Answer:
No. There is no money being disbursed or an additional security interest being taken.
First published on BankersOnline.com 4/28/08
ROR Needed When Changing a Rate on Note?
Answered by:
Question:
Do we need a right of rescission disclosure when we are just changing the rate on the note? We do have first on the property. The purpose of the loan was to reimburse the borrower for home construction costs paid out of pocket.
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