Posted by Anonymous on 3/24/06 1:12pm
Msg #108373

wrong address on lender docs

Title co docs were correct for a new construction loan. Mortg co docs had their home address (which was free and clear) borrowers changed the docs and initialled because they didn't want to mortgage their current home. Now lender wants all docs re-signed. Has this happened to anyone?

Reply by SarahBeth_CA on 3/24/06 1:19pm
Msg #108376

Did you try calling the hiring entity first?

Reply by TitleGalCA on 3/24/06 1:36pm
Msg #108377

Are you sure that having the *wrong address* meant that they were encumbering their home? Where in the docs was the wrong address? In the body of the DT, or elsewhere? The location would be important, so important, that if you/borrower were wrong, it would call for a re-sign.

You could have called the title co/SS/LO, to alert them. And, even if your're BO's did not cross out address', it probably would have been a resign, anyway. Lenders are kinda particular about that sort of thing.

Reply by Ninna_La on 3/24/06 1:41pm
Msg #108378

You probably should have called someone on this before making corrections. Many times, especially if it is new construction or investment property, the address on some of the doc's will show their current mailing address, but it doesn't necessarily mean that is the address/property being encumbered. For instance, the dot/mortgage may show their address (where they reside) in the appearance section and the address of the property being encumbered in another section. Also the til.... the top section may show the address where they reside and towards the middle of the til, it will show the property being encumbered. If ever there is a question as to what property is being encumbered, you should call. This is not a line through, change, and initial issue.