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#1123530 - 02/05/09 03:38 PM non borrowing spouse HAS to be on p 1 of mtg?!
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,394
After preparing hundreds of mortgages with the non borrowing spouse on the signature page only, I have a title company that insures through Chicago Title throwing a three year old memo at me and changing my docs to show both spouses as 'borrowers' on page 1 of my mortgage. Needless to say, I'm mad I don't want to give in on this one or they'll make me do it from here on out and I KNOW it's not required.

I need help from any of you to give me chapter and verse to throw in their Illinois underwriter's face and tell her to back off. Of course, the rate on the loan they took it upon themselves to change expires in a couple of days so I need to resolve this ASAP. Thanks for any help you can give me.

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#1123805 - 02/05/09 05:37 PM Re: non borrowing spouse HAS to be on p 1 of mtg?! Truffle Royale
CSB98 Offline
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Joined: Dec 2003
Posts: 1,335
Wisconsin
I've come across that issue to. I've looked at title work and it says it's in the name of one spouse only, but then I'll go to the mortgage and it's got both spouses listed on it. The Title Company has said it's required because we are a community property state. We've argued too and they've refused to budge. They have this language in their title policy:

"The proposed mortgage should either designate the subject premises as non-homestead, identify the mortgagor as unmarried or be joined in by the spouse of the mortgagor."

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#1123839 - 02/05/09 05:53 PM Re: non borrowing spouse HAS to be on p 1 of mtg?! CSB98
Truffle Royale Offline

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Quote:
or be joined in by the spouse of the mortgagor."
Tell me, how does this translate to 'list them on the front of the mortgage as a borrower'?!!! mad And why does this come up with one title company out of the blue like this???!!! mad mad mad

sorry. I appreciate you taking the time to comment. I'm just so frustrated and furious and freaking out here. rant over...I hope.

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#1123960 - 02/05/09 07:15 PM Re: non borrowing spouse HAS to be on p 1 of mtg?! Truffle Royale
hmdagal Offline
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hmdagal
Joined: Dec 2002
Posts: 3,841
What's the definition of 'borrower' on your mortgage?

Back in the dark ages when I did loan docs the forms that we used defined borrower as 'the undersigned'. By that definition, you would need to include the name of the spouse as a borrower on the front of the document even if they don't sign the note.

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#1124132 - 02/05/09 08:47 PM Re: non borrowing spouse HAS to be on p 1 of mtg?! hmdagal
Truffle Royale Offline

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From the letter my attorney sent the underwriting attorney.
Quote:
The mortgage form in this case provides that the "Borrower" is the
person(s) that signed the Note. Here is definition of "Borrower" and "Note" from the form:


(B) “Borrower” is
__________________________________________________________. Borrower is the mortgagor under this Security Instrument.

(D) “Note” means the promissory note signed by Borrower and dated
_______________________________________, ________________. The Note states that Borrower owes Lender ___________________________________________________________ Dollars (U.S. $____________________________________) plus interest. Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than _____________________________________.

The case law the uw atty was going on was from Illinois! They're not community property and their documentation requirements are different from ours. Compromise reached was typing the same language on the front of the mortgage that's on the signature page.

Rant warning - don't trot out a three year old memo applicable only in a different state and try to make me comply with it on just one mortgage out of the blue! It's like waving a red flag infront of a bull and I'm going to react just like that bull would. mad

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#1124391 - 02/06/09 01:51 AM Re: non borrowing spouse HAS to be on p 1 of mtg?! Truffle Royale
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,164
Galveston, TX
You go girl!!!! You and I would get along just fine. Maybe someday we will meet share tantrum stories?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1125591 - 02/07/09 01:42 AM Re: non borrowing spouse HAS to be on p 1 of mtg?! rlcarey
Truffle Royale Offline

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Posts: 17,394
I'm penciling you in on my dance card, Randy. wink

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