Posted on: 02nd Dec, 2008 02:33 pm
I've started refinancing my primary home loan and a second loan. The approval for the loan has gone through and the lender wants to do closing. I decided that this is not a good deal for me and want to backup. I understand that I will lose my deposit, but will I be responsible for anything else. Do I have to do a right of recission process or can I just tell them that I don't want to close?
Hi gmm,
The rescission period begins the day after you have signed the loan documents and ends three business days later, including Saturdays, but not Sundays or holidays. But as far as I can understand from your question, you haven't signed the loan docs yet. In that case, I think you should once inform the lender that you are not accepting the plan.
Thanks
The rescission period begins the day after you have signed the loan documents and ends three business days later, including Saturdays, but not Sundays or holidays. But as far as I can understand from your question, you haven't signed the loan docs yet. In that case, I think you should once inform the lender that you are not accepting the plan.
Thanks
gmm...i am not sure what "deposit" you're citing. do you mean the appraisal/application fee, or something like that?
if your main desire is to retrieve funds you've spent, the only way you can do that is to close on the loan, exercise your rescission rights within the 3 days and request a refund.
if your main desire is to retrieve funds you've spent, the only way you can do that is to close on the loan, exercise your rescission rights within the 3 days and request a refund.
