| Re: Heloc
The attorney I work for claims there is a right of rescission on HELOC purchases. He used to be a title agent with Attorney's Title and said on all the 80/20 ARM loans, the HELOC had a 3 day right of rescission.....I asked him a few times and he swears there is one. I have spoken to or e-mailed so many different attorneys -- there is no general consensus, some say yes TILA applies, others no, say on purchase money mortgages TILA doesn't apply. However, several say the HELOC is considered a 2nd mortgage and it absolutely applies......?! |