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We have a borrower refinancing a 1st and 2nd mortgage (with our institution), with no new funds being disbursed. There were 2 names on the original loan, but due to a divorce, there will now only be 1. The borrower resides in the dwelling. Would rescission apply? Thanks!
It sounds like the loan may be for the borrower to buy out the ex-spouse’s interest in the property. If so, it would be rescindable. See comment 1026.2(a)(24)-5
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