Posted by fiKS on 1/27/05 10:57am
Msg #18389

Owner Occupied

I did a HELOC yesterday. Regular docs were included, RTC and Owner's Affidavit. However, I noticed that the house was packed. Without thinking, I asked if she was moving. She said yes, and that a tenant was moving in. She was going to move to a condo, which she owned. The money she was getting from the HELOC was going to be used to fix up the condo. Said she don't need to live in such a big house all by herself. I didn't think much of it until I got home.

The owner's affidavit states that she would she would occupy the property for at least a year after it is recorded. And RTC are only given to "owner occupied" property.

What should I do? What is my legal obligation in this situation?

Reply by Robert E (Bob) Rogers on 1/27/05 11:38am
Msg #18391

I don't believe you have any obligation whatsoever. That is between the borrower and the lender. You are not hired to verify if the borrower intends to occupy the premises. I did a signing yesterday on property valued at over $250,000 and the lender insisted that the loan not be signed in the home. I had them come to me instead of me going to them. In this instance I would have no knowledge of the conditions of the property

What we do as a signing agent is give a brief explanation of the forms, show them where (and how) to sign, date, initial and fill in any additional information that might have been requested. As a notary we witness and notarize and that is all we can do!

Reply by Art_MD on 1/27/05 1:46pm
Msg #18438

Don't ask questions. You don't want to know. If after her statement, she signs an affidavit which you noterize, you are noterizing something that you believe is wrong !!! Play Sgt Shultz !!!! (if don't know him, we can explain)

Reply by fiKS on 1/27/05 11:25pm
Msg #18498

OK I won't ask questions....but tell me about Sgt Shultz

Reply by Art_MD on 1/28/05 7:07am
Msg #18514

TV show Hogan's Heros (comedy about POW camp in WW II). Shultz was a bumbling german prison guard. All he wanted was peace and quiet. Whenever Hogan or the other prisoners did something that might get him involved or in trouble (every show) he would say "I see nothing", or "I hear nothing" He was bribed with food (one of the prisoners was a chef)

Reply by fiKS on 1/28/05 12:20pm
Msg #18567

LOL n/m