Posted by Shoshana/AZ on 9/8/12 9:44am
Msg #433632

Ya gotta love it!

My refi is scheduled for this morning at 10 AM. Notary was supposed to get docs yesterday and call me when she had them. It's now 7:41 am MST. I still haven't heard from the notary. I was going to call her at 6 AM. My husband told me not to do it. I will call her at 8 AM.

Reply by ME/NJ on 9/8/12 9:57am
Msg #433633

Are you nuts, you had better have one foot in the grave if you call me at 6am. I sure if there was a delay she would call you at a DECENT time.

Reply by Linda Juenger on 9/8/12 10:46am
Msg #433637

I NEVER call anyone before 8am unless I absolutely have to. I think its rude. I even deleted a weather app because they texted me the weather every morning at 7am. I don't call anyone after 9pm either. Take a chill pill girl. She'll call. Give her a chance.

Reply by Gina/VA on 9/8/12 12:37pm
Msg #433646

Agreed. Glad she listened to her husband.

Reply by HisHughness on 9/8/12 4:28pm
Msg #433660

***Are you nuts***

No, she's definitely NOT nuts. The notary had promised to call her the day before. The notary didn't do it. The borrower's loan is hanging in the balance. A 6 a.m. call, necessitated because of the notary's failure to follow through, would be an object lesson. I wouldn't have the cojones to do it, Shosh did not, and it would be pushing hard against the edge of the envelope, but my guess is that's one notary who would make promised phone calls in the future.

Reply by Shoshana/AZ on 9/8/12 5:12pm
Msg #433670

Maybe she'll even remember to ID the borrower and have him sign the journal. When i asked her to please not take a picture of the ID, she siad she had to. It's a HUD rule. I told her the lender already had my ID. Eventually I just made her copies. I don't want a picture of my ID in some stranger's camera.

Reply by Shoshana/AZ on 9/8/12 12:59pm
Msg #433649

Notary showed up at 10.

Very unprofessional. As soon as she sat down, instead of asking if I had a copier, she was starting to take a picture of our IDs. I told her I would prefer to make a copy for her. She presented us with a disc of our docs. I think that's ok if you ask the borrower first. The corker is that at the end, she was packing up to leave. I turned to my husband and said.....did you sign her journal? He said no. Then she mumbled something about God knows what to cover herself because the LO was there.
Folks, this was an RM. LO was not impressed.

Reply by Linda_H/FL on 9/8/12 3:29pm
Msg #433656

Imagine the teaching moment you could have had

handed you a disc of your docs..

Should have screwed up a signature...see what her game plan was then....bet she'd NEVER make that mistake again..

Did you give your business cards to the LO? LOL....I would have cuz I'm very subtle like that

Reply by Karla/OR on 9/8/12 3:36pm
Msg #433657

Re: Notary showed up at 10.

<<Then she mumbled something about God knows what to cover herself because the LO was there.>>

Not sure what she meant by the above comment????? I wonder if she knew you were a notary and it made her overly-nervous. It probably would do it for me! :O)

Interesting that she would just assume the disk was okay.

Regarding forgetting a signature - not always at your best when you forget something like that - it happened to me yesterday at a hospital records affidavit signing. Problems occurred (because of the SS) from the get-go - luckily I had extra copies for re-sign. When the signer went to copy the re-sign, they noticed I hadn't stamped. Life's most embarrassing moments!!!

Reply by Shoshana/AZ on 9/8/12 5:03pm
Msg #433667

The first thing I do is ID the signers and have them

sign my journal! I have missed stamps or sigs, but the journal signing is ingrained in me.

Reply by Shoshana/AZ on 9/8/12 5:00pm
Msg #433666

Re: Notary showed up at 10.

The LO stayed after to thank me for asking my husband to sign the book. He already knows that I am a notary and said he'll send some work my way. He was upset because she did not bring hard copies and said he was going to tell title that he was not happy.
In the beginning we had a big disagreement. I argued that we should not be paying for x months of HO insurance since a reverse mortgage is not escrowed. That's really stupid. Then she said she was an LO for 25 years and a notary for 7 years and this is done all the time. Since it was Saturday, nothing could be done. I called my insurance guy and he will take care of it on Monday.

I did not sign because I am not old enough to be on a RM. I have closed a lot of loans, but would have liked a hard copy of my RM. Plus she had 2 stamps. IN AZ we are only allowed one stamp at a time.

Reply by Linda Juenger on 9/8/12 5:28pm
Msg #433672

>I did not sign because I am not old enough to be on a RM.>

You mean you went through ALL of this knowing you are not old enough for a RM? Am I missing something??

Reply by Linda_H/FL on 9/8/12 5:47pm
Msg #433675

Linda, her husband probably qualified... n/m

Reply by Shoshana/AZ on 9/8/12 6:38pm
Msg #433679

Yes, my husband qualified. n/m

Reply by Buddy Young on 9/8/12 7:45pm
Msg #433690

Re: >I did not sign because I am not old enough to be on a RM.>

shoshana, you did not sign because you are not old enough. Did you consider what will happen if your husband dies. You will be out in the cold.

Reply by HisHughness on 9/8/12 8:50pm
Msg #433696

Re: >I did not sign because I am not old enough to be on a RM.>

***Did you consider what will happen if your husband dies. You will be out in the cold.***

Buddy, before you start using scare tactics on someone, you should be more knowledgable about the subject.

She will be in EXACTLY the same position she would be in if the husband was the only party on the loan in a regular refinance. The original loan must be satisfied, and she must take out a new loan. Either that, or sell the property.

