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ADVANCED HEALTH CARE DIRECTIVES         POWER OF ATTORNEY

 

 

Make a plan for your peace of mind.  Families with a plan can cope better in dire situations.  Without a plan, others can make those decisions for you like a court of law, a family member you have not chosen yourself, a doctor, or an insurance company.  Trauma can happen at any time and lives can change in an instant at any age.  Are you 18 years old, do you have a family, are you in your Golden Years?

It may be time to put affairs in order to ease the stress and confusion at a later date if you become incapacitated, you are incarcerated or your health becomes an issue.

Please consult with an attorney and preferably one who speaks your language.

FAMILY TRUSTS

 

LAST WILL AND TESTAMENT

 

The idea of a family trust is to protect assets, the ownership of assets, to avoid probate, avoid or delay taxes, and to dictate how those assets are to be disbursed upon death.

The purpose of the family trust is for you to progressively transfer your assets to the trust, so that legally you own no assets yourself, but for you, through the trust, to still have some control over, and get the benefit of, these assets.

You transfer the legal ownership of your assets to the trustees while continuing to use and enjoy them as long as the trust deed permits.

The term "revocable" means that a trust can be amended or revoked at any time by its creator, and assets can be added or removed from the trust as needed.

An “irrevocable trust” is one that, by definition and design, can't be amended, modified, changed or revoked. In other words, the written terms of the trust agreement are set in stone after the trust has been created and cannot be amended without the permission of the beneficiary.

 

RESOURCE: Do I Need Estate Planning?

 

CA Bar:    http://www.calbar.ca.gov/Public

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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A Last Will and Testament is a legal document should be used by anyone over the age of 18 to help avoid potential disputes or confusion regarding your estate.

A Last Will is especially important to enable you;

·  to stipulate your Final Arrangements

·  to appoint a guardian for your minor children and have a say in how your children will be raised. all valid wills give you some control over how your personal estate is handled after your death.

·  to all valid wills give you some control over how your personal estate is handled after your death.set aside funds for the care of any pets you may have.

·  to choose who will get your property after your death;

·  to choose how your property will be divided among your various beneficiaries;

·  to give specific items of property to specific people;

·  to appoint someone you trust to administer your estate.

 

 

 

 

RESOURCE: Do I Need Estate Planning? all valid wills give you some control over how your personal estate is handled after your death.all valid wills give you some control over how your personal estate is handled after your death. all valid wills give you some control over how your personal estate is handled after your death. all valid wills give you some control over how your personal estate is handled after your death.

CA Bar:    http://www.calbar.ca.gov/Public

 

 

 DISCLAIMER: I am a Notary Public bound by the laws of the State of California. A Notary Public is not a legal representative and/or attorney licensed to practice law.

Should you have any questions or concerns, please consult with an attorney and preferably one who speaks your language.

NOTE: The information contained on these pages is provided as a courtesy only and should not be construed as legal advice.

 

ADVANCED HEALTH CARE DIRECTIVE: (AHCD) See Download the FORM in ENGLISH/SPANISH   

https://www.calhospital.org/resource/advance-health-care-directive  

HEALTH CARE (AHCD) Power of Attorney authorizes the 'Attorney in Fact' to make health care decisions for the grantor.

Trauma can happen at any time or as a person starts to think of their 'Golden Years', it may be time to put affairs in order to ease the stress and confusion at a later date when your health may be an issue.                                    

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FACTS REGARDING AHCD:                                                                                                                                                                                                          

*You have the right to give instructions about your own health care.

*You have the right to request treatment you do want, in the event you lose the ability to make decisions yourself.

*You have the right to give instructions about your own health care.

*You have the right to name someone else to make health care decisions for you, when and under what circumstances they can do so.

 

ACTION STEPS REGARDING AHCD:

 

            A. Talk with your family, friends, and physicians about your advance directive. Be sure the person you appoint to make decisions on your behalf understands your wishes. Choosing a person to act as your health care agent is possibly the most important part of your planning. You need to trust that this person has your interests at heart, understands your wishes and will act accordingly. He or she should also be levelheaded and comfortable with candid conversations. Don't pick someone out of feelings of guilt or obligation. Think about your values and what you feel would make your life not worth living. Would you want treatment to extend life in any situation? Would you want treatment only if a cure is possible? Would you want palliative care to ease pain and discomfort if you were terminally ill?

