Right of rescission?
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John and Martha obtain a home equity loan from a finance company and pledge their personal residence as collateral. After the closing, on the way home, John decides that the home equity loan was "probably not the best idea," but Martha is adamant that they must go through with the loan. Which of the following statements best describes John's right's?
Right of rescission?B. John may rescind the entire loan by himself by returning the right of rescission form to the lender within 3 business days.
Right of rescission?Honey, if you are trying to get your homework done on here...which it looks like you are...you need to LOOK THESE UP in your textbook b/c you can't cheat on the state boards.
The correct answer is A...because if there are two people on the HELOC, then two people must sign the ROR.
Right of rescission?B.
A loan is a contract if any of the parties rescind the deal is broken.
I've had a deal fall apart like this. The married couple signed. He found out she was cheating that same night. He camped out in the title/escrow companies parking lot. The minute they opened the doors he handed them the rescission document. Deal over.
Right of rescission?This is a state question.
The laws about right of rescission are state laws. But if there is a rights of rescission and John fills everything out correctly and gets it in in time I bet the loan does not fund. I bet the deal dies, the same as it would have if he had refused to sign in the first place.
Right of rescission?Mary wrong as usual. It takes BOTH signatures to close and both in agreement. If one rescinds, the deal is off, the answer is B.
Right of rescission?B
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