How does that differ on a reverse mortgage?

Reply by Shoshana/AZ on 9/8/12 9:25pm
Msg #433703

Hugh, it differs somewhat in a reverse mortgage

because the loan gets bigger rather than smalller. There's also protection because the last person on title cannot lose the house even if upside down, unless they don't pay the taxes or insurance.

Reply by HisHughness on 9/8/12 9:33pm
Msg #433705

Re: Hugh, it differs somewhat in a reverse mortgage

I'm a former reverse mortgage loan officer, Shosh; I know how they work. The point I made was that there is no difference in the rights of the surviving spouse between a regular mortgage and an RM.

Reply by Shoshana/AZ on 9/8/12 11:16pm
Msg #433709

Sorry Hugh, I didn't know that! n/m

Reply by Shoshana/AZ on 9/8/12 9:22pm
Msg #433702

Buddy, I will not be out in the heat! LOL!

Do you think I am stupid? Read on.

Reply by Buddy Young on 9/8/12 11:13pm
Msg #433708

Re: It sounds like you have reshearched it well,

Good job.

Reply by Linda_H/FL on 9/8/12 5:47pm
Msg #433674

I've done RM's - have never seen escrows on any

Now, are you sure the xx months was escrow and not paying up the current year's premium in full?

Reply by Shoshana/AZ on 9/8/12 6:41pm
Msg #433680

My homeowners insurance payment is automatic every month.

They also took out a property tax payment since it's almost due. I'd have had to pay that soon anyway. Notg a problem for me.

Reply by Linda_H/FL on 9/8/12 6:44pm
Msg #433682

That's why they took x months homeowners' insurance

too - they want to know that the current policy period is paid in full at closing..not unusual.

Reply by Shoshana/AZ on 9/8/12 6:48pm
Msg #433684

I could understand that if it's escrowed. But it's not.

There is a complete history of auto payments every month.

Reply by Linda_H/FL on 9/8/12 6:59pm
Msg #433687

It's SOP - standard with every loan

first year's premium must be paid in full - that's why they took it...doesn't matter how you have it set up - they want the premium paid in full then they are assured the policy stays in effect for at least the rest of the current policy period.

Purchases - must buy HO Ins for one year with premium paid in full..

REfi's - if annual premium not paid in full then it's paid in full at closing.

Reply by Linda_H/FL on 9/8/12 6:46pm
Msg #433683

Should have added - if you have it automatically taken

from your checking account each month you're going to have to get that stopped or they'll keep paying it.

You're paid til the end of your current policy term - you can re-establish the monthly deductions at renewal but for now that monthly payment should be stopped.

Reply by Shoshana/AZ on 9/8/12 6:50pm
Msg #433686

My ins guy will take care of it on Monday.

You get what you pay for when you have insurance. My ins guy earns every penny of his commission. Great CS.

Reply by Linda Juenger on 9/8/12 8:39pm
Msg #433694

So sorry Shoshana. Didn't think of your hubby being old

enough. What are the rules regarding one being old enough and one not if something happens to him? Just trying to learn.

Reply by Teresa/FL on 9/8/12 8:48pm
Msg #433695

The "underage" spouse or other titleholder comes off title

but is shown with a "remainderman" interest in the property. At least that's how I've seen it here in Florida.

I don't know what the legal ramifications of this are for the spouse, but if I were the one coming off title I would want to get an attorney's opinion.

I'm sure Shoshana investigated this thoroughly before agreeing to the loan.

Reply by Shoshana/AZ on 9/8/12 9:12pm
Msg #433698

Yes, I did investigate it Teresa.

It's not for everyone. We are at a place in our life where we wanted more income so we didn't have to work as hard and enjoy life more. We are comfortable with it. Life is too short!

Reply by Shoshana/AZ on 9/8/12 9:08pm
Msg #433697

Here's how it works

One must be 62 to qualify. I am only 61. The person who is not on title would have up to a year to pay off the loan, sell the house, etc. In my case, we both have enough life insurance to cover the mortgage. Next year, after my 62nd birthday we will rewrite the RM to include me. The closing costs will be much lower the second time around with this lender.
The person who is on title must live in the house for 6 months and 1 day. If the person on title has to go to a nursing home or assisted living, they could do so for 12 consecutive months, come home for 1 day and then go back to the facility if they needed to for another 12 months.
ALSO, our kids will not be responsible for any mortgage debt if we should live long enough to be upside down when we pass away. That was a huge consideration for us. When the last person on title moves out or passes away, heirs can sell the house and pocket whatever equity is left or do whatever they want to. If they choose to walk away, it does not affect them or their credit!

Reply by Shoshana/AZ on 9/8/12 9:20pm
Msg #433701

Also, you have to go through HUD Counseling.

This takes 1 to 1-1/2 hours where specially trained counselors explain the ramifications, what plans the untitled spouse has in case the titled spouse passes away, etc. They are VERY THOROUGH!

Reply by MikeC/TX on 9/9/12 7:13pm
Msg #433745

Re: Here's how it works

All that being said, an RM is not a solution for everyone. You've done your due diligence and it works for you in your situation, which is great. For other people, maybe not so great - they need to research it and consider their options.

Also, I believe that there are changes being made that will protect the spouse not on the RM if the other spouse dies.

Reply by Shoshana/AZ on 9/9/12 7:26pm
Msg #433747

I totally agree with you Mike.

I thought long and hard about this before i suggested it to my husband. I friend of mine did it and regretted it afterwards. He went upside down and could not sell his home in NJ, when he would rather have been in FL.