Posted by Shoshana/AZ
on January 9, 2009, 6:00 am, in reply to "Re: RTC"
207.200.112.10
This could be a big issue because a whole new industry has sprung up. Attorneys are doing forensic examinations of the borrwer's packages. They are looking for errors that might invalidate the docs. If the docs are invalid, the whole loan can be invalid. In this way, borrowers can possibly get their loans modified if the lender has previuosly refused.
I wonder if they might also look at the lender's copies. If there are too many RTC's in the package, there might be consequences.
--Previous Message--
: Not necessarily wrong, but technically a
: lender only needs one signed and dated
: copy for their records. (Actually,
: there is no requirement that the
: notification be signed or even
: initialed, by statute. Title 12 only
: states that the disclosure must be
: provided to anyone with an interest
: in the transaction.)
:
: Typically I only return one signed
: copy to the lender regardless of how
: many copies are in the package. I
: take the 'extra' copies with me in
: case of an error in signing, and
: destroy them afterward if they are not
: used. (Always leaving two copies for
: each homeowner/borrower.)
:
:
Message Thread:
« Back to thread