(a) If a foreclosure reconveyance is included in a foreclosure consulting contract or arranged after the execution of a foreclosure consulting contract, the foreclosure purchaser shall provide the homeowner with a document entitled “NOTICE OF TRANSFER OF DEED OR TITLE”.
(b) The “Notice of Transfer of Deed or Title” shall:
(1) Contain the entire agreement of the parties;
(2) Be printed in at least 12-point type;
(3) Be dated and personally signed, with each page being initialed by both the homeowner of the residence in foreclosure and the foreclosure purchaser and witnessed and acknowledged by a notary public in the presence of the homeowner at the time the contract is signed by the homeowner;
(4) Describe in detail the terms of any foreclosure reconveyance including:
a. The name, business address, telephone number, and facsimile number of the person to whom the deed or title will be transferred;
b. The address of the residence in foreclosure;
c. The total consideration to be given by the foreclosure purchaser, the foreclosure consultant, and any other party as a result of the transfer;
d. The time at which title is to be transferred to the foreclosure purchaser and the terms of any conveyance;
e. Any financial or legal obligations that the homeowner may remain subject to, including a description of any mortgages, liens, or other obligations that will remain in place;
f. A description of any services of any nature that the foreclosure purchaser will perform for the homeowner before or after the sale or transfer;
g. A complete description of the terms of any related agreement designed to allow the homeowner to remain in the home, including the terms of any rental agreement, repurchase agreement, contract for deed, land installment contract, or option to buy, and any provisions for eviction or removal of the homeowner in the case of late payment; and
h. How any repurchase price or fee associated with any transfer of title or deed back to the homeowner will be calculated; and
(5) Contain the following statement printed in at least 14-point bold-face type and located in immediate proximity to the space reserved for the homeowner's signature:
If you change your mind about transferring ownership of your property, you, the homeowner, may cancel or rescind the transfer of the deed or title to your property at any time before midnight of the third business day that begins the day after you sign the deed or title.
To rescind this transaction, mail or deliver a signed and dated copy of the Notice of Rescission provided, or any other written notice indicating your intent to rescind, to [name of foreclosure purchaser] at [address of foreclosure purchaser].
THIS IS AN IMPORTANT LEGAL CONTRACT AND COULD RESULT IN THE LOSS OF YOUR HOME. CONTACT AN ATTORNEY FOR LEGAL ADVICE OR A HOUSING COUNSELOR APPROVED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR OTHER OPTIONS WITH YOUR LENDER BEFORE SIGNING.
(c) If a foreclosure reconveyance is included in a foreclosure consulting contract or arranged after the execution of a foreclosure consulting contract, the foreclosure purchaser shall provide the homeowner with a document entitled “NOTICE OF RIGHT TO RESCIND TRANSFER OF DEED OR TITLE” which shall:
(1) Be on a separate sheet of paper attached to the Notice of Transfer of Deed or Title;
(2) Be easily detachable; and
(3) Contain the following statement printed in at least 14-point type:
NOTICE OF RIGHT TO RESCIND TRANSFER OF DEED OR TITLE
[Date]
You may cancel or rescind the transfer of ownership of your property through the transfer of a deed or title before midnight of the third business day that begins the day after you sign the deed or title.
To rescind or cancel this transaction, mail or deliver a signed and dated copy of the Notice of Rescission, or any other written notice expressing a similar intent to [name of foreclosure purchaser] at [address of foreclosure purchaser].
THIS IS AN IMPORTANT LEGAL CONTRACT AND COULD RESULT IN THE LOSS OF YOUR HOME. CONTACT AN ATTORNEY FOR LEGAL ADVICE OR A HOUSING COUNSELOR APPROVED BY THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR OTHER OPTIONS WITH YOUR LENDER BEFORE SIGNING.
NOTICE OF RESCISSION
To:
____[Address of foreclosure purchaser]
________________________________
I hereby rescind the transfer of deed or title to my property. Please return all executed documents to me.
________________________________
[Signature date] ________________________________________________________________ [Homeowner's signature]
________________________________
(d) The foreclosure purchaser shall provide the homeowner with a copy of the Notice of Right to Rescind Transfer of Deed or Title immediately on execution of any document that includes a foreclosure reconveyance.
(e) The time during which the homeowner may rescind the contract or transfer does not begin to run until the foreclosure purchaser has complied with this section.
(f) A foreclosure reconveyance may not be carried out using a power of attorney from the homeowner.
(g) A notice of rescission need not take the particular form specified in this subchapter or any form contained in any agreement with the foreclosure consultant or foreclosure purchaser and is effective, however expressed, if it indicates the intention of the homeowner to rescind the foreclosure reconveyance agreement.
(h) The right to rescind may not be conditioned on the repayment of any funds.
(i) Within 10 days after receipt of a notice of rescission, the foreclosure purchaser shall return, without condition, any original deed, title, contract, and any other document signed by the homeowner.
(j) During the 3-day rescission period, a deed or other document affecting title to the homeowner's residence in foreclosure may not be recorded.