After the commitment letter

chris605 Posted: Feb 16, 2005 06:33 PM

After the commitment letter

Whats next - they mentioned the title search - Is that for the house?? what else do they search for - The lawyer sent a letter about liens against a male with the same name as my husband although its not him??

Anyone know??

nov2004bride Posted: Feb 16, 2005 06:47 PM

Re: After the commitment letter

We didn't get a commitment letter And our title search has been done and our mortgage is in the process. What is that?

chris605 Posted: Feb 16, 2005 07:00 PM

Re: After the commitment letter

Amazing... I have no idea - and I hate the fact they just send a letter - I think they should have called to say - Oh expect a letter from us and it mean this.... HELLO - I am not a mind reader.... I guess I have no choice but to wait to tomorrow when they are open....

NPbride Posted: Feb 16, 2005 08:34 PM

Re: After the commitment letter

My lawyer just mentioned this to me and I asked him what exactly that is (b/c I thought since we were approved and had contracts signed that we were 'committed'-silly me ). So he said that when the bank does the appraisal they'll send you a committment letter, meaning that the bank has to make sure that the house is worth at least the mortgage amount before they will commit to giving you the mortgage. (This is my understanding of it).

ETA: They have to do a title search to make sure the owners actually own/hold the title to the house.

chris605 Posted: Feb 16, 2005 08:59 PM

Re: After the commitment letter

ok - thats cool... but why would they pull his name on the title search...I mean I dont know what the judgements are for or who they are for - but the address is not one he ever lived near - I dont know i guess I am just confused - I will call the lawyer in the morning...

I hate this....

LisaT Posted: Feb 16, 2005 09:12 PM

Re: After the commitment letter

the title search is on the house itself - to confirm that there are no other owners or liens on the property and its free and clear to be sold.

the committment letter is from your bank/mortgage company committing to provide the mortgage at a set rate (we had our committment as soon as we went to contract - didn't need to wait for an appraisal).

they also search your name/SSN to determine that their aren't creditors out there that you owe or defaulted on and haven't disclosed. Sounds like thats where the info was found on someone who has a similiar name. It happens, but since its not your DH, don't worry about it.

And if any of your banks let you bring in your own appraiser (I know eloan did when we closed), let me know

thiadora Posted: Feb 16, 2005 11:33 PM

Re: After the commitment letter

Posted by chris605

The lawyer sent a letter about liens against a male with the same name as my husband although its not him??

Anyone know??

The title company searches for judgments and liens against the purchasers and any owners within the last ten years. The judgments are searched by name only. The only identifying information on it are: name of debtor, address of debtor, name of creditor, amount, docket date (and some other information). It does not include the SS# for the debtor. For that reason, the title company includes all judgments that come up for the name and any possible variations. (It is safer to paint with a broad brush so to speak.)

If judgments come up against you in the title report, you advise your attorney whether or not they are against you. If the judgment is against you, it must be paid at or prior to closing. If it is not against you, you will sign an standard 'no judgment' affidavit at the time of closing.

Hope this helps.