Posted on: 15th Dec, 2005 01:13 am
In contract law, rescission implies that a contract between different parties is cancelled. This brings the parties to the same position as they were before they signed the contract. This provides an equitable remedy and depends upon the discretion of the parties.
The court may not rescind a contract if one party has asserted the contract or a third party has acquired some rights. It may also not rescind the contract if there is substantial performance in carrying out the contract.
Often there are errors in the disclosures for loan amount, APR, points, total payment, and the payment schedule. In such a case, any notice of recession becomes ineffective. So you will have to provide new disclosures and a new rescission period. There can also be no recession if the loan is meant for owner financing.
The lender has the responsibility to provide rescission dates in the loan closing package and advise the customer on his rights. He will be the best person to guide the customer on the matter of rescission.
The court may not rescind a contract if one party has asserted the contract or a third party has acquired some rights. It may also not rescind the contract if there is substantial performance in carrying out the contract.
Often there are errors in the disclosures for loan amount, APR, points, total payment, and the payment schedule. In such a case, any notice of recession becomes ineffective. So you will have to provide new disclosures and a new rescission period. There can also be no recession if the loan is meant for owner financing.
The lender has the responsibility to provide rescission dates in the loan closing package and advise the customer on his rights. He will be the best person to guide the customer on the matter of rescission.
What about if bank foreclouse on house and after 7 months return to house to owner by deed of recission and the house was on maket to sell for 6 months and the bank cancels the contract with real etate company before returning the house to owner can they forclouse on house again or they trutees have legal right to foreclouse again or not. What action should I take.Thanks
Hi reza!
Welcome to forums!
If they do not get the payments on time, then there are chances that the lender can again foreclose the property. However, it will be better if you have a word with your lender before taking over the property again and clarify the whole issue.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If they do not get the payments on time, then there are chances that the lender can again foreclose the property. However, it will be better if you have a word with your lender before taking over the property again and clarify the whole issue.
Feel free to ask if you've further queries.
Sussane
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