Posted by AnneSoCa on 7/27/05 1:02pm
Msg #55094
Learned Something New Today....
I received a package for a refi. I was told the borrower, who was male, was the only signer. When I looked at the package, there was an Interspousal Grant Deed with his wife's name on it for notarization. When I called the borrower to let him know that his wife would need to be present to sign the deed (and one other doc), he said he didn't understand since she isn't on the title to the house nor has she ever been. He said she probably wouldn't be at the signing.
I wasn't sure why the lender wanted her to sign -- the house was listed as John Doe, a married man, as his sole and separate property. Her name wasn't anywhere else, not on the DOT, TIL or on the RTCs.
Anyway, luckily the wife was at the house and I convinced them that they should probably have her sign since there was most likely a reason why the lender had that document in the package.
Always wanting to learn more, when I dropped the docs off at escrow this morning, I asked why there was an Interspousal Grant Deed given the fact that the wife has never been on title. They told me that because his previous loan was listed as John Doe, a SINGLE man as his sole property and the new loan was as a MARRIED man as his sole and separate property, the lender needed to get the wife's permission to have the deed listed that way.
I'm relatively new, so this may be a no-brainer to more experienced SA's, but for anyone who didn't know, hopefully this will help if you come across the same situation in the future.
SO glad I convinced her sign the doc!!!
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Reply by TitleGalCA on 7/27/05 3:50pm
Msg #55152
Nice to hear the followup to your story - I've learned not to put my title hat on when my signing hat is on (causes me more problems then it's worth sometimes). I thought there'd be a good reason for that quitclaim deed...
If the chain of title was that he'd originally taken title as married, sole and separate, many lenders STILL want another quitclaim deed.
Good for you!
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Reply by AnneSoCa on 7/27/05 6:26pm
Msg #55195
By the way, thanks to TitleGal for your answer to my original post on this subject. While I was at the borrower's house, your words that "there must be a reason the lender put that doc in the package" (or something to that effect!) kept going through my head. It's partly why I kind of insisted that they sign the Interspousal Grant Deed.
Thank you!!!
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