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Renee
Michigan
549 Posts |
 Posted - 12/11/2010 : 04:43:34 AM
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Sounds like a debt-consolidation mortgage, haven't seen one in a LONG time myself. Usually on this type of mtg, the borrower is u/w on the fact that certain non-mtg debts will be paid on the HUD, direct from settlement to the selected creditors. People used to do these when they had a lot of CC debt, AND a lot of equity to leverage. At closing, borrowers would submit the last statement from each non-mtg debt to be paid, to the settlement agent - who would then pay those directly, at settlement. In this respect, it is a lot different than just a 'cash-out', where the borrower might pay non-mtg debts himself.
With regard to your question about the spousal rights in NY - I did just a quick check & it appears NY provides dower but abolished curtesy law, does provide homestead rights & is not a community-property state, but I could be WRONG on any of this, it was just a very quick check. If, however, this IS all current/correct - then the husband wouldn't need to sign unless it was his homestead <--for conversation purposes only. I didn't bother to look at recording statutes, either (some states require joinder on deeds to record).
All this together is an amusing picture - sounds like Mrs. has a bunch of bills she'd prefer to keep from having to discuss with the Mr.
Regardless, you presented the info to the title agent and that's as far as your duty (or customer service) goes. Spousal title rights are complicated - always good CR to present things to title in CASE there's an issue, but it's always entirely their ballgame. |
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edelske
New York
815 Posts |
Posted - 12/10/2010 : 8:21:42 PM
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I believe NY is Spousal. Other questions I never learned the answer. My intent is to try to limit actual jobs to ones that fund; as few will pay my full fee for anything less. As a notary, I don't have access to most of the questions you ask. I never even got to see the docs. Nobody else bothered to ask the lady if she was married. It was a total surprise to the title, LO, etc. It turned out that "cheepo title" has a policy of NO pay if no fund - nada - even when printing and completing the job. That was reason enough for me to bail out. Especially when the "legality" of the entire situation was unclear (to me) from the start.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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LindaH
Florida
1754 Posts |
Posted - 12/10/2010 : 10:36:11 AM
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Several things come to mind here -
1. Is New York a spousal state?
2. Was it their primary residence?
3. Was it investment property?
4. Was husband ever put on title or did it remain vested only in wife, leaving it her sole and separate property?
Based on the answers, "wife having property prior to marriage and doing a "consolidation" which LO said DID involve a "Mortgage document"" may not have applied here...she may have been well within her right to refinance her sole and separate property or her previously owned investment property and, if it's not her primary residence, even if New York IS a spousal/homestead state, his signature may not be required.
MHO
Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell |
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edelske
New York
815 Posts |
Posted - 12/10/2010 : 10:08:43 AM
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Job was described as a "loan consolidation" agreement. I routinely ask the "borrower" if she is married and if so; if the husband will be available to sign various documents. NO - she said, he is to sign nothing. Didn't seem right, so I called title co which said they were not aware borrower was married; and that husband needs to sign. Later, the LO calls and tells me the property was acquired by wife prior the the marriage, and thus husband signs nothing. The "closing confirmation" had numerous errors, (signing location, floor, borrower name, etc.) so I did a bit of "research" and found the company (sorry, no names - don't have time to waste in court) - had a very bad history of paying notaries. Sooooooo, I just sent them a screen shot of their "bad reviews" with an explanation that I could not extend credit to them based on their prior history and must be paid in advance. Naturally, the dropped me like a fishing sinker. Which was the reaction I both expected and wanted. But the issue of wife having property prior to marriage and doing a "consolidation" which LO said DID involve a "Mortgage document" among other docs. It seemed to me that everyone wanted to ignore the fact that (as I discovered and reported) that wife was married. Bottom line is that I was glad to be rid of "fishey sounding" assignment.
Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com |
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Married - but spouse NOT to sign anything?
