Under what circumstances would a home equity loan NOT be subject to the right of rescission under TILA?
Correct Answer
B) When the property securing the loan is an investment property
The right of rescission under TILA Section 125 only applies to loans secured by the borrower's principal residence. Investment properties and second homes are not subject to the rescission right.
Why This Is the Correct Answer
The right of rescission under TILA Section 125 only applies to loans secured by the borrower's principal residence. Investment properties and second homes are not subject to the rescission right.
More Mortgage Knowledge Questions
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