Posted by pat/WA on 10/26/10 1:07pm
Msg #358308

balance due

Any experience with a tc or ss telling you that if a balance is due on the HUD and you do not send a check you are personally responsible for the funds?

Reply by Linda Snell on 10/26/10 1:20pm
Msg #358310

Only when the property is a bridge in Brooklyn. n/m

Reply by jba/fl on 10/26/10 1:25pm
Msg #358311

Then I owe a lot for one last night - LOL. Did you sign the paperwork? IF so, you are responsible (and I don't mean as notary or witness) if you are one of the principals.

If the BO does not make good on those funds during the time alloted, then I would think the deal is off - they are not holding up their end of the bargain.

Reply by bagger on 10/26/10 1:27pm
Msg #358313

Who told you that???
You are a sub-contractor.
If you are a carpenter, and the home owner does not pay the general contractor, is the carpenter liable?
I don't think so.

Reply by GWest on 10/26/10 1:30pm
Msg #358314

Yes, I had that happen once and I'm not sure who the title company was, but it was one of the big ones from PA. In this case, when I told the Borrower she had to have a cashier's check and she wanted to send it later by wire, I called title to obtain their wire information and to verify if it okay. They told me she could not sign if she did not have the money in hand, and if doc's were returned without funds, I was responsible for the funds dues (their instructions do state that if they borrower does not have funds to contact them prior to signing any documents). Appointment was re-scheduled to give her time to get a Cashier's Check.

Reply by C. Rivera Chicago Notary Services on 10/26/10 2:06pm
Msg #358318

yeah, okay....NOT n/m

Reply by LKT/CA on 10/26/10 6:03pm
Msg #358344

<<<Any experience with a tc or ss telling you that if a balance is due on the HUD and you do not send a check you are personally responsible for the funds?>>>

I've never had that experience. When funds are due, there are always wiring instructions that gp something like this: If funds due are between $XXX - $XXX, a personal check is acceptable. If funds due are between $X,XXX and $X,XXX, a cashier's check is required. If funds are over $X,XXX, they MUST be wired.

It does make sense (like GWest noted) that if the borrower does not have the funds at signing that the TC should be contacted, per their instructions. But to try and make the Notary Loan Signer responsible for the borrower's transaction is rather silly. To even put the pressure on the Notary to ensure that the borrower has the funds at the table with some ridiculous threat is even sillier. We can only inform the borrower that funds are due - whether or not they follow through and have the cashier's check ready is on THEM. I am not their mother....... and won't try to be.

I have informed borrowers of funds due and 98% have their personal check or cashier's check ready. For the 2% that don't, I tell them to contact the TC and work it out with them.

Reply by MW/VA on 10/26/10 8:34pm
Msg #358358

No, but I recently had one company that has a form to be signed by the borrowers & myself about the receipt of funds. I guess they're worried someone will have sticky fingers. LOL