Posted by Anonymous on 3/15/06 9:51am
Msg #105150

Affidavit of Consideration

Included in a loan package I received today, which I thought was a simple refi, were 2 documents - state of New Jersey Affidavit of Consideration or Exemption and Affidavit of Consideration for use by Seller. Help on how I am to proceed.....

Reply by Jersey_Boy on 3/15/06 10:25am
Msg #105163

Is there a deed in the package? n/m

Reply by Anonymous on 3/15/06 10:36am
Msg #105177

Re: Is there a deed in the package?

No Deed.....

Reply by SarahBeth_CA on 3/15/06 10:45am
Msg #105187

Re: Is there a deed in the package?

That's interesting. I can't answer you. But what I want to know is are those docs seen outside of NJ?

Reply by Jersey_Boy on 3/15/06 10:50am
Msg #105191

Check w/ TC/SS and see what they want you to do. n/m

Reply by Art_MD on 3/15/06 8:57pm
Msg #105480

Re: Affidavit of Consideration == MD viewpoint

In MD the AFF of Consideration is a statement signed by a representative of the secured party and is notarized. Since there is no rep of the secured party at the signing, I can't notarize it. In MD it is considered part of the DOT and is usually directly after the notarization section for the borrowers.

From what I gather, this A of C is not common. I've spent several hours total time explaining the Aof C to loan officers, brokers title companies etc. when they've called and said I missed a notarization.

Art

Reply by LilyMD on 3/15/06 9:23pm
Msg #105486

Re: Affidavit of Consideration == MD viewpoint

I've had to "argue" with several TCs and such as well. This A of C is not in every package I do, but it sure can cause a headache if the TC thinks I "missed" a notarization.