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#2061591 - 02/01/16 08:01 PM Owner's primary dwelling, not the borrower
Bec Offline
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Bec
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The Great White North
I know this is going t be a very strange scenario, please bear with me:

Mom and Dad are borrowing money. They do not own the home that is being taken as security nor do they live there.
The Daughter owns the home in her name only and she and her husband live their as their primary residence.
Wisconsin is a marital property state.

Mom and Dad do not get the right to rescind.
Daughter and Son-in-Law sign the mortgage and they also have the right to rescind.
Daughter and Son-in-Law should receive a copy of the CD?

Am I right?
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#2061607 - 02/01/16 08:16 PM Re: Owner's primary dwelling, not the borrower Bec
John Burnett Offline
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That is correct. Each of them, as a consumer whose ownership interest will be subject to the mortgage on the dwelling that is their principal residence, gets a copy of the borrower's CloD and two copies of the notice of right to rescind.
Last edited by John Burnett; 02/01/16 08:45 PM. Reason: Grammar tweak
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#2061630 - 02/01/16 08:44 PM Re: Owner's primary dwelling, not the borrower Bec
Bec Offline
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Thank you very much John!
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#2061684 - 02/01/16 10:02 PM Re: Owner's primary dwelling, not the borrower Bec
Ski Offline
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South Louisiana
If the husband does NOT own the home, but it is his primary residence, why does he have to sign the mortgage (no ownership interest) or ROR (no ownership interest)?

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#2061687 - 02/01/16 10:04 PM Re: Owner's primary dwelling, not the borrower Bec
John Burnett Offline
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There may be state law requirements related to the now ancient and largely outmoded concepts of dower and curtesy.
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#2062164 - 02/03/16 06:33 PM Re: Owner's primary dwelling, not the borrower Bec
Truffle Royale Offline

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Wisconsin is a marital property state meaning the husband has an ownership interest by right of marriage.

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#2064455 - 02/16/16 05:33 PM Re: Owner's primary dwelling, not the borrower Bec
Bec Offline
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Bec
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The Great White North
^^^What Truffle said smile
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#2064456 - 02/16/16 05:39 PM Re: Owner's primary dwelling, not the borrower Bec
Rocky P Online
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Florida
Explanation - Some states have laws to prevent one person from selling the house from under their spouse leaving them no-where to go.
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