Central District Consumer Bankruptcy Attorney's Association

I think the bank is being sexist, quite frankly. I can't imagine a husband
having to jump through the hoops she has just to refi a separate property.
They finally removed his designation on the DOT as "borrower" but are
making him sign the documents saying he has read them all. WTH for? What
is he, her daddy? This is ridiculous.
Anyway, she is kind of stuck with this bank because she couldn't refi
anywhere else - she tried.
Holly Roark
Certified Bankruptcy Specialist*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
*By State Bar of California Board of Legal Specialization
**For a quicker response, email me at holly@roarklawoffices.com.
I only use gmail for my listservs, and am likely to miss private emails
directed to my gmail account.**
On Tue, Aug 13, 2013 at 1:58 PM, Dennis McG wrote:
> **
>
>
> Holly:
>
> It is not normal. What I have seen more than anything else is a quitclaim
> from the nonowning spouse to the separate property spouse. Why? Because
> the banks want to make sure the nonowning spouse does not later claim there
> was an ownership interest and the loan was invalid.
>
> Lou??
>
> d
>
>
> On Tue, Aug 13, 2013 at 10:05 AM, Holly Roark wrote:
>
>> **
>>
>>
>> Clients have a prenup making clear that each spouse's property is
>> separate, including all real estate and wages earned during marriage.
>>
>> Wife owns a house as separate property. A few years ago, she refinanced,
>> and the bank had the husband "sign" the deed of trust because they said it
>> was necessary despite being the wife's separate property. Well, "signing"
>> the deed put him on it as a "borrower" (despite him having horrible
>> credit), and despite him not owning any interest in the property.
>>
>> Wife only discovered this issue now that she is seeking to refinance
>> again, and since the Debtor is going to be filing BK, I pulled the
>> title and saw his name on the deed of trust as a borrower and brought it to
>> their attention.
>>
>> For the second time, the bank is saying that the debtor spouse has
>> to sign the deed of trust and has designated him as a "borrower"! Wife
>> went back to the bank and told them to take him off as a borrower, which
>> they did. However, they still insist he needs to sign the deed of trust on
>> the last page as a co-signer. The terms in the deed say that a "co-signer"
>> is not liable on the note if the note is not signed (which it's not signed
>> by debtor), and that the co-signer is merely conveying his interest in the
>> property (if any).
>>
>> Is this normal, required, and necessary because CA is a community
>> property state? We just don't want the same mistake to happen again. We
>> will already have to explain to his chapter 7 trustee after he files why he
>> was mistakenly on the loan in the first place when everything is "separate".
>>
>>
>>
>> Holly Roark
>> Certified Bankruptcy Specialist*
>> holly@roarklawoffices.com **primary email address**
>> www.roarklawoffices.com
>> Central District of California
>> Consumer Bankruptcy Attorney
>> 1875 Century Park East, Suite 600
>> Los Angeles, CA 90067
>> T (310) 553-2600
>> F (310) 553-2601
>>
>> *By State Bar of California Board of Legal Specialization
>>
>>
>> **For a quicker response, email me at holly@roarklawoffices.com.
>> I only use gmail for my listservs, and am likely to miss private emails
>> directed to my gmail account.**
>>
>>
>>
>
>
I think the bank is being sexist, quite frankly. I can't imagine a husband having to jump through the hoops she has just to refi a separate property. They finally removed his designation on the DOT as "borrower" but are making him sign the documents saying he has read them all. WTH for? What is he, her daddy? Anyway, she is kind of stuck with this bank because she couldn't refi anywhere else - she tried.
Holly RoarkCertified Bankruptcy Specialist*
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
*By State Bar of California Board of Legal
Specialization
The post was migrated from Yahoo.

Holly:
It is not normal. What I have seen more than anything else is a quitclaim
from the nonowning spouse to the separate property spouse. Why? Because
the banks want to make sure the nonowning spouse does not later claim there
was an ownership interest and the loan was invalid.
Lou??
d
On Tue, Aug 13, 2013 at 10:05 AM, Holly Roark wrote:
> **
>
>
> Clients have a prenup making clear that each spouse's property is
> separate, including all real estate and wages earned during marriage.
>
> Wife owns a house as separate property. A few years ago, she refinanced,
> and the bank had the husband "sign" the deed of trust because they said it
> was necessary despite being the wife's separate property. Well, "signing"
> the deed put him on it as a "borrower" (despite him having horrible
> credit), and despite him not owning any interest in the property.
>
> Wife only discovered this issue now that she is seeking to refinance
> again, and since the Debtor is going to be filing BK, I pulled the
> title and saw his name on the deed of trust as a borrower and brought it to
> their attention.
>
> For the second time, the bank is saying that the debtor spouse has to sign
> the deed of trust and has designated him as a "borrower"! Wife went back
> to the bank and told them to take him off as a borrower, which they did.
> However, they still insist he needs to sign the deed of trust on the last
> page as a co-signer. The terms in the deed say that a "co-signer" is not
> liable on the note if the note is not signed (which it's not signed by
> debtor), and that the co-signer is merely conveying his interest in the
> property (if any).
>
> Is this normal, required, and necessary because CA is a community property
> state? We just don't want the same mistake to happen again. We will
> already have to explain to his chapter 7 trustee after he files why he was
> mistakenly on the loan in the first place when everything is "separate".
>
>
>
> Holly Roark
> Certified Bankruptcy Specialist*
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> Central District of California
> Consumer Bankruptcy Attorney
> 1875 Century Park East, Suite 600
> Los Angeles, CA 90067
> T (310) 553-2600
> F (310) 553-2601
>
> *By State Bar of California Board of Legal Specialization
>
>
> **For a quicker response, email me at holly@roarklawoffices.com.
> I only use gmail for my listservs, and am likely to miss private emails
> directed to my gmail account.**
>
>
>
>
Holly:It is not normal. What I have seen more than anything else is a quitclaim from the nonowning spouse to the separate property spouse. Why? Because the banks want to make sure the nonowning spouse does not later claim there was an ownership interest and the loan was invalid.
Lou??d
The post was migrated from Yahoo.