Posted by Hugh Nations Signing Agents of Austin on 8/28/07 1:50am
Msg #208069
Reverse oddity
Handled a reverse mortgage today. On the Second Deed of Trust, to HUD, the same private sector lawyer who acts as trustee for the lender was also listed as trustee for HUD. In all the Second DOTs I have seen, "the Senior Official with responsibility for single family mortgage insurance programs in the Department of Housing and Urban Development field office with jurisdiction over the proprty described below, or a designee of that official" has been named the trustee.
I isupected it was an error, and called the title company. The escrow officer transferred me to the documents preparer. She said she had done a hundred just like that. I still suspect it is an error, except now I also suspect there are 99 others like it out there.
If it is an error, what is the effect on the validity of the Second DOT?
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