YOUR RIGHT OF RESCISSION
November 27th, 2007Right of Rescission/Right to Cancel
The Right to Cancel or the Right of Rescission is a right given to borrowers within Regulation Z of the Truth in Lending Act. Sometimes known as a “cooling off period,” the right of rescission gives borrowers of certain types of loans three business days (in some cases three years) to cancel the loan and to receive a full refund on any money they’ve already paid up front. It’s an extremely important right, and one that every borrower should be aware of in advance of signing loan papers. Homeowners may recoup the Right of Rescission at any time if the loan is fraudulent. There is no statute of limitations on fraud. See complete report at http://right-of-rescission.com/default.aspx
