Right Of Rescission
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The Right of Rescission is a powerful consumer protection provided under TILA, allowing borrowers to cancel certain mortgage loans within a specific timeframe. Exercising this right requires timely and written communication with the lender. Understanding and utilizing this right can help borrowers avoid undesirable loan terms and make more informed financial decisions.This right is most commonly associated with home equity loans, home equity lines of credit (HELOCs), and refinances of mortgages. The Right of Rescission does not apply to the purchase of a new home or loans secured by the same home that is being refinanced by the same lender.
Key aspects of the Right of Rescission include:
- Notice Requirement: Lenders must provide borrowers with two copies of a notice explaining their right to rescind, as well as a copy of the disclosure statement.
- Three-Day Period: The rescission period lasts three business days, starting from the later of three events: the date the credit transaction is completed, the date the borrower receives the Truth in Lending disclosure, or the date the borrower receives the rescission notice.
- Exercising the Right: Borrowers can exercise their right to rescind by notifying the lender in writing within the three-day period. This can be done via mail, telegram, or other means of written communication.
- Effects of Rescission: If a borrower rescinds the loan, the lender must return any fees paid by the borrower and release any security interest in the property. The borrower, in turn, must return the loan proceeds.
- The Right of Rescission is intended to give borrowers a cooling-off period to reconsider their decision and ensure they understand the terms of the loan. It is governed by the Truth in Lending Act (TILA), specifically under Regulation Z.
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