Waiving Your Right to Rescind
Sometimes you may have a financial emergency and not be able to wait for the
creditor to slow the loan process by suspending action for three business days.
For example, you may need to borrow money quickly to have a damaged roof
or house foundation repaired.

The law allows you to waive your right of rescission if you have a "bona fide
personal financial emergency." This enables you to have the loan process
speeded up to meet the emergency situation. To avail yourself of this right, you
must give the creditor your own written statement (pre-printed forms are not
allowed) describing the emergency and clearly stating that you are waiving your
right to rescind. The statement must be dated and signed by you and anyone else
who shares in the ownership of the home.

Consider your decisions carefully: If you waive your right to rescind, you must go
ahead with the credit transaction.

Typical Situations With No Right of Rescission
The right of rescission does not apply in all cases where your home is used as
collateral for the loan. You do not have the right of rescission when:

• you apply for a loan to purchase or build your principal home;
  
  
• you consolidate or refinance with the same creditor a loan that is
  already secured by your home, and no additional funds are
  borrowed; or
  
  
• a state agency is the creditor for the loan.

Even in these cases, however, you may have cancellation or "cooling-off" rights
under state or local law.