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Guest

I was given an "Affidavit of Non-Borrower" to sign. It says that i pledge my ownership interest in the property to my husband as security for repayment of the loan? Then it says "I choose to not sign theded of trust or mortgage but convey all ofmy ownership interest to my husband. If i convey all of my ownership interest in property to the borrower (my husband) i will be relinquishing all of my rights in the Property, now and forever (FOREVER- Really) and if i sign the deed of trust or mortgage, i retain all of my current ownership rights to the property. and i will not become obligated to repay the loan, but could lose the property to foreclosure if husband defaults on the loan.
IS THIS LEGAL? If so will it be that simple to go to the courthouse and add me back on the title/deed to the house after closing?

jameshogg · Posted: Thu Oct 30, 2008 9:38 pm Post subject:

Hi Darlene!

I think you live in a community property state. The lender has asked you to sign the "Affidavit of Non-Borrower" so that he will be able to recover the debts by selling the property if your husband defaults. If you did not sign this "Affidavit of Non-Borrower", then the lender would have to give you some portions of the sale as per community property laws. In order to secure his interests, the lender wants you to sign the affidavit.

If you try to include your name in the deed later on, the lender may penalize you. He may call the loan due immediately.

Thanks.

Guest

hmmm it looks like i am in the same situation as Darlene...i did not sign the affidavit because of the 6th provision ...
"6. I have had the opportunity to discuss this matter with my attorney or other professional estate planner. I voluntarily make the decision to relinquish all of my ownership rights in the Property without any coercion or undue influence by any person. No person involved in the loan transaction has suggested or required that I do so."
The Lawyer told me that this will automatically transfer the property to the Lender. In the first place, why will I relinquish my ownership if and when I signed the Deed of Trust? What if I can afford to pay the balance of the loan?

evolovik26 · Posted: Sun Mar 01, 2009 9:21 pm Post subject:

talk to you r divorce attorneys

Guest

My wife and I are in the end of a refy. After the three days "right to cancel" We are Emailed the Affidavit and told that if it was not signed then we would not be able to refinance.. Exactly what is the definition of coersion?

Niicss · Posted: Thu Mar 05, 2009 2:35 am Post subject:

Hi Brett

Borrowers have the right to rescind after they sign the mortgage docs. It is a period of 3 days within which you will be able to cancel the mortgage deal. I guess, you and your wife may not have signed all the required documents and the lender needs both of you to sign them immediately. I don't think it has anything to do with right to rescind.

Thanks.

Guest

the loan on our house is in my husband's name only. we are both on the deed as tentant in entirities. we want to refi for a lower rate and the mortgage company is asking that i sign a deed of trust with them. why? i don't think i had to sign a deed of trust when we financed the original loan with countrywide

savior70 · Posted: Sat Jun 06, 2009 4:00 am Post subject:

Hi

Since you are listed on the title as a tenant in entirety, you have an interest in the property. This is why the lender want to make sure that they do not have to face any problem or buy you out, should they have to foreclose on the property due to a default. Moreover, if you signing only on the deed of trust, and not on the mortgage note, you won't be responsible to repay it. By signing on the deed of trust you simply promise to honor the terms and conditions of the loan agreement as a co-owner of the property. It does not make you liable to pay off the loan, unless you sign the promissory note.

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