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#2136243 - 06/28/17 03:58 PM Loan to borrower domiciled in Alaska
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Loan to borrower refinancing a dwelling in Wisconsin. The borrower and his wife live in Alaska for the majority of the year. Do we have to follow Wisconsin Marital Property act and require the wife to sign the note, RTC, and issue a CD or do we have to follow the laws in Alaska, which is also a community property state?
I am confused, perhaps the laws are similar and require the same thing? Anyone have experience with such matters?
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#2138433 - 07/17/17 06:41 PM Re: Loan to borrower domiciled in Alaska Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
bump
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#2138533 - 07/18/17 02:18 PM Re: Loan to borrower domiciled in Alaska Bec
Truffle Royale Offline

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Time spent doesn't dictate which property they consider their primary dwelling. I'd look to their tax return to see which that is.
Next you have to find out how the property is titled. If it's in both their names than it's easy. They both have to sign even if only the husband is the borrower.
If only he is on title and it's a second home, I would have her sign off.
It is my understanding that the laws of state that the property is in dictates how you handle documentation for the loan.
If you have in-house counsel, I'd suggest you run it past them too.

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