In the case Rand Corp. v. Yer Song Moua, the homeowners (Yer Song Moua and Manisy Moua) obtained an adjustable refinance home loan from Rand Corp. in order to redeem their property from foreclosure. At the closing table, the Mouas were required to sign a) a notice of the statutory three-day rescission period, which was set to begin the same date of the signing, b) a document stating that the three-day rescission period had already elapsed and was waived by the homeowners, and c) a statement the homeowners were required to reproduce in their own handwriting to the effect that they were waiving the three-day rescission period in order to meet the deadlines of the foreclosure redemption period.

Several months after the refinance loan closed escrow, the homeowners stopped making payments on the loan and, a year after closing, attempted to rescind it.

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