Posted by nancykay_mo on 6/5/08 8:42am
Msg #250080

need help

I am having a brain confusion can't answer simple question for some reason brain isn't functioning today so please bear with me. What does it mean when there are 2 borrowers on everything but the dot? I am not a newbie but just short on sleep this week.

Reply by BrendaTx on 6/5/08 9:46am
Msg #250087

Nancy, the only time I have seen this question is on a test.

And a silly test at that, IMHO.

Not only do I not know the answer, I couldn't care less about the question.

If I run into something that throws up a red flag I call somebody and ask a question.

However, if you have a real life reason this is happening, I'd be interested in knowing the situation you have encountered!

Reply by JohnnyB on 6/5/08 9:50am
Msg #250089

Could mean, two borrowers on the loan, but only one on title

Reply by MW/VA on 6/5/08 11:39am
Msg #250127

I would think it means there is a co-signer on the loan (who would do that without being on title is beyond me).

Reply by PAW on 6/5/08 12:46pm
Msg #250144

Actually, I've run into this more times that I would have expected. The situation is a son/daughter buying their first house. Mom and Dad chip in for financing support since the child doesn't have enough credit established to buy on their own (and get a good rate and term).

Personally, if I did that for my son or daughter, I would want to be on title as well. But there are others who obviously do not.

Reply by ChristineHI on 6/5/08 2:46pm
Msg #250158

That is unusual

I processed loans for 15 years and that is definately unusual. It is normally reversed, on title and not the loan.
I would call the lender or signing company immediately and make sure that the docs are correct. Also, check the vesting and see how it is written.
It is good that you noticed that as well. It is important to notice things like that.
Ask the lender if it is correct and confirm that that is how they want the docs signed.
They will be impressed that you actually noticed that as well.
Good job and being detail oriented.....that is a good quality to have.