Posted by Leslie-Mo on 6/28/05 4:25pm
Msg #48560

Need help on a non owner signing

I'm doing my first non owning signing and wanted to know if this is much different than a refi. The TC said to just treat it like a refi. Also the signing will be in Mo. but the property is in MN. Does this make a difference? TIA

Reply by PAW_Fl on 6/28/05 4:55pm
Msg #48572

Not sure what you mean by "non owning signing". I'm sure the lenders aren't providing a loan to someone who doesn't have ownership in the property. Do you mean, it's not their principal residence? IOW, it's a second home or investment property. If it's not their principal residence, then just about everything will be the same except there will NOT be an RTC and there may be a 1-4 Family Rider to the DOT/mortgage.

Reply by Leslie-Mo on 6/28/05 5:17pm
Msg #48581

PAW the TC said "this is a Non Owner" signing - treat is like a regular refi. The signer is working in Mo. but the property is in MN if that makes a difference. I haven't seen the package yet so I don't know what it includes. I'm assuming there won't be any witnesses required since neither Mo or Mn are witness states. I'm also pretty sure there won't be a RTC since this is non owner.

Reply by Nancy in Florida on 6/28/05 5:41pm
Msg #48587

Could they have meant a Non-Owner Occupied Signing? That could make sense since the property is in a different State. Non Owner occupied property would include second homes or investment properties, and as PAW said, it is still a refi with the same docs with the exception of the RTC and possibily having the 1-4 Family or Second Home Rider.