Posted by ssqu/ky on 7/25/07 1:57pm
Msg #201729

FHA Loan

Hi everyone.
Borrower is married, spouse will sign QCD. I was instructed to have spouse sign "only" the QCD and not any other doc's. When I asked "so do not have spouse sign the spousal documents". Yes was the answer I got. Per the processor this is a FHA loan and spouse does not have to sign. Okay, I will follow your instructions. Am I missing something here? I thought since they are married, spouse would sign mtg,til ... even if a QCD was being executed or being an FHA loan. Thanks.

Stephanie

Reply by MelissaCT on 7/25/07 2:20pm
Msg #201733

The QCD is removing spouse from title (prior to execution of new mortgage docs) -- QCD will be filed first, then new mortgage. Is KY a spousal, homestead or dower state? OR is this for a property in another state?

Purely out of curiosity of course -- I'm in no position to offer legal advice of any kind.

Reply by ssqu/ky on 7/25/07 2:23pm
Msg #201735

Ky is a spousal state. Sorry, I should have stated that in my original post.

Reply by Todd/OH on 7/25/07 2:29pm
Msg #201737

This doesn't make sense to me. Ohio is a spousal state. I thought that as long as the guy is married, she signs no matter what. The QCD seems like a waste; I don't see where it does anything. The mortgage is going to show the guy is married - confused. What will the recorder think?

Reply by bigdog on 7/25/07 2:37pm
Msg #201743

I could be wrong, but

If they are removing the spouse from the deed, then spousal priveledge does not apply. It only applies if he/she is vested on the deed. Thus there is no need for him/her to sign spousal deeds. I am not a lawyer nor do I play one on TV. JMHO

Reply by Eric2OO2 on 7/25/07 2:48pm
Msg #201750

Re: I could be wrong, but

It does not matter if the borrower is vested or not. If the borrower lives in a spousal state they both must sign docs. The mortgage can be vested as "John A. Doe, a married man," but she will still be required to sign the mortgage and the usual others spousal docs.

I would get their instructions in writing.

Since everyone else said it...no I am not an attorney and this is not legal advice.

Reply by Michelle_KY on 7/25/07 3:06pm
Msg #201758

Spouse signs off on primary residence

What Eric said.

Her statement to you, regarding FHA loans, doesn't make sense. Aren't all FHA loans on primary residences? If they are married and residing on the property, both spouses have to sign off. Never had it any other way.

(BTW, me too - not legal advice.)

Reply by ssqu/ky on 7/25/07 2:37pm
Msg #201744

I should also say that my husband signed a QCD in 2005. When I went to close on my 2nd the attorney said that my husband had to sign the spousal doc's even though he signed the QCD because we are married.

Reply by bigdog on 7/25/07 2:47pm
Msg #201749

I'll mark that in the back of my mind if this ever comes up for me. Good luck on this one.

Reply by Philip Johnson on 7/25/07 2:39pm
Msg #201746

Did you get their instructions in writing?

I once followed instructions, but when the dust settled the other person had amnesia and I made a second trip.

Reply by Calnotary on 7/25/07 3:21pm
Msg #201760

Re: Did you get their instructions in writing?

I have signed hundreds of loans that one spouse signs a QCD or a GD and the other spouse will not sign not even one more document.

Reply by Eric2OO2 on 7/25/07 3:35pm
Msg #201761

Re: Did you get their instructions in writing?

That is not a problem if you're not doing a loan for a spousal state.

Reply by MistarellaFL on 7/25/07 5:49pm
Msg #201799

I'd bet dollars to donughts a divorce is in the works n/m

Reply by MistarellaFL on 7/25/07 5:49pm
Msg #201800

Uh, hem....that's doughnuts, lol n/m

Reply by jba/fl on 7/25/07 5:56pm
Msg #201802

Missed that! Could be donuts too. Thanks for smile. n/m

Reply by NCLisa on 7/25/07 9:49pm
Msg #201852

It is possible to relinquish all spousal/marital interest in

property in most states. Property settlement agreements are made prior to divorce all the time. Often a prenup is in place that does not allow for marital interest in property owned by the parties prior to marriage. NC has general statutes that allow for this, and the quitclaim or non warranty deed must have the "magic" paragraph in it to relinquish all marital interest. I am not aware of any state that does not allow a married person to own property alone, without their spouse having any interest in the property.

Below is what I inserted in all the deeds relinquishing the marital interest when I worked at a law firm: The purpose of this conveyance is to dissolve any interest in said real estate that Grantor may have and to allow Grantee to henceforth convey and encumber and encumber said property or any portion thereof without the consent or joinder of the Grantor. Grantor hereby relinquishes: (1) All rights to administer the Grantee's estate as provided in G.S. 28A-4-1 with respect to the real estate described herein: (2) all right of intestate succession to the Grantee's estate as provided in G.S. 29-14;(3) the right to an elective life estate in the Grantee's estate as provided in G.S. 29-30; (4)the right to an elective share from Grantee's Estate as provided in G.S. 30-1; and(5) the right to a year's allowance in the Grantee's estate as provided in G.S. 30.15. Is is the intention of the parties hereto that the property described herein shall be considered separate property of the Grantee pursuant to the Equitable Distribution Act (G.S. Section 50-30 et seq) and Grantor relinquishes all right or claim to said property provided in the said act.