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In the seminar last week, Jack said that a residential mortgage transaction (to buy or build a principal dwelling) was not subject to the three day right of rescission. I am in Texas, and my “people” are saying that’s not true. If a borrower owns the land and that is the only land he owns, it is considered his homestead and to borrow against it to construct a home would be borrowing against his homestead, therefore requiring the three day right of rescission. Who is correct?
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