Recission Period

[Kwill88]

What is the name of your state? MI

Can a borrower request and be granted that the federally mandated recission period to be waived?

 

[HomeGuru]

What is the name of your state? MI

Can a borrower request and be granted that the federally mandated recission period to be waived?

**A: yes and no.

 

[JETX]

What is the name of your state? MI

Can a borrower request and be granted that the federally mandated recission period to be waived?

A borrower can certainly request it, but the lender is under no obligation (and would be a fool) to agree. Simply, there is nothing to benefit from their allowing it.... and potentially a lot of risk if the do (a purchaser later changing his/her mind, claiming improper procedures, etc.).

 

[HomeGuru]

Very good concise JETX response.

 

[amortgageman]

There are certain instances that COULD waive or modify the right of recission because of a bona fide emergency.

Refinancing to prevent forclosure would be one example of this, certain other bona fide emergencies could be included as well.

A letter must be submitted to the lender and approved by the lender. The consumer must prepare this letter, and lenders are prohibited from supplying a form letter to the consumer.

Of course it must be approved by the lender.