Posted by Ted_MI on 1/28/05 9:14am
Msg #18523

Re: purchase mortgage query

hi,

It seems I am doing a purchase mortgage for a time share property this evening. Small package I am told. Anybody done one of these? Any (generic) twists that I should be aware? TIA

Reply by HisHughness on 1/28/05 9:27am
Msg #18524

Re: purchase mortgage query

Ted_MI wants to know:

***It seems I am doing a purchase mortgage for a time share property this evening. Small package I am told. Anybody done one of these? Any (generic) twists that I should be aware? TIA***

It is a small package indeed. The time share people pay well, though; hope you quoted a regular fee. Careful that you don't ask the borrowers how they got sucked into one of those deals. Not good form to do so, though it is hard to resist.

Reply by Ted_MI on 1/28/05 6:46pm
Msg #18659

Re: purchase mortgage query

Hugh,

What can I say, you must be what is the word - prescient? The signing never took place; at best it is on hold. Allegedly there were all sorts of costs that the borrower never was told about.; at least that is what I was told by someone in his household.

Reply by Dotti_CA on 1/28/05 10:52am
Msg #18544

Re: purchase mortgage query

Ted, I've done several. Just watch the paperwork closely. Hugh's right, they aren't small and usually include multiple copies of multiple deeds.....all needing notarization. Dotti

Reply by Ted_MI on 1/28/05 2:22pm
Msg #18599

Re: purchase mortgage query

Hugh & Dotti,

Thanks. I have printed out the paperwork (it was about fifty pages, as represented). Haven't had a chance to look at the package real closely, but the impression that I got from the instructions was that yes indeed it was necessary to "watch the paperwork closely". To be attentive to detail.

Maybe, Dotti, some of the ones you did were much bigger. In the larger scheme of things, I consider forty-five to fifty pages - small.