Posted by carl on February 24, 2000 at 20:53:00:
you’re right, i got my wires crossed, thanks everyone for the responses. btw, i getting ready to do one, just tying to give myself a heart attack.
3 day grace period to recind mort. & impact on simultaneous closings - Posted by carl
Posted by carl on February 24, 2000 at 13:47:24:
Hello, I just have a question about simultaneous closings. Anyone who has been to a closing is aware of the 3 day period to recind the mortgage. What happens if one party does this during a double closing? Any thought, comments?
Re: 3 day grace period to recind mort. & impact on simultaneous closings - Posted by Judy Miller - American Note
Posted by Judy Miller - American Note on February 24, 2000 at 19:33:44:
Everyone’s “final answer” is correct! There is no rescission period for the direct purchase of a property. That’s why people move into their new homes the moment they close escrow on a purchase. They don’t get to change their minds once they see all the rats and mice and other vermin they never saw prior to the closing! (Just kidding. I’m referring to MY new purchase and the infestation of ANTS I’ve discovered…gives me the chills.)
So on Simu-closes, what is done is done, and the paper that is sold, which is not refi paper, is not rescindable.
Best Wishes, Judy Miller, President
Re: 3 day grace period “refinance’s only” - Posted by Shawn
Posted by Shawn on February 24, 2000 at 19:07:11:
Their is no grace period on a purchase. Everyone getting a check will recieve it at closing. So their is nothing to worry about after all the paper work is signed.
Re: 3 day grace period to recind mort. & impact on simultaneous closings - Posted by Hugh James
Posted by Hugh James on February 24, 2000 at 16:19:30:
My understanding is that: 1) Only applies to owner occupied residence and 2) Applies only to refinance, not purchase.