Posted by Wyonotary on 3/23/07 8:06am
Msg #181517

Wyoming R.E. Law on why spouse must sign mortgage--------

I'm looking for the verbage that states the spouse must sign the mortgage when he/she is not on the note and other docs in a loan. Thanks!

Reply by sue_pa on 3/23/07 8:33am
Msg #181525

I certainly know nothing about Wyoming and I am not about to comb your statutes for you but you probably won't find anything directly stating what you are asking anyway.

This would be an interpretation of various laws which the lenders use to perfect their liens - the general gist being that (not necessarily spouse) but someone who owns an interest in the real estate must give permission to use the real estate as collateral for a loan.

Reply by TRG_wy on 3/23/07 8:39am
Msg #181526

Susi -

Non-borrowing spouse (or anyone with a vested interest interest in the property) signs the following:

1. Mortgage/Deed of Trust
2. Truth in Lending
3. RTC
4. Itemization of Amount Financed
5. Any Riders to the Note (not the not itself)
6. ID verification
7. Your journal

Reply by Bob_Chicago on 3/23/07 8:49am
Msg #181530

Do not quite agree , at least as to # 5. NBS should sign

Riders to MORTGAGE, NOT riders to note.
Some lenders requiree additional dox, such as Errors and Omissions, etc

Reply by TRG_wy on 3/23/07 8:54am
Msg #181532

Re: Do not quite agree , at least as to # 5. NBS should sign

I very seldom see riders to mortgage but do see a lot of riders to the note. NB always has a signature line on these here.

Reply by sue_pa on 3/23/07 8:57am
Msg #181533

Re: Do not quite agree , at least as to # 5. NBS should sign

agree about the Note riders - also, disagree about the TIL - I know of 2 lenders that only have the borrower sign - also have others have some of their odd ball docs signed - some not. Basic rule is ask and don't ever assume - unless it's 10 p.m. and you can't get anyone on the phone - then make your most intelligent 'guess' based I'd say on the majority of paperwork you've seen - 50/50 chance you're right/wrong.

Reply by TRG_wy on 3/23/07 9:21am
Msg #181539

Re: Do not quite agree , at least as to # 5. NBS should sign

Might be a Wyoming thing too. I have had to go back to get NB signature on TIL.
Agree too that sometimes there are additional lender specific docs that require NB signatures.

Reply by Wyonotary on 3/23/07 9:38am
Msg #181543

Thanks everyone! I was pretty sure of answer-now I know! n/m

Reply by dickb/wi on 3/23/07 1:01pm
Msg #181573

the big reason all tile holders....

sign the mortgage [dot] is that if the lender has to foreclose on the property they can.....if all title holders have not agreed to mortgage the property then they can only foreclose on the interest of those that did sign and they would have partner[s] once they got done with the foreclosure.....they could sell their interest to the non signers or they could apply to the courts for a partition sale.....it all costs a lot of money and time.....it's easier if you can get all owners to sign........

Reply by Dorothy_MI on 3/23/07 11:25am
Msg #181552

Re: Do not quite agree , at least as to # 5. NBS should sign

Have always had to have NBS sign the TIL. Someone made the suggestion several days ago, that if they are unsure, they take the copy out of the borrowers package and have it done both ways and include both in the package. This might be a solution if it is and after hours signing.

Was surprised to hear that some of you rarely get riders to the mortgage. I get them all the time, i.e. adjustable rate rider, PUD (Planned Unit Development), Second Home Rider, 1 - 4 Family Rider (investment property) are very, very common.

Reply by BrendaTx on 3/23/07 10:03am
Msg #181546

Bob is correct.

Mortgage (or Deed of Trust) riders, not Note riders.

Reply by TRG_wy on 3/23/07 11:16am
Msg #181551

Re: Bob is correct.

Both here in Wyoming as I noted above.

Reply by Dorothy_MI on 3/23/07 11:27am
Msg #181553

Re: Bob is correct.

What I've been told (so I can't vouch for validity) is that the most important thing they DON'T sign is the Note and 1003.

Reply by Dorothy_MI on 3/23/07 11:28am
Msg #181554

PS.

And along with the note, any riders to the note, because it is a "promissory note" and the NBS would be obligating themselves if they sign, is my take.

Reply by BrendaTx on 3/23/07 11:39am
Msg #181557

Re: Bob is correct. TRG good point...WY is where the one

asking is!

Reply by Julie/MI on 3/23/07 12:33pm
Msg #181568

Probate code dictates

Our legislators never really walk the walk so sometimes you will not find a direct answer to your question.

Inheritance laws dictate whom must sign certain things and at least in my state, this falls under Probate law.

Reply by TRG_wy on 3/23/07 1:57pm
Msg #181597

Re: Probate code dictates - Agree

Susi emailed me directly earlier and that is pretty much what I relayed to her; although I had a brain fart at the time and couldn't remember the the word "probate". - THX