InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 5 day rescission period is not necessary during NOD?? Posted by DARRYL-CA on January 18, 2004 at 7:32 AM In Reply to: Re: 5 day rescission period is not necessary during NOD?? posted by steve on January 18, 2004 at 0:39 AM : : : Hi Steve, you are correct.I miss understood the question.Thanks. : I don't believe you are correct, the 5 day recission period IS required, at least for California to which the original inquiry seemed to be referring to. : Read the California Civil Codes, links to which are provided on the site. It is a relatively easy read. : Protect yourself and don't take unconscionable advatange of distressed sellers. : Pertinent paragraphs include: : CALIFORNIA CIVIL CODE 1695.1. (b) "Residence in foreclosure" and "residential real property in : foreclosure" means residential real property consisting of one- to : four-family dwelling units, one of which the owner occupies as his or : her principal place of residence, and against which there is an : outstanding notice of default, recorded pursuant to Article 1 : (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of : Division 3. : CALIFORNIA CIVIL CODE 1695.3 (h). Every contract shall contain the entire agreement of the : parties and shall include the following terms: : "NOTICE REQUIRED BY CALIFORNIA LAW : Until your right to cancel this contract has ended, (Name) or : anyone working for __________(Name) CANNOT ask you to sign or have : you sign any deed or any other document." : The contract required by this section shall survive delivery of : any instrument of conveyance of the residence in foreclosure, and : shall have no effect on persons other than the parties to the : contract. : CALIFORNIA CIVIL CODE 1695.4. (a) In addition to any other right of rescission, the : equity seller has the right to cancel any contract with an equity : purchaser until midnight of the fifth business day following the day : on which the equity seller signs a contract that complies with this : chapter or until 8 a.m. on the day scheduled for the sale of the : property pursuant to a power of sale conferred in a deed of trust, : whichever occurs first. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : : Hi Steve, you are correct.I miss understood the question.Thanks. : : I don't believe you are correct, the 5 day recission period IS required, at least for California to which the original inquiry seemed to be referring to. : : Read the California Civil Codes, links to which are provided on the site. It is a relatively easy read. : : Protect yourself and don't take unconscionable advatange of distressed sellers. : : Pertinent paragraphs include: : : CALIFORNIA CIVIL CODE 1695.1. (b) "Residence in foreclosure" and "residential real property in : : foreclosure" means residential real property consisting of one- to : : four-family dwelling units, one of which the owner occupies as his or : : her principal place of residence, and against which there is an : : outstanding notice of default, recorded pursuant to Article 1 : : (commencing with Section 2920) of Chapter 2 of Title 14 of Part 4 of : : Division 3. : : CALIFORNIA CIVIL CODE 1695.3 (h). Every contract shall contain the entire agreement of the : : parties and shall include the following terms: : : "NOTICE REQUIRED BY CALIFORNIA LAW : : Until your right to cancel this contract has ended, (Name) or : : anyone working for __________(Name) CANNOT ask you to sign or have : : you sign any deed or any other document." : : The contract required by this section shall survive delivery of : : any instrument of conveyance of the residence in foreclosure, and : : shall have no effect on persons other than the parties to the : : contract. : : CALIFORNIA CIVIL CODE 1695.4. (a) In addition to any other right of rescission, the : : equity seller has the right to cancel any contract with an equity : : purchaser until midnight of the fifth business day following the day : : on which the equity seller signs a contract that complies with this : : chapter or until 8 a.m. on the day scheduled for the sale of the : : property pursuant to a power of sale conferred in a deed of trust, : : whichever occurs first. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2004, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455