipt of RTC or receipt of TIL...

Reply by PAW on 6/15/09 1:33pm
Msg #292340

Besides that, the document may be considered invalid since it was signed prior to receipt of the necessary disclosures and the form, more than likely, states that all required disclosures were received.

Reply by Linda_H/FL on 6/15/09 2:14pm
Msg #292348

yeah....I can't quite figure out was would

be accomplished by having the RTC signed early considering the wording and the disclosure requirements...

Reply by Linda_H/FL on 6/15/09 2:17pm
Msg #292349

woops...."what" would be accomplished...<G> n/m

Reply by ikando on 7/20/09 7:47am
Msg #296538

I've got one this morning that is a refi and no sigs on the TIL--no line, no nothing.

Also, the wife is only mentioned on the mortgage--no other docs.

Is this typical?

Reply by Namo on 7/20/09 1:18pm
Msg #296585

In LA, when only one spouse is on the note, other spouse signs the mortgage, TIL & recissions as "intervenor." In other words, not responsible for the mortgage, but still half-owner in the community.