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Waiver of Right of Recession

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This affidavit is a written statement, made under oath by a borrower to waive his or her right to rescind a certain loan agreement. Under most state laws, borrowers are given the right of rescission which allows them to back out of certain loans within a certain time frame without losing money. The laws were enacted as a means of protection for borrowers. This affidavit is used when the borrower wishes to waive the right of rescission due to an emergency in order to receive the money immediately.

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