Posted on: 02nd Apr, 2010 05:43 pm
I signed closing docs and during the process discovered that the credit union where I secured the loand made a mistake on the payment of $165. They told me my payment would be $1141 and when I got to the closing table it was $1300. We closed on 3/31/10 and this is two days later. What are my rights to recind this transaction and what is the responsibility of the credit union?
Please answer my question...Thank You
You should first contact the credit union and clarify the issue. If there was an unintentional mistake on the part of the credit union, then they may rectify it and give you the corrected loan docs. As two business days have already passed, you won't be able to rescind the loan. You should have a word with an attorney and take his opinion in this regard.
if this was a purchase transaction, you don't have rescission rights. if it was a refinance, there is a 3-business day period during which you can cancel. what was the difference? did they miscalculate escrows? was it the interest rate that was quoted incorrectly? had you locked in? there are too many questions on our end to give you a firm, decisive answer, i think. that's a lot of difference, $165. what was their explanation?
