Posted by GOLDGIRL/CA on 3/11/12 4:14pm
Msg #414555

Date situation

When signers date even tho the document doesn't ask for it (and despite telling them they don't have to date unless the document requires it), has anyone ever heard back from a picky lender (besides Provident, of course) complaining about not-needed dates? Do you tell your borrowers not to write the date unless it asks for it?

And while I'm on the subject, why do the the two most important docs in the loan pkg - the note and deed - hardly ever have the borrowers date? Chase asks for it, as well as a few others, but for the most part these are never dated by the borrower ...

Reply by Lee/AR on 3/11/12 4:28pm
Msg #414556

One of life's great mysteries...

Never (yet) had a problem with the rare B who insists on dating stuff. Just had one lender/TC (not sure who required it) who wanted the B to date everywhere they signed their names regardless of whether or not 'date' was printed.

The Note and Mortgage have the date printed on 1st page, but I have always wondered why a Note generally isn't notarized. Seems to me that is the single most important doc in a loan.

Reply by LKT/CA on 3/11/12 6:25pm
Msg #414559

Re: One of life's great mysteries...

When I'm conducting the signing, I'll say, "Sign here, NO date". I've not had a borrower insist on dating docs when it isn't called for, bu if it came to that, I'd tactfully and sweetly tell the borrower that any marks/writings on docs that aren't called for can and may result in the rejection of the package, a redraw to the tune of $500 at the borrower's expense, a 2ND notary visit to RE-SIGN all of these papers, and a delay in the loan closing and funding.

Reply by Buddy Young on 3/11/12 9:46pm
Msg #414563

Re: One of life's great mysteries...

If there is no place for a date, I tell the borowers not to date the document.

Reply by BarbaraL_CA on 3/11/12 11:49pm
Msg #414567

Answer to mortgage vs note in respect to notarization...

A promissory note is nothing more than a formal contract to repay a loan on certain terms and conditions, i.e. a formal IOU. It is my understanding that a note does not have to be notarized to be effective in a court of law. Mortgages (as opposed to the mortgage note) must be "acknowledged" in front of a notary, but that is generally a requirement for the mortgage to be recorded publicly rather than to have it be effective.

Disclosure: I am not an attorney so the above information is not legal advice.

Reply by ArtG/KS on 3/12/12 9:28am
Msg #414568

Re: Answer to mortgage vs note in respect to notarization...

I instruct the B to sign and date if it calls for a date and I also state no date required when it does not. The rare exceptions MUST be stipulated in the instructions from the Lender or Title company.

The mortgage in mortgage states and the Deed of Trust in DOT states secure the note on the property by way of recording at the register of deeds. There was a time when I did see a few sub-prime notes require a witness signature and/or a notary certificate.

Reply by LKT/CA on 3/12/12 3:51pm
Msg #414647

Re: Answer to mortgage vs note in respect to notarization...

<<<The mortgage in mortgage states and the Deed of Trust in DOT states secure the note on the property by way of recording at the register of deeds. >>>

The only reason for recording a deed is protection from claims against the title - that it's. It has no bearing on the note, other than collateral for the note. Once it is signed (by seller) and delivered (to buyer), the transfer is completed. If the DOT is not recorded - it is still security for the note. Recording basically gives "notice" as to who owns the property.