The Right of Rescission falls under the Truth in Lending Act and its main purpose is to protect borrowers from unsafe lenders. The law allows consumers who are refinancing mortgages, home equity loans or home equity lines of credit to cancel their contract if they determine the transaction is not in their best interest. Consumers have up to 3 business days to reconsider their financial transaction.
Furthermore, the law requires that lenders make consumers aware of their right to rescind and provide them a way to do so upon their decision to cancel the contract. The Right of Rescission does not apply to the following: the purchase of a new home, refinancing with a current lender, a state agency mortgage, or a mortgage on a secondary property.
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