Answer:
The provisions of Reg. Z do not apply to loans made to non-natural persons. If the loan is made to the LLC the rescission rules will not apply.
First published on BankersOnline.com 1/30/06
LLC Client Doing a HELOC on Personal Residence
Answered by:
Question:
I have a LLC client who wants to do a HELOC on his personal residence and put it under the LLC. The proceeds are being used for home improvements on a different house he is buying. Do we need to have the right of rescission and HUD-1 forms?
print
share