Posted by Next Level Notary Services - LaShawn on 10/19/06 10:43pm
Msg #153794

Newbie Question...

Hello All!

Just got a call for an accomodation for a "non-coborrower". The TC said this would not be a full signing, just a few title docs and 3 lender docs. Does this mean that there will only be ONE signer or does "non-coborrower" mean something else??

Sorry if this is a silly question. Thanks in advance for your feedback.

lh

Reply by TonyV on 10/19/06 11:18pm
Msg #153796

The only time I ever heard the term used alone is when identifying a non-coborrower spouse... married to borrower but not included in loan proccess.

or maybe they meant a "Non-Occupant Co-Borrower" ... A borrower who won't be living in the house.

You should call back and get clarifiction.

Reply by TonyV on 10/19/06 11:19pm
Msg #153797

typo... clarification n/m

Reply by Pamela on 10/20/06 1:42am
Msg #153804

LaShawn, Re: Newbie Question...

Hi LaShawn!

Here's one example:

I completed a signing for which there were two siblings
on the title to the property. One was removing his name
from the property, while the other was refinancing it.

Both had purchased the property, a few years
before. Since that time, the older brother had moved out
of the home (the year before) and had become engaged.
He and his "bride-to-be" had purchased their own home.

The second brother was also getting married. Wherefore,
the older brother wanted to remove his name from the title
as a "wedding gift" to his younger brother.

Because the younger one wanted to make improvements
to the property (before the marriage), as well as lower his
mortgage payments, he decided to refinance.

The older brother, therefore, was the "non-coborrower".

And no, there are no silly questions!

Pam

Reply by faceynotary on 10/20/06 3:25pm
Msg #153924

I know I might be tardy in answering this question but...

If there is just one borrower responsible for the loan, but the person's spouse or another person is on the deed, then the spouse and/or the others involved should sign the following out of the loan packet:'

Deed of Trust
Truth in Lending
Right to Cancel

However, I agree with LaShawn, call the lender, title company or whomever is asking you to the do the signing.

Each state is different and you have to abide by the statutes and bylaws of that state's Notary Public Law. 'Just thought I'd offer my 2 cents, as I've recently closed an equity loan where the non-borrowers who were on the deed had to sign.

Have a good weekend.


Found these as good references:

Non-obligatory co-borrower
http://www.eleventhhoursignings.com/faq.html

For a non-borrowing spouse:
http://www.notarypro.com/newsletter_0104.html

Reply by faceynotary on 10/20/06 3:38pm
Msg #153925

Just to clarify the equity loan situation I mentioned:

The husband was the sole borrower; however his wife and mother inlaw were on the deed, so after double-checking with the lender, it was confirmed that the non-borrowing spouse and mother inlaw had to sign the 3 docs in the aformentioned:

Deed of Trust
Truth in Lending
Right to Cancel

Sidebar- the husband tried to pull a fast one on the wife and mother inlaw and all hell broke loose... I could not wait to raise up out of there- not to mention there was a lovely female half-boxer half pit running around in the front yard.

I read your scenario LaShawn... thanks for the insight...

Reply by faceynotary on 10/20/06 3:40pm
Msg #153926

Sorry Pamela- I was referring to you in both my responses... LaShawn I was answering your questions... got mislead by the titles... my bad.

Reply by Pamela on 10/27/06 1:21am
Msg #155423

Faceynotary,

Sorry for not having responded earlier!

You're Very Welcome.

Pam