Can somebody deem for me what you would consider to be a "collateral" owner? If you have a husband and wife and ONLY the husband signs on the NOTE...is only he, the husband, considered the collateral owner or are both the husband and wife considered the collateral owners? Would this be based only upon how the "deed" is stated?

Thanks!

The owners would be the parties named on the deed/title. In some states the "non owner" spouse has marital (dower) rights to the property so you need to check your state laws.

So just to be certain I understand what you are saying, if our state does not have the marital (dower) rights and only the husband is on the deed/title then only he, the husband has collateral rights.

ok...so if that is correct then why does my brain cells start reaching out further and thinking...why then does the wife even have to sign a RofR on a Refi if she has no "collateral" rights in the home...that is for states that don't have marital rights?

why can't I just stop at one thought?

Unless your state has marital rights, or is a community property state, the spouse not on title has no rescission rights under Reg Z and there is no need to provide them a ROR disclosure.

I can't answer your last question....

Thanks Dan...

oh....and and you are so not funny... JK

dredging up an old thread here but kind of the same concept so we'll go with it. I have non married co borrowers. The title is in one borrowers name (John DOe, a single person). I still have to have both borrowers sign the mortgage right? How would you vest that on the mortgage.

Only the person or persons who hold title to the property would sign the mortgage and/or security agreement, or in the case of a community property state or marital rights state the spouse would also need to sign.

The non-spouse non-title holder has no authority to pledge the collateral therefore their signature on the mortgage and/or security agreement would have no validity.