Posted by NVLSlady/VA on 4/24/13 11:30pm
Msg #467057

Red Flag . . . or nothing to be concerned about?

Had a FHA refi where subject property was in one county but signing location was in a hotel in diff county. When they see my certificates with the "wrong" county will they question?

Just wondering with FHA strict underwriting and occupancy requirements (borrower had lots of HUD stuff to fill in declaring residency status)

Good morning!

Reply by CarolF/NC on 4/25/13 12:12am
Msg #467065

I doubt it. I work where property is commonly in one county

and we sign in another. Counties border each other. Also live in a vacation spot and they sign while on vacation.

Reply by NVLSlady/VA on 4/25/13 12:15am
Msg #467067

Re: I doubt it. I work where property is commonly in one county

Yes, the county overlap is common here, too. I had one this morning that was on the border of 3 counties. This one was just so weird; I wanted to ask, "why are you staying in a hotel less than 20 min from 'home'?"

But I Didn't.

Reply by CarolF/NC on 4/25/13 12:26am
Msg #467070

A flood, mice problem, exterminating, date night,

redecorating ? We'll never know because you didn't ask. Lol

Reply by NVLSlady/VA on 4/25/13 12:30am
Msg #467071

Re: A flood, mice problem, exterminating, date night,

Well . . . umm, it definitely WASN'T date night 'cause she said she had just put the baby down for bed!!

Reply by Luckydog on 4/25/13 9:46am
Msg #467114

Re: I doubt it. I work where property is commonly in one county

Doesn't matter at all. In Florida we sign where the borrower is and that county, and has nothing to do with property location. People are snow birds, vacationers, investors, about 50% are in the county I sign, the rest the property is elsewhere. That is why we are "mobile closers", we go where the buyer is.

Reply by NVLSlady/VA on 4/25/13 10:25am
Msg #467127

Re: I doubt it. I work where property is commonly in one county

Yea, VA to FL, etc I get. Properties in the vacation/"sunshine states" never "suspect."

I just wondered if HUD could question a crossover county lines; Prop not new construction (and she owned 5 yrs). Bo certified that No portion of new loan funds to be used for construction and no improvements to prop during last 6 mo . . .

In the end, though we're mobile CLOSERS -as you said -not home inspectors for HUD!

(Another reason why I couldn't imagine not keeping a journal)

Reply by JamesLee/VA on 4/25/13 12:14am
Msg #467066

Nothing to be worried about. People all the time sign their paperwork in locations other than home..i.e work, vacation, or title company, which anyone of these can be in a different county other than the subject property. You can drive 3 miles in NOVA and go through 3 different counties.

You always put the county you are signing in as opposed to the subject property county. They wont look at it twice unless you are inconsistent with your counties. In other words you cant notarize the beginning of the package with one count and finish with another. That will raise the red flag

Reply by NVLSlady/VA on 4/25/13 12:17am
Msg #467068

<<"You always put the county you are signing in as opposed to the subject property county.>>

EXACTLY.

Just don't want them getting "nervous" since many of the venue places were pre-filled in the correct property county (Fairfax). I crossed out and put Prince William.

Reply by JanetK_CA on 4/25/13 3:16am
Msg #467082

Nothing to be concerned about. VERY common issue. n/m

Reply by CaNotary777 on 4/25/13 12:24am
Msg #467069

As long as you NAME the county you notarized in/at

its perfectly ok... in my grasp of Notary rules in CA. For example the borrowers own the property in Sacramento and we sign/notarize the docs in LA county-- its perfectly fine as long as I MENTION the county ( LA in this case). Sleep well NVLSlady/VA . You DID well

Reply by NVLSlady/VA on 4/25/13 12:32am
Msg #467072

Re: As long as you NAME the county you notarized in/at

OK thanks all. Will do. I might not rise until noon. Been a busy beaver this week.

Reply by Linda_H/FL on 4/25/13 12:03pm
Msg #467142

"When they see my certificates with the "wrong" county will they question?"

The only "wrong" county in the venue would be if you put a county other than where you were standing. FHA strict underwriting and occupancy requirements have no bearing on where the signing is taking place.

Sorry so late to the party, but JMO

Reply by dgd/CA on 4/25/13 8:11pm
Msg #467200

In our state, any recorded Homestead appears on the Preliminary Title Report (most homeowners that do this have no idea that it doesn't actually have to be recorded). The Lender, as a condition to close, always requires that it be waived (particularly in this market). Without doing so, means even less funds to them in a foreclosure or short sale proceeding.

California Civil Code 704.720 - 704.730:

<...provide the exemption along with certain dollar amounts depending on your situation. Make sure to read these code sections if you are interested in knowing what you qualify for. By way of example, an unmarried individual under age 65 with no dependents or disabilities is entitled to an exemption of $75,000...

To understand the usefulness of this exemption, lets take a look at a hypothetical example:
Example: Suppose you are an unmarried individual. Someone sued you and obtained a judgment against you for $225,000. You own a home worth $400,000, but you owe $300,000 on the home loan. This means your home equity is equal to $100,000. The judgment creditor files a judgment lien against your house and proceeds with trying to force the sale of your house in order to collect on his judgment. Assuming he succeeds, first the home loan will get paid. Then you will get your $75,000 exemption. The remaining $25,000 of equity will go to the judgment creditor who will still be owed $200,000. Because of the exemption, you get most of your equity even though your judgment creditor has not been paid in full. You are entitled to this exemption even if you do not file any paperwork. Therefore, there is no form to record for this exemption. HOWEVER, if a judgment creditor is trying to sell your house, you will need to appear in court and prove, among other things, that the house is in fact your homestead. Also, if your home is considered personal property (like a mobile home) you must file other paperwork. So do not think that your rights will be protected without any effort on your part. >

So, whilst the Homestead Act will not stop foreclosure, it does indeed ensure the owner in a first position to secure funds from any forced sale.

Reply by Linda_H/FL on 4/26/13 7:20am
Msg #467221

Uhhh...wrong thread dgd? n/m

Reply by dgd/CA on 4/26/13 7:52am
Msg #467226

OMG sorry wrong thread....

Comment was for dawn/IL message# 466944

Signature Affidavit AKA Statement and Waiver of Homestead

Makes sense now, right?