Legal Question in Real Estate Law in California

3 day right to cancel

i signed a loan on the 8th of the month. i was then called and asked to sign the hud 1 on the 15th. this is after my right to cancel. and the fees and payments had adjusted. doest this violate my federal disclosure rights. does this give me the right to cancel the loan for the next 3 years. they decieved me and made the cancelation and adjustment impossible.


Asked on 12/09/08, 12:15 am

1 Answer from Attorneys
David Gibbs The Gibbs Law Firm, APC

Re: 3 day right to cancel

I'm not sure where you get "right to cancel the loan for the next 3 years" - the new HUD-1 probably gave you a new three-day right of recission starting on the date you signed it, but it doesn't necessarily give you an open-ended right to cancel a loan already funded and closed. You should contact a local attorney who does forensic mortgage audits - the modified HUD-1 may open the door to RESPA & TILA violations which might be the basis for modification or reduction of the loan.

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Answered on 12/09/08, 12:27 pm


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