Posted by HisHughness on 8/1/04 8:17pm
Msg #5333

Query

What does it mean when only one borrower is named on the DOT and two borrowers are named on the note and all other documents?

Reply by Bob-Chicago on 8/1/04 9:02pm
Msg #5335

Either there is only one party in title if spouses in a non-sspousal state and the other is a co-signer, or more proably some one screwed up the DOT and both names are suopposed to be there, Never seen this situation befoe, better check with appropriate party at title co/lender

Reply by HisHughness on 8/2/04 12:58am
Msg #5341

Bob answered the question about the circumstances under which only one borrower was on the DOT but two borrowers were on all the other documents thusly:

***Either there is only one party in title if spouses in a non-sspousal state and the other is a co-signer, or more proably some one screwed up the DOT and both names are suopposed to be there, Never seen this situation befoe, better check with appropriate party at title co/lender***

No mention was made of spouses. Best I can tell, this can happen under two scenarios. You named one. The other would be a gift by one non-spouse to another non-spouse. Anybody else got any ideas?

Reply by PAW Notary Services on 8/2/04 7:42am
Msg #5343

Another situation, which even happens in spousal states, such FL, is that the homeowner/borrower doesn't have sufficient credit for the refinance (or purchase) and needs a co-borrower. I have had a couple where there has been a distant family member (meaning, not living in the area), such as a brother or father, that has **co-signed** the loan, making them financially responsible for the indebtedness, but does not have an interest in the property.

So, the short answer to this is "co-borrower", as another possibility.

Reply by A Notary on 8/2/04 9:22am
Msg #5348

Question - What does it mean when only one borrower is named on the DOT and two borrowers are named on the note and all other documents?

Answer - It could mean that only one borrower has an interest in the property being mortgaged. Example, suppose Tom and John are unrelated. John owns the home but Tom does not. John and Tom wish to borrow $100,000 for whatever reason. John and Tom could sign the note. However, only the homeowner (John) would sign the mortgage.

Answer - Could be a mistake. Check with your client.

There could be more reasons.