Posted by Sandy_MO on 12/14/04 9:12pm
Msg #13647

One name on DOT but 2 borrowers

What does it mean when there are two borrowers but only one name on DOT? Both names appear on all docs accept DOT?

Also, if I am to pick up a check at signing, does the amount show on any docs?

Reply by KC/IN on 12/14/04 10:47pm
Msg #13654

That means both people are on the loan but only one is in title to the R.E.

The amount to be collected will show at the bottom on the HUD (settlement statement) in the borrowers column. (not looking at one right now, don't have the line number memorized)

Reply by Bob-Chicago on 12/15/04 12:28am
Msg #13664

Check with Ss or Title Co

May just be a typo
It is not the normal situation, but it is possible for only one on DOT and two on everytihing else

Reply by Ninna Mantooth-Lopez on 12/15/04 8:34am
Msg #13677

line item 303 on your hud-1 will show amount due "from" or "to" borrower.

Reply by thnotary_NY on 12/15/04 8:35am
Msg #13678

Check line #303 on the HUD

Reply by NewInKansas on 12/16/04 12:23am
Msg #13773

I was quized on that before - two borrowers, one name on title. My answer was that the other borrower was a co-signer for the loan. Is this right?

Reply by PAW Notary Services on 12/16/04 7:48am
Msg #13783

>>> I was quized on that before - two borrowers, one name on title. My answer was that the other borrower was a co-signer for the loan. Is this right? <<<

That's one possible explanation. The other is that the co-signer just isn't on title, even though they should be, but nothing is being done about it. For example, in FL, on homestead property, both spouses have an interest in the property by law, whether or not both of them are vested on title. So, even if one isn't on title, they still have an interest in the property and must sign all the documents. Mortgages and DOTs are typically prepared from the information received during the title search as to who is on title, right or wrong.

Another explanation is that it is simply an error. A call to the title company, lender or SS may be in order to clarify. If no clarification is provided, you just need to go with what you got and let the lender and title company straighten it out if need be, later.