"Wonder if it even matters ...?"
It could. I've posted about this before, but I once had a signing with a couple where the wife was not on the loan, but on title. I don't know if the husband was ill (no obvious signs), but she was very adamant about knowing what the consequences would be to her if something happened to her husband, as she didn't think she could qualify for the loan on her own. We couldn't reach anyone, as this was a Saturday closing, but they did manage to call an attorney friend of theirs.
Upshot was (and I don't know if this is correct or not, just one attny's opinion), that the loan wouldn't automatically be converted to her name and that she might not be able to just continue making payments (if she could even afford to). The lender might be able to require her to sell the house to pay off the loan, since she wasn't named on the Note.
That was a possibility that had never occurred to me - and it seems to me that most borrowers feel the same way. I had one like that yesterday. Loan was in husband's name only and they were joking around about her at least not having to be on the hook for the payments. Of course, I didn't say a word, and that's probably true as long as he is alive, but it does make me wonder about how many people (mostly women) are going to find themselves with a rude awakening some day.
Does anyone else have any insight into the issue? (For our own personal knowledge - NOT to be discussed with borrowers!) It's probably another thing that will vary by state.
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Messages in this Thread |
| I found out why the title company had to shred the - snoopdogMs on 7/26/11 8:32am |
| Unbelievable... n/m - Linda_H/FL on 7/26/11 8:35am |
| OMG! IMO it's too bad we're not licensed, so that some of - MW/VA on 7/26/11 8:58am |
| Maryland requires a license, thank goodness :) n/m - BossLadyMD on 7/26/11 10:14am |
| Re: Maryland requires a license, thank goodness :) - A S Johnson on 7/26/11 10:27am |
| Re: Maryland requires a license, thank goodness :) - MW/VA on 7/26/11 8:57pm |
| Re: I found out why the title company had to shred the - Riley/FL on 7/26/11 9:06am |
| I've used that phrase and have no qualms about it - Linda_H/FL on 7/26/11 9:13am |
| Re: I've used that phrase and have no qualms about it - A S Johnson on 7/26/11 9:20am |
| Re: I've used that phrase and have no qualms about it - Notarysigner on 7/26/11 9:25am |
| Re: I've used that phrase and have no qualms about it - Jules/CA on 7/26/11 7:34pm |
| I would never use that phrase, it diminishes our role. - janCA on 7/26/11 9:24am |
| IMO that doesn't diminish the role if put in the proper - Linda_H/FL on 7/26/11 9:29am |
| Re: IMO that doesn't diminish the role if put in the proper - JanetK_CA on 7/26/11 1:28pm |
| Re: I've used that phrase and have no qualms about it - Riley/FL on 7/26/11 2:12pm |
| mentoring is an absolute must, WOW! n/m - Notarysigner on 7/26/11 9:29am |
| Re: I found out why the title company had to shred the - Les_CO on 7/26/11 9:48am |
| Disagree...major reason for faxbacks is - Lee/AR on 7/26/11 10:26am |
| Re: Disagree...major reason for faxbacks is - A S Johnson on 7/26/11 10:29am |
| Re: Disagree...major reason for faxbacks is - Les_CO on 7/26/11 11:23am |
| Re: Disagree...major reason for faxbacks is - Lee/AR on 7/26/11 11:42am |
| I think I could do make that determination in 60 sec.. - Notarysigner on 7/26/11 12:13pm |
| Re: I think I could to make that determination in 60 sec.. - Notarysigner on 7/26/11 12:15pm |
| What really just rubbed my fur backwards was - snoopdogMs on 7/26/11 1:33pm |
| Ouch, snoopdog! - GOLDGIRL/CA on 7/26/11 1:57pm |
| Apparently, they only follow Hallmark's motto... - Lee/AR on 7/26/11 2:23pm |
| Brilliant, JD! - GOLDGIRL/CA on 7/26/11 1:38pm |
| Meant to say ..... - GOLDGIRL/CA on 7/26/11 1:49pm |
| Re: Meant to say ..... - JanetK_CA on 7/26/11 2:58pm |
| Re: Brilliant, JD! - LKT/CA on 7/26/11 2:02pm |
| Re: Brilliant, JD! - Lee/AR on 7/26/11 2:06pm |
| You're hired, Lee! n/m - GOLDGIRL/CA on 7/26/11 2:26pm |
| Re: You're hired, Lee! - LKT/CA on 7/26/11 2:35pm |
| Re: You're hired, Lee! - jba/fl on 7/26/11 5:49pm |
| Re: You're hired, Lee! - LKT/CA on 7/26/11 6:04pm |
| Re: Brilliant, JD! - LKT/CA on 7/26/11 2:27pm |
| To Add - LKT/CA on 7/26/11 2:32pm |
| I see your point, LKT, but .... - GOLDGIRL/CA on 7/26/11 2:57pm |
| Agree with GG - S Peterson on 7/26/11 3:19pm |
| Re: Agree with GG - LKT/CA on 7/26/11 3:33pm |
| Re: HUH?!?!?!? - S Peterson on 7/26/11 3:47pm |
| No clear cut answer, IMO - JanetK_CA on 7/26/11 3:52pm |
| Re: No clear cut answer, IMO - S Peterson on 7/26/11 4:06pm |
| Re: No clear cut answer, IMO - LKT/CA on 7/26/11 4:28pm |
| Re: No clear cut answer, IMO - JanetK_CA on 7/27/11 12:52am |
| GOLDGIRL is correct!! - LKT/CA on 7/26/11 4:10pm |
| That's why I say "cover yourself" As has been - S Peterson on 7/26/11 4:22pm |
| Re: GOLDGIRL is correct!! - Notarysigner on 7/26/11 4:25pm |
| the first thing I do when I come to a jurat - SheilaSJCA on 7/26/11 3:18pm |
| Perfect, Sheila!! LOL!!!! Yes, you're hired! ;>) n/m - JanetK_CA on 7/26/11 3:56pm |
| Oh boy....If you give them an oath and - Notarysigner on 7/26/11 4:14pm |
| Re: the first thing I do when I come to a jurat - LKT/CA on 7/26/11 3:58pm |
| Sheila, your reputation precedes you .... - GOLDGIRL/CA on 7/26/11 4:50pm |
| Re: Sheila, your reputation precedes you .... - SheilaSJCA on 7/26/11 6:04pm |
| Re: Disagree...major reason for faxbacks is - Les_CO on 7/26/11 2:05pm |