Posted by Jim/AL on 4/2/09 3:12pm
Msg #283196
Spousal State question, opinions needed please.
Took a signing yesterday and when I confirmed the borrower said she is married but husband is not on the loan. I said he would need to be available and have ID because he may have docs to sign.
E-mailed scheduler back "Appointment is confirmed. FYI, borrower is married, but said that spouse is not on the loan."
Just got docs and Mortgage says Jane Doe, a single person.
The 1003 say's MARRIED.
Should I ignore and sign only Jane Doe?
I am not an attorney and cannot give legal advice. Opinions please.
|
Reply by Linda_H/FL on 4/2/09 3:19pm
Msg #283197
Call your scheduler immediately and point out the discrepancy.....better to catch the oversight now so docs can be redrawn in time (or spouse's name can be added and initialed at table)....
MHO
|
Reply by TNhills on 4/2/09 10:04pm
Msg #283276
Spousal state requires spouse to sign certain docs as we all know. Yes things like this can be confusing so always call your scheduler and let them know of your concerns.
|
Reply by Lee/AR on 4/2/09 3:20pm
Msg #283198
Yep. Could be non-homestead property or ????. You gave 'em a heads up. Not your job to play lawyer. "Yours is not to reason why; yours is but to let the ink dry."
|
Reply by Linda Juenger on 4/2/09 3:28pm
Msg #283201
I have saved many a loan questioning this when I receive docs and this is the case. Sometimes I call to confirm with borrower first and ask if there is a spouse. If that is the case, I call the hiring entity and inform them and ask which docs they wanted the non-borrowing spouse to sign. Sometimes, I get to the table and find out they are married. Some companies send instructions on which docs get signed by NBS, others don't. I know which docs get signed, but never rely on that or make that decision myself. I always, always call. Looks like when this property was first acquired, the borrower was single and has since married. Could me wrong. Who knows.
Usually NBS signs TIL, RTC, Itemization, Mortgage. Some Title Co want title docs signed also. Hope this helps.
|
Reply by TNhills on 4/2/09 10:24pm
Msg #283282
Great answer...loved it.
|
Reply by Lee/AR on 4/2/09 3:22pm
Msg #283199
We really helped him, didn't we, Linda?
Opinions--we all have 'em. Take your pick.
|
Reply by Linda_H/FL on 4/2/09 3:28pm
Msg #283200
Re: We really helped him, didn't we, Linda?..LOL
Of course we did...
My reason: He's alerted them but has found a discrepancy - he needs to give them a heads up - if he signs Jane Doe only, knowing it's probably wrong, they'll say he obviously knew the borrower was married and should have known better (and we know that's not true but it did happen to me) - he'll end up either going back out on his own dime or not being paid at all..
Of course, that's all if it's homestead property/primary residence...if not, forget everything I said..
|
Reply by Jim/AL on 4/2/09 3:30pm
Msg #283203
Yep. homestead, primary residence, RTC included her only n/m
|
Reply by TNhills on 4/2/09 10:25pm
Msg #283284
Re: We really helped him, didn't we, Linda?..LOL
mmmmSOL
|
Reply by Jim/AL on 4/2/09 3:29pm
Msg #283202
Coin toss...Lee or Linda advice,,hmm
Not sure how to have her fill out the CWide "Borrower Agreement and Certification" no matter who's advise I choose.
|
Reply by TNhills on 4/2/09 10:27pm
Msg #283285
Re: Coin toss...Lee or Linda advice,,hmm
Both answer are excellent and correct. tough call
|
Reply by MW/VA on 4/2/09 4:34pm
Msg #283215
Asking for opinion is great, but get the direction from the ss or tc. It's their call.
|
Reply by Jim/AL on 4/2/09 5:39pm
Msg #283227
Thanks all for your advice, I called Settlement agent. ha,ha
he was clueless, did not even know what the NBS should sign.
His response was the normal ones, I named off RTC, TIL, Deed/Mortgage, itemization etc... He says, yeah that sounds good.
Gotta love it.
