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Re: What if. . .
Posted by  ReneeK_MI of MI on 5/20/06 5:25am Msg #121228
The rescission period wouldn't begin until the effective date of the Security Instrument, regardless of the date signed/delivered being PRIOR to that. TILA stipulates that it be the LATTER. The Effective date would kick in the actual "occurance ... that gives rise to the right of recsission...", which kicks in the rescission.

The Settlement date and the Effective date and the date the rescission begins would all be the same date, in this situation.

Again, I would strongly suggest that anyone facing date issues that don't seem 'okay' to them to obtain directives from the appropriate source. I would never suggest anyone alter ANY date on ANY document w/out a directive. I did hope to elliminate the frequent assumptions I see where folks equate dating in the future as some kind of fraud attempt, or as "wrong" or "illegal", and the often posted idea that a document with a future effective date "doesn't exist".

One very common scenario is when you have two or more borrowers in different states (or not local to each other), on the same loan. Another situation is when seller/buyer are in different states (or just not local to each other). Or, as has been posted, when docs are just prepared sufficiently in advance, to accomodate signing convenient to borrower.

Marlene - I was not aware of the USNA's stance on this, but would like to know more about the why's behind it? It is a complicated issue, to be sure, and not one that a loan signer should (or I hope would) take on themselves. The dates involve not only the rescission period, but the terms of the loan - interest adjustment in particular. A loan that disburses on a date conflicting with the stated date would have ... problems. All the dates tie together.

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Messages in this Thread
 Signing took place before date on DOT and Note -  SamIam_CA on 5/18/06 11:16pm
 You need go back and do the resign - GF_CA on 5/18/06 11:28pm
 Re: Signing took place before date on DOT and Note - Anonymous from 24.4.97.159 on 5/18/06 11:31pm
 Re: Signing took place before date on DOT and Note -  SamIam_CA on 5/19/06 12:08am
 Re: Signing took place before date on DOT and Note -  BarbaraL_CA on 5/19/06 12:56am
 Re: Signing took place before date on DOT and Note - JanetK_CA on 5/19/06 2:23am
 Re: Signing took place before date on DOT and Note -  ReneeK_MI on 5/19/06 4:56am
 Re: Signing took place before date on DOT and Note - SamIam_CA on 5/19/06 10:06am
 Re: What if. . . - Marlene/USNA on 5/19/06 10:31am
 Re: What if. . . -  ReneeK_MI on 5/20/06 5:25am
 Correction to above post -  ReneeK_MI on 5/20/06 5:33am
 Re: Signing took place before date on DOT and Note - Dee_Fla on 5/19/06 6:52am
 Sam, you did nothing illegal. -  MistarellaFL on 5/19/06 7:38am
 Re: Sam, you did nothing illegal. - GF_CA on 5/19/06 9:04am
 Re: Sam, you did nothing illegal. - Calnotary on 5/19/06 9:44am
 Re: Sam, you did nothing illegal. - GF_CA on 5/19/06 10:31am
 Re: GF_CA, could you give us more information, please? - Marlene/USNA on 5/19/06 10:37am
 Re: GF_CA, could you give us more information, please? - GF_CA on 5/19/06 12:02pm
 Re: GF_CA -  ReneeK_MI on 5/20/06 5:48am
 Re: Signing took place before date on DOT and Note - NCLisa on 5/19/06 10:44am
 Re: Signing took place before date on DOT and Note - SamIam_CA on 5/19/06 8:25pm
 I guess I was right! you should charge your full fee :) n/m - GF_CA on 5/19/06 11:13pm



 
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