MortgageMarvel
Posts 38
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Unfortunately, your question is difficult to answer without more details about the specific documents and circumstances. The Right of Rescission is part of the Truth In Lending Act. It allows borrowers to cancel a refinance or home equity transaction on their primary residence within 3 business days of the date on which the closing documents are signed. This law was designed to protect consumers from getting bound by a transaction that is not in their best interest. On a loan that is subject to the Right of Rescission, the lender will close the transaction and then disburse the proceeds on the third business day after the documents are signed, provided the borrower does not rescind.
Without knowing the specifics of your transaction and the nature of the document that the lender is asking you to sign, we cannot definitively answer if the lender is within their rights or not. We would recommend that you consult an attorney if you feel that the lender is not acting in good faith.
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