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#1793269 - 03/11/13 03:29 PM 2 person purchase with 1 person borrowing
elebra Offline
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Joined: Apr 2009
Posts: 108
What if two people are purchasing a property (son and mother) and only 1 person is borrowing money (son to live in home)...who signs the HUD? Only our borrower, right?

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RESPA
#1793285 - 03/11/13 03:47 PM Re: 2 person purchase with 1 person borrowing elebra
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,370
Galveston, TX
Yes.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1793292 - 03/11/13 03:55 PM Re: 2 person purchase with 1 person borrowing elebra
elebra Offline
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Joined: Apr 2009
Posts: 108
Ok...now a twist. This home is a foreclosure. What if the seller (Fannie Mae) wants the sales contract and the HUD to match. What then? Borrower qualified for loan on his own but wants mom to be on the deed. Fannie wants her on the HUD because she is on the sales contract. ???

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#1793297 - 03/11/13 03:59 PM Re: 2 person purchase with 1 person borrowing elebra
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,370
Galveston, TX
That is going to be between you, the borrowers and Fannie. Non-borrowers have no place on the HUD-1 according to the regulation. Whether you want to add her for customer convenience, is a risk decision.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1793665 - 03/12/13 02:11 PM Re: 2 person purchase with 1 person borrowing rlcarey
elebra Offline
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Joined: Apr 2009
Posts: 108
That was my concern as well...thank you for the info!! I guess Fannie will decide for us!!

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