Docstoc

Waiver of Right of Recession

Document Sample
Waiver of Right of Recession Powered By Docstoc
					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.
  AFFIDAVIT AND WAIVER OF RIGHT OF RESCISSION

STATE OF ____________)

                          ) S.S.:

COUNTY OF __________)
[Instruction: Insert applicable state and county where affidavit being signed.]

_____ [Instruction: Insert name of person signing affidavit.] being duly sworn
according to law deposes and says:

I/We, [Instruction: Choose proper pronoun.] as owner of the property located at _____
[Instruction: Insert property address.] and residing therein (the "Residence"), being
first duly sworn, hereby depose and declare that:

I/We [Instruction: Choose proper pronoun.] have entered into a Loan Agreement on
______________, 20__ [Instruction: Choose loan date.] with _____ [Instruction:
Insert Lender name.] (the "Lender") in an amount of $_______________ [Instruction:
Insert principal loan amount.] which may result in a lien, mortgage, or other security
interest on our residence.

I/We [Instruction: Choose proper pronoun.] are the sole owners of the Residence and
have full rights, title and interest in and to the Residence and to mortgage, pledge,
hypothecate or otherwise encumber the Residence.

Under penalty of perjury we do hereby waive our right to rescind the said Loan
Agreement for the following reasons:

[Mention reasons for termination]

The extension of credit is needed to meet a bonafide personal financial emergency,
whereby a delay of three (3) business days in performance of Lender's obligation under
this transaction will jeopardize our financial welfare and financially endanger us and our
residence.

Therefore, I/We hereby waive our right of rescission on this _______day of
___________, 20__.



_____________________________




© Copyright 2011 Docstoc Inc.                                                           2
Signatures witnessed by:


____________________________




                                  ATTESTATION


State of _____________________

County of ___________________


This instrument was SWORN to and subscribed before me, this the ____ day of
_____________, 20____.


___________________________

       Notary Public

My Commission Expires: ________


(SEAL)


[Comment: Be sure when you print out your final copy that the signature page also
contains at least a portion of the affidavit text.]




© Copyright 2011 Docstoc Inc.                                                       3

				
DOCUMENT INFO
Description: 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.