Answer:
If you are issuing a new loan to a consumer to pay off credit card debt, and this new loan is going to be secured by the consumer's principal dwelling, then yes, rescission applies.
First published on BankersOnline.com 7/13/09
Home Equity Loan & Right of Rescission
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Question:
Does ROR apply to a loan for the purpose of paying off credit card debt? We have an existing future advance deed of trust already in place at the borrower's primary residence that we will be using to secure the loan.
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