Posted by David on 7/6/05 6:26pm
Msg #50142

notary signing question

What does it mean when only one borrower is named on the Deed of Trust and there are two borrowers on the note and all other documents?

Reply by Sara-NV on 7/6/05 6:41pm
Msg #50144

I'd say it was a mistake.

Reply by Faye on 7/6/05 6:43pm
Msg #50145

Wrong Answer

Reply by Sara-NV on 7/6/05 6:46pm
Msg #50146

Well please enlighten both of us!

Reply by Faye on 7/6/05 6:57pm
Msg #50147

Borrower may need a cosigner,i.e. parent etc. Cosigner however is not going to be an owner so they are not listed on the DOT. However if borrower defaults, then cosigner would be responsible

Reply by Stephen_VA on 7/6/05 8:00pm
Msg #50152

That is interesting, particularly since you can't even get a car loan made that way. The cosigner ends up on the title.

Reply by Sylvia_FL on 7/6/05 8:15pm
Msg #50154

This is a test question

David
This is a "test" question, and has been asked many times on this board by others taking the same test. The wording is the same etc.

The test is to see how much you know about loan documents, to test your knowledge. For us to give you the answer defeats the purpose of the test.

And you really don't need to know the answer, as you get the documents signed as per the signature lines.

Reply by BP_WV on 7/6/05 10:09pm
Msg #50179

Not everyone who asks a simple question on this board is looking for answers to tests.

Reply by PAW_Fl on 7/7/05 7:03am
Msg #50239

>>> Not everyone who asks a simple question on this board is looking for answers to tests. <<<

While this is true, let me ask ALL the notary signing agents here how many times they have seen only one borrower named on the Deed of Trust and two borrowers on the note and all other documents? IMPO, this situation would rarely arise, if at all, so why would someone ask this particular question if not prompted by some circumstance such as a test?

Reply by Cherilyn in CO on 7/7/05 12:55pm
Msg #50301

I never have. Been doing this for 5 years now. nt

Reply by Sylvia_FL on 7/7/05 8:26am
Msg #50246

That is true that not everyone is looking for answers to tests. However when the same question pops up time to time with exactly the same wording, and I know it is on one of the signing agent tests then I will not give the answer.
This particular question has come up often in exactly the same wording,. And as Paul says this is not something you normally come across in signings.

And the signing service that has this particular question on the test - the owner reads this board.

Reply by NY_Notary on 7/7/05 11:09am
Msg #50265

I have only seen this one time in 5 years of signings in 2 states. I did a signing in NY and the case was that the borrower had previously signed his property over to his 3 children. (therefore he was not on the Mortgage) He applied and was approved for the loan. He was the only one on the note. It was a new one on me. I called the lender contact I had. Was told it was correct. So we signed.

Reply by PAW_Fl on 7/7/05 12:12pm
Msg #50282

What was the security for the note? The property that he had no interest in? Maybe the loan was unsecured or the security was on something else. You probably can't answer this question, but was the lender aware that the borrower was no longer on title? Did the borrower "sign his property over" after applying for the loan? As a lender, I certainly wouldn't approve a loan secured by property that the borrower has no rights to. Something sounds amiss or possibly fraudulent (even if not intentional), if you ask me.