Skip to content
BOL Conferences
Thread Options
#2061591 - 02/01/16 08:01 PM Owner's primary dwelling, not the borrower
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,115
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?
_________________________
Go Packers

Return to Top
Lending Compliance
#2061607 - 02/01/16 08:16 PM Re: Owner's primary dwelling, not the borrower Bec
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
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
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2061630 - 02/01/16 08:44 PM Re: Owner's primary dwelling, not the borrower Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
Thank you very much John!
_________________________
Go Packers

Return to Top
#2061684 - 02/01/16 10:02 PM Re: Owner's primary dwelling, not the borrower Bec
Ski Offline
Platinum Poster
Joined: May 2003
Posts: 639
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)?

Return to Top
#2061687 - 02/01/16 10:04 PM Re: Owner's primary dwelling, not the borrower Bec
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
There may be state law requirements related to the now ancient and largely outmoded concepts of dower and curtesy.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#2062164 - 02/03/16 06:33 PM Re: Owner's primary dwelling, not the borrower Bec
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,395
Wisconsin is a marital property state meaning the husband has an ownership interest by right of marriage.

Return to Top
#2064455 - 02/16/16 05:33 PM Re: Owner's primary dwelling, not the borrower Bec
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,115
The Great White North
^^^What Truffle said smile
_________________________
Go Packers

Return to Top
#2064456 - 02/16/16 05:39 PM Re: Owner's primary dwelling, not the borrower Bec
Rocky P Online
Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
Explanation - Some states have laws to prevent one person from selling the house from under their spouse leaving them no-where to go.
_________________________
Integrity. With it, nothing else matters. Without it, nothing else matters.

Return to Top

Moderator:  Andy_Z