Legal Question in Real Estate Law in Virginia

How long do I have to cancel a mortgage contract.

How long do I have to cancel a mortgage contract and what is the point when you start timing that? IE: When the bower receives the checks? The problem is we signed a contract for a mortgage on 8/19 did not received the checks till 8/25 (by FED X) and they don�t match up with what we agreed to and now the mortgage company says that we had three (3) days from the signing of the contract to cancel the mortgage. We sent them notice that we wanted to cancel on 8/26.


Asked on 8/28/99, 2:43 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: How long do I have to cancel a mortgage contract.

You have three days after settlement if it was a refinance. The check should match what was shown on the HUD-1 at settlement. If not, you are entitled to what was on the HUD-1. With refinances, checks are generally not cut until the 3-day rescission period expires.

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Answered on 8/30/99, 6:06 pm


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