Posted by Judy Brown on 10/4/05 9:14pm
Msg #68885

Deed of Trust

What does it mean when only one borrower is named on the Deed of Trust and there are tow borrowers on the note and all other documents?

Reply by Art_MD on 10/4/05 9:28pm
Msg #68888

The property is owned by the one person on the DOT.
The 2 people are promising to pay the mortgage. This sounds like 1 of 2 things:
1. A test question or
2. The property owner doesn't have sufficient income to cover the mortgage payment on his/her own.


Art

Reply by Judy Brown on 10/4/05 9:55pm
Msg #68893

Thanks. You are right--it is a test question on a questionnaire from Professional Settlements.

Reply by Anonymous on 10/4/05 9:33pm
Msg #68891

This is really an unusual situation. Typically, you may find 2 people on the deed, but one on the note. As Art stated, your situation seems to be that the other indiv. on the note is co-signing.

Reply by Anonymous on 10/4/05 10:21pm
Msg #68896

Co-signer, i.e., Mom helping the kid out when his credit's not so good.