Got title docs asked same question, they responded no, he i not on title.
Oh well, if it does not fly, they were warned and I will charge for a return trip.
|
Reply by Linda_H/FL on 4/2/09 5:52pm
Msg #283229
Re: Thanks all for your advice, I called Settlement agent. ha,ha
"he was clueless, did not even know what the NBS should sign."
Amazing...and guess who gets blamed if the right docs aren't signed....incredible..well, at least YOU know what you're doing...
Good Luck, Jim..
|
Reply by Lee/AR on 4/2/09 6:10pm
Msg #283232
Now you know why "ours is not to reason why".... n/m
|
Reply by pat/WA on 4/2/09 6:31pm
Msg #283239
Community property state
Why in a community property state where both husband and wife are on the deed can one of the spouses be a non-borrower?
Need an explanation. Have never understood this
|
Reply by Linda_H/FL on 4/2/09 6:50pm
Msg #283240
Re: Community property state
My guess is it's a case of "Property rights vs. credit worthiness"...two separate and distinct animals..
|
Reply by JanetK_CA on 4/2/09 8:32pm
Msg #283251
Re: Community property state
It doesn't seem that all "spousal" and "community property" states are created equal. In CA, if a couple intends to keep a property in the name of only one party, the other party can sign a Interspousal Transfer Deed to give up any claim they have to the property. Pre-nups may also an impact, but not being an attorney, I have no idea if they also would need to sign the Interspousal. I've run into this numerous times. Very common in areas where both spouses have good jobs and may have each owned property in their own names prior to marriage.
The key here is that things will vary greatly from state to state. This isn't the sort of thing to take advice on from this -- or any other -- message board, imo.
|
Reply by dickb/wi on 4/2/09 8:55pm
Msg #283256
Re: Community property state
a quit claim [interspousaltransfer] would not work in wi......the nbs would divest them selves of any ownership interest untill the first mortgage payment was made.......in wi all income in the marriage, regardless of where it comes from, is "marital property".....when it is used to make the mortgage payment on a property that only one spouse owns that property automatically becomes "marital property"..........now if that happens to be their homestead the lender would not be able to foreclose the nbs"s interest and sell the property as a whole unit........the nbs would own 50%........how ever the nbs would be resposible for 50% of the borrowing spouses debts so they could come after the nbs for 50% of the mortgage amt. left.......we are quite different from the norm in spousal states......
|
Reply by MW/VA on 4/2/09 8:36pm
Msg #283252
FYI, NBS only applies if the spouse is on title, but not on the loan. There are cases (this may be one) where the property was purchased when the person was single, and the spouse was never put on title. These are the kinds of things LO's could find out, because a Grant Deed is often done w/the loan to either add or take someone off title. The change in her marital status is not an issue, IMO. It is only about who's on title.
|
Reply by Linda_H/FL on 4/2/09 8:47pm
Msg #283253
"NBS only applies if the spouse is on title, but not on the loan"
Not quite true - it's state-specific - NBS does not have to be on title in FL to have rights to the homestead property/primary residence...one spouse can hold title, spouse joins titleholder on mortgage.
|
Reply by PAW on 4/2/09 9:11pm
Msg #283265
The following is an excerpt from my underwriter's manual concerning Alabama Spousal Rights:
Alabama is not a community property state.
Alabama does recognize homestead rights ALA. Code Sec. 6-10-3. No conveyance of the homestead by a married person is valid without the voluntary signature and assent of the spouse and the proper acknowledgment under ALA Code Sec. 35-4-29.
|
Reply by parkerc/ME on 4/3/09 9:24am
Msg #283341
Just stumbled upon this link, which includes a matrix of states and marital signature requirements (published by a broker agency). I can't attest to it's accuracy, not being a broker, lawyer, yada yada . . . .
http://www.nationstarbroker.com/documents/NSM_MaritalSignatoryTable.pdf
|
Reply by parkerc/ME on 4/3/09 9:44am
Msg #283354
I see that the above .pdf doc was created in Jan 2002, so might be changes since then.
|
