   | Welcome to the Notary Talk General Discussion Forum. Before posting, please read the  |
| You are replying to this message: | | |
Posted by Bear900/CA on 3/24/17 8:14pm
"The Occupancy Affidavit has a section that asks "date property acquired". Would that be the date the last trustee died?"
My short answer is yes. They have not acquired the property until it has been passed down to them.
If you remove all the trust and vesting statements you still have a .....refi loan. The same with a reverse mortgage in a trust. Parents die, trustee children refi if they want to keep it. It's not a purchase with a contract. The trust passes the property down.
The Occupancy Affidavit is important to the lender to demonstrate that the borrower (or at least one of them in this case) actually lives in the residence. This is to prevent fraud. That is, someone saying they live there to qualify for a certain rate and term, who does not actually intend to live there or does not live there. Happened to me on my very first loan.
Not a title expert here but if I were signing the docs I would have them insert the date they literally acquired, or inherited the house. The new loan is now in their name so it applies to them. Maybe they lived there before the parent died but they still hadn't acquired the home.
I'm just giving you whatever common sense I can make of it. In the end, yes, the lender would want an affidavit stating when they acquired the house and that they ARE occupying it. It has to do with them qualifying for a loan that is a permanent residence to at least one borrower.
Would also like to see a title person weigh in on this for their purpose(s). |
|
