Posted by Larry/Ca on 9/26/06 10:09am
Msg #148523

Can the note be oversigned

a signing late last night, i didn't get a chance to go through the docs before the signing. on the note had the borrower sign name as printed on the signature line. i then noticed that a line to the right of the signature line said under it john smith is trustee for the smith family trust. i had him sign above that line john smith, as trustee. there are now two signatures on the note. is this o.k.? since just the name was printed below the signature line i still don't know if he needed to sign "as trustee".

Reply by MaggieMae_CA on 9/26/06 10:15am
Msg #148525

Usually there will be a mention of this in the closing instructions and someone from title brings it to my attention prior to signing.

I've done it both ways. In most cases, it's been the DOT/Mortgage that is signed twice (individual and as trustee). The Note usually has been signed once where the borrower is accepting personal responsibility, no trustee.

When I worked for attorneys in NJ, my boss said there was no need to sign the note as an individual and as trustee. But I guess it depends on each individual lender.

Reply by Bob_Chicago on 9/26/06 10:25am
Msg #148527

Trust is probably the title holder of the PIQ. Having.....

the trustee sign the note ties in the maker of the note to the title
holder of the property, as is reqd by some lenders/TCs.
Having John sign the note personally also, makes him liable on
the note in his capacity as a warm body.
You can rarely get into much trouble, having them sign dox where, and
as their names are typed in.