Posted by carlosnyc on 3/5/05 10:01am
Msg #23762
Need help with RTC issue.....
Spouse is not on the Mortgage so his name is not listed, however, he is a coborrower so his name is on all the other docs. Does he sign a RTC???????. The RTC forms they provided me have no names preprinted on them only the rescission dates and they provided me with only 3 copies.
The reason I'm confused is because in the lender's instructions they want me too to fax back a RTC, among other docs, for each borrower that signs the Mortgage. If he is a coborrower isn't he entitled to a RTC?????? Hmmmmmmm.
TIA
|
Reply by Bob-Chicago on 3/5/05 11:37am
Msg #23778
Ernest is correct because......
Assuming that NY is a spousal state.
As as I understand it , the determining factor as to who has a RTC is having an "ownership" interest in the property being mortgaged
That would include being on title or having an interest in the prooperty as a spouse.
Depends on the laws of the state where the poperty is located
Also, although it is a good idea because it serves as a receipt, I do not believe that the law requires one with a right to cancel to sign the RTC doc nor the TIL, only that one with a right to cancel receives two copies of RTC and copy of TIL
Some lenders only require initials on the RTC and others do not require bwr to do anything with the doc other than getting it.
If you can't reach anyone, since Mrs. clearly has a 3 day right to cancel, there is no great harm in giving Mr. the same right. If he has right to cancel and does not get it , it would cause big problem as to the loan. If he does not have a right to cancel and gets it anyway, worst case should probably be a waste of ink.
It is possible that his name was not on some of the docs due to a computer glitch or some such. AGAIN , ALLWAYS TRY TO REACH SOMEONE IF YOU CAN. There is a good chance of the loan funding if there are too many sigs. Remote chance if there are not enough.
I am not an attorney and the above is not to be construed as legal advice.
|
