Posted on: 12th Jan, 2009 03:26 pm
Why is table funding not done in California
Hi charlesremley,
California is not a wet funding state and table funding is applicable in states which has Wet Settlement laws. According to the Wet Settlement laws, the lending banks are required to pay out the funds within a period of time (within 2 days of closing).
Thanks.
California is not a wet funding state and table funding is applicable in states which has Wet Settlement laws. According to the Wet Settlement laws, the lending banks are required to pay out the funds within a period of time (within 2 days of closing).
Thanks.
Thank you for that answer, I appreciate it.
It's because California makes everything more complicated. It is an escrow state meaning that the average Joe can open an escrow company. In table funding states attorneys do title and escrow. Therefore they are responsible for the funding and making sure that the deed of trust ( mortgage ) records.