All My Mortgages
Jan. 30th, 2006 07:46 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
hrjSo last week's "are we all on the same page" moment was when the title company convinced me that I was confused about the loan and the purchase being psychologically separate events, and that as far as they were concerned, this was just a regular purchase-mortgage. Well, no. The mortgage company (and I) was right, and the immediate event is a refinancing loan with no change of ownership (and with me being the only signatory on the mortgage). The act of buying out my parents' share of the property is a separate event to be completed afterwards. This is the good news. The bad news came when the underwriter said, "So there won't be any problem about your parents being present at the closing, right?" Urk. Well, other than they're on the opposite side of the continent ....
So rather than extending the rate lock again to wait until they're out here in a couple weeks, we're going the power-of-attorney route. But evidently it needs to be a very specific and focused PoA. The title company has a standard PoA form that we might be able to use, but the mortgage company's legal department needs to ok that it has all the information they need. The title company won't/can't make any modifications of their form, and the mortgage company (for some unknown reason) can't draw up a PoA form for me to use, so if the title company PoA doesn't fit the bill, then I have to draw up my own (and it has to fit everyone's specifications). And there's being some sort of glitch in the fax connection between the title company and the mortgage company ....
Ideally: the title company's PoA format is acceptable, they e-mail a copy to my parents in the next couple of hours (writing this during my lunch break) who get it notarized today and either fax it or overnight-mail it or both to the title company so that I can go down tomorrow and close.
2nd choice: either the above scenario holds but they don't make the deadline for east coast notary hours today, or I end up having to draw up the form (yay Nolo Press!), and in either event it doesn't get notarized by the parents until tomorrow. This then leaves option A) if a faxed copy of the notarized form is ok for closing, we still close tomorrow. B) if a faxed copy isn't ok, then we overnight-mail and close Wednesday.
I think that covers all the options, although it doesn't cover possible failures of the overnight-mail system. I'll know more by the time I post this. But I'm starting to get annoyed at all the last-minute rush-rush things that have been made necessary by people not actually believing me when I described what the structure of the deal is. I mean, the mortgage company has been told repeatedly that my parents are located on the east coast, so the question of making arrangements for PoA could have been raised at a much earlier date. And when I continually questioned the title company's assertion that this was a purchase-loan when the mortgage company kept emphasizing that it was a refinance-loan, somebody at the title company just might have said, "Hey, maybe she knows what she's talking about and we should clarify this with the mortgage company."
I've decided that my mortgage closure present to myself is going to have to be a day-spa package with lots of sauna and masseuse time. Right now my entire upper back and shoulders are a solid rock. Oh, and I need to go off caffeine for the week and implement standard anti-insomnia procedures A through D. (Actually AIP #A is going off caffeine. B through D involve a pot of "Tension Tamer" tea before bedtime, keeping well hydrated, and leaving the radio on playing very low while I'm sleeping.) It's a good thing that everyone told me in advance that it was going to be like this.
Update: by the end of the work day, the title company had faxed the proposed PoA to the mortgage company but I hadn't heard back on its usability yet.
So rather than extending the rate lock again to wait until they're out here in a couple weeks, we're going the power-of-attorney route. But evidently it needs to be a very specific and focused PoA. The title company has a standard PoA form that we might be able to use, but the mortgage company's legal department needs to ok that it has all the information they need. The title company won't/can't make any modifications of their form, and the mortgage company (for some unknown reason) can't draw up a PoA form for me to use, so if the title company PoA doesn't fit the bill, then I have to draw up my own (and it has to fit everyone's specifications). And there's being some sort of glitch in the fax connection between the title company and the mortgage company ....
Ideally: the title company's PoA format is acceptable, they e-mail a copy to my parents in the next couple of hours (writing this during my lunch break) who get it notarized today and either fax it or overnight-mail it or both to the title company so that I can go down tomorrow and close.
2nd choice: either the above scenario holds but they don't make the deadline for east coast notary hours today, or I end up having to draw up the form (yay Nolo Press!), and in either event it doesn't get notarized by the parents until tomorrow. This then leaves option A) if a faxed copy of the notarized form is ok for closing, we still close tomorrow. B) if a faxed copy isn't ok, then we overnight-mail and close Wednesday.
I think that covers all the options, although it doesn't cover possible failures of the overnight-mail system. I'll know more by the time I post this. But I'm starting to get annoyed at all the last-minute rush-rush things that have been made necessary by people not actually believing me when I described what the structure of the deal is. I mean, the mortgage company has been told repeatedly that my parents are located on the east coast, so the question of making arrangements for PoA could have been raised at a much earlier date. And when I continually questioned the title company's assertion that this was a purchase-loan when the mortgage company kept emphasizing that it was a refinance-loan, somebody at the title company just might have said, "Hey, maybe she knows what she's talking about and we should clarify this with the mortgage company."
I've decided that my mortgage closure present to myself is going to have to be a day-spa package with lots of sauna and masseuse time. Right now my entire upper back and shoulders are a solid rock. Oh, and I need to go off caffeine for the week and implement standard anti-insomnia procedures A through D. (Actually AIP #A is going off caffeine. B through D involve a pot of "Tension Tamer" tea before bedtime, keeping well hydrated, and leaving the radio on playing very low while I'm sleeping.) It's a good thing that everyone told me in advance that it was going to be like this.
Update: by the end of the work day, the title company had faxed the proposed PoA to the mortgage company but I hadn't heard back on its usability yet.
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no subject
Date: 2006-01-31 04:03 am (UTC)It would be terrifying if you really were purchasing on the open market, when a screwup in the financing could lose you the house. But in this case, the downside isn't all that bad. Have some tea and sleep well.
no subject
Date: 2006-01-31 06:56 am (UTC)No kidding! I'd definitely have done some tactical crying on the phone by now if that were the case. Of course, I image that mortgage agents are immune to tactical crying.
no subject
Date: 2006-01-31 04:29 am (UTC)no subject
Date: 2006-01-31 07:22 am (UTC)Good luck!
no subject
Date: 2006-01-31 07:29 am (UTC)You bet your boots they can't, for which you should be grateful. The mortgage company does not represent you in this transaction, they are representing themselves. What's more, their employees will be specifically constrained against giving you legal advice of any sort, over the "you may consider consulting an attorney" variety.
Because they title company is insuring title, it is in their interest to assist you with the POA; the mortgage company has to approve the correctness of the POA because problems resulting from a faulty one endanger their security and possible their position as Beneficiary of the Note.
Yeah, a good real estate attorney could clarify this issue vastly better than I just did, but those are the facts as I understand them.