NOTICE OF
RIGHT TO CANCEL 1. Your Right to Cancel
You have agreed to increase the amount of the [mortgage/lien/security
interest] [on/in] your home that we hold as security for your open-end
credit account. You have a legal right under federal law to cancel
the increase, without cost, within three business days after the latest
of the following events:
(1)
the date of the increase in the security which is
; or(2)
the
date you received your Truth-in-Lending disclosures; or
(3)
the date you received this notice of your right to cancel the increase
in the security.
If you cancel the increase in the security, your cancellation
will apply only to the increase in the amount of the [mortgage/lien/security
interest]. It will not affect the amount you presently owe on your
account, and it will not affect the [mortgage/lien/
security
interest] we already have [on/in] your home. Within 20 calendar days
after we receive your notice of cancellation, we must take the necessary
steps to reflect the fact that any increase in the [mortgage/lien/
security interest] [on/in] your home has been cancelled. We must also
return to you any money or property you have given to us or to anyone
else in connection with this increase.
You may keep any money or property we have given you until
we have done the things mentioned above, but you must then offer to
return the money or property. If it is impractical or unfair for you
to return the property, you must offer its reasonable value. You may
offer to return the property at your home or at the location of the
property. Money must be returned to the address shown below. If we
do not take possession of the money or property within 20 calendar
days of your offer, you may keep it without further obligation.
2. How to Cancel
If you decide to cancel the increase in security, you
may do so by notifying us, in writing, at
(creditor’s name and business address).
You may use any written statement that is signed
and dated by you and states your intention to cancel, or you may use
this notice by dating and signing below. Keep one copy of this notice
no matter how you notify us because it contains important information
about your rights.
If you cancel by mail or telegram, you must send the notice
no later than midnight of
(date)
(or midnight of the third business
day following the latest of the three events listed above). If you
send or deliver your written notice to cancel some other way, it must
be delivered to the above address no later than that time.
I WISH TO CANCEL.
Consumer’s Signature Date
