What does rescission mean?

When a borrower decides to rescind the loan agreement, he or she has the right to return the loan proceeds to the lender, in the same condition as they were at the time the loan was made. The terms of a loan agreement can vary depending on how the lender provided the money. For example, a federally insured bank is required to return money that it advanced to the borrower, after deducting the costs of the loan including interest accrued during the time the money was held.

What does rescind mean in Latin?

In Latin, the word “ rescindere means to take away. When you rescind a loan agreement, you terminate the contract and return all payments made to the lender up to that point. The term “rescind” is often used when you want to get your money back after discovering that the loan you signed up for is much more expensive than you initially thought. If you discover that you were the victim of fraud, you can also file a claim to have your

What does rescission mean in English?

When a consumer is making a legally binding contract with a lender, they have a certain number of days to cancel the agreement. This is known as the cooling-off period. If the consumer does not cancel the agreement within this time frame, they are legally bound to the terms of the loan. If the consumer wishes to rescind the loan, this is known as the cancellation of a loan.

What does rescind mean in colloquial English?

It means to cancel or revoke an agreement. In the context of a home purchase or mortgage loan, canceling or voiding the sale or loan is the most common remedy available to the buyer or lender. Under the legal term “rescission,” the buyer is legally entitled to have the transaction unwind and return the parties to the status quo as it was before the sale.

What does rescind mean in the law?

At its simplest, the term “rescission” refers to the process of voiding or nullifying a contract. In the context of a consumer credit contract, this usually means returning the lender’s money and voiding the legally binding agreement. This can happen if the consumer discovers that the lender fraudulently misrepresented important details about the loan or the terms of repayment.