Posted by 101livescan on 11/9/12 8:28am
Msg #442732

Last Word about Rescission from Title Company

Monday, Novembrer 12, is a legal Federal holiday. The Post Office will be closedm as well as banks. Hence, a borrower with a three-day rescission period would not be able to cancel if they decided to because mail would not be handled on that day.

The rule at this national title company is that Monday is NOT counted as a rescission day.

Reply by Teresa/FL on 11/9/12 8:36am
Msg #442734

Bottom line: Check with the TC for your transaction

if the dates are not already printed on the RTC. They will tell you whether to count Monday or not.

It is dangerous to assume based on one particular TC's instructions. I have seen it both ways.

Reply by Jennifer Jackson on 11/9/12 8:38am
Msg #442735

Re: Bottom line: Check with the TC for your transaction

I have too! Some T/C's have a different way of dealing with holidays (why, I don't know)

Reply by 101livescan on 11/9/12 8:40am
Msg #442736

Re: Bottom line: Check with the TC for your transaction

I know, I've seen it both ways too. It does make sense, doesn't it, if mail isn't being handled on this day, the exercising of rescission via USPS is not going to be postmarked on this day, hence the cancellation could not be effected.

Reply by Linda Juenger on 11/9/12 8:57am
Msg #442737

I have a Citi loan today that RTC ends Tu 13th. They are

not counting Monday.

Reply by Shoshana/AZ on 11/9/12 9:15am
Msg #442741

Today is friday. If it closes on Tuesday that's only

2 business days!

Reply by Linda Juenger on 11/9/12 9:46am
Msg #442749

Correction. They ARE counting Mon on the Citi. Sorry n/m

Reply by Linda_H/FL on 11/9/12 9:05am
Msg #442738

But with fax and internet these days, USPS is not

the go-to drop dead carrier any longer - there are options to cancel regardless of USPS schedule.

Reply by 101livescan on 11/9/12 9:15am
Msg #442740

Re: But with fax and internet these days, USPS is not

Not all lenders offer a fax or email...of course, if a borrower wants to cancel, all he really has to do is call his LO, who will back peddle like crazy to save the deal.

The only RTC exercise I've seen lately is when interest rates went down even more and the borrower paid to redraw docs for lower rate and/or loan amount.

Not like the subprime days some people had the good sense to cancel their loans just in the nick of time.

Reply by Shoshana/AZ on 11/9/12 11:22am
Msg #442765

I just got one where they are also counting Monday. n/m

Reply by James Powell on 11/12/12 7:34am
Msg #443041

Re: But with fax and internet these days, USPS is not

However, fax and internet may not be effective.

"The consumer must place the rescission notice in the mail, file it for telegraphic transmission, or deliver it to the creditor's place of business within that period in order to exercise the right. " [Section 226.23, Paragraph 23(a)(3)]

"The creditor may designate an agent to receive the notification so long as the agent's name and address appear on the notice provided to the consumer under § 226.23(b). Where the creditor fails to provide the consumer with a designated address for sending the notification of rescission, delivering notification to the person or address to which the consumer has been directed to send, payments constitutes delivery to the creditor or assignee. State law determines whether delivery of the notification to a third party other than the person to whom payments are made is delivery to the creditor or assignee, in the case where the creditor fails to designate an address for sending the notification of rescission." [Section 226.23, Paragraph 23(a)(2)]

http://www.fdic.gov/regulations/laws/rules/6500-2380.html

Can't expect the law to stay abreast of current capabilities!

Reply by doglover/CA on 11/9/12 5:00pm
Msg #442808

LSI informed me that they are not counting Monday as a rescission day.