Legal Question in Business Law in Iowa
getting out of a contract
Do I have 3 business days to change my mind after signing a contract to refinance my house loan? We signed the papers Thursday before New Year's weekend so tomorrow will be the 3rd business day. Your prompt attention is appreciated.
1 Answer from Attorneys
Re: getting out of a contract
You have the right to rescind a refinance contract on your principal dwelling under the Federal Truth in Lending Act (TILA) until midnight of the third business day after the agreement was signed. You must notify the creditor by mail, telegram or other means of communication.
The three day rule applies to consummation of the transaction, delivery of the notice of the right to rescind (which your lender should have provided to you) or delivery of all material disclosures, whichever occurs last.
The lender should have provided you a form for rescission.
The right to rescind applies to a security interest in the consumer's principal dwelling, however. If you refinanced a rental or commercial property it does not apply
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