            These decisions are very important, must be clear and your agent must follow your DIRECTIVE implicitly.      

B. Once the form is completed and signed, photocopy the form and give it to the person you have appointed to make decisions on your behalf, your family, friends, health care providers and/or faith leaders so that the form is available in the event of an emergency.

C. California maintains an Advance Directive Registry. By filing your advance directive with the registry, your health care provider and loved ones may be able to find a copy of your directive in the event you are unable to provide one. You can read more about the registry, including instructions on how to file your advance directive;

D. Review your Advance Directives from time to time.  As your health changes or your perspective on life changes, you might reconsider some of your advance directives. Read over your advance directives from time to time to see if you want to revise any of the instructions. You can change your mind about your advance directives at any time.

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MORE INFORMATION for CA: 

Click here::  http://www.sos.ca.gov/registries/advance-health-care-directive-registry/forms-fees/

TO CONSIDER:

Although you can't predict what medical situations will arise, be sure to discuss the following treatments. It may help to talk with your doctor about these, especially if you have questions.

Resuscitation. Restarts the heart when it has stopped beating (cardiac death). Determine if and when you would want to be resuscitated by cardiopulmonary resuscitation (CPR) or by a device that delivers an electric shock to stimulate the heart.

Mechanical ventilation. Takes over your breathing if you're unable to do so. Consider if, when and for how long you would want to be placed on a mechanical ventilator.

Nutritional and hydration assistance. Supplies the body with nutrients and fluids intravenously or via a tube in the stomach. Decide if, when and for how long you would want to be fed in this manner.

Dialysis. Removes waste from your blood and manages fluid levels if your kidneys no longer function. Determine if, when and for how long you would want to receive this treatment.

            *****MORE INFORMATION HERE:     END OF LIFE PLANNING   

Click here:       State of California - Department of Justice - Office of the Attorney General

 

FAMILY TRUSTS:  Information:  http://www.calbar.ca.gov/Public/Free-Legal-Information/Legal-Guides/Living-Trust                                   

 

LAST WILL AND TESTAMENT:   Information:  https://oag.ca.gov/consumers/general/estate-finance

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POWER OF ATTORNEY:                                     

A legal instrument authorizing one to act as another's agent or attorney. The person who authorizes another to be their agent is the grantor, while the person receiving authorization is the 'Attorney in Fact'. The Attorney in Fact can sign documents as follows. If the Attorney in Fact is Sue, and the Grantor of the Power of Attorney is Mark, she can sign, "Sue, as Attorney in Fact for Mark". Or, "Mark, by Sue, his Attorney in Fact."          

            Signers of Powers of Attorney are often incarcerated or elderly people. The Signers must understand what they are signing to deter fraud from happening.

            There are various types of Power of Attorney documents:

            (A) ADVANCED HEALTH CARE DIRECTIVE:         SEE ABOVE

            (B) REAL ESTATE: Powers of Attorney that authorize the agent to manage real properties.

            (C) FINANCIAL: Power of Attorney where your agent can make bank deposits, withdrawals or other transactions, trade stocks and bonds, pay your bills, buy or sell property, hire people to take care of you, file your tax returns, arrange the distribution of retirement benefits, negotiate and sign contracts, apply for benefits like SSI or Medi-Cal

            Your agent can do almost anything the Power of Attorney permits. You can also limit the types of financial decisions you want your agent to be able to make.

            Power of Attorney authorizes an agent to handle a person's assets and banking according to the wishes of the grantor.

            "LIMITED POWER OF ATTORNEY": You can decide if you want your Power of Attorney to expire on a certain date, or after your agent performs a specific task.

            "DURABLE" POWER OF ATTORNEY”:  Which means it will remain in effect even if you become incompetent or incapable of handling your affairs. If you do not want the Power of Attorney to remain in effect during these times, then the document can be made "non-durable."

            "SPRINGING" POWER OF ATTORNEY”: Becomes effective on a certain date or specific event.  A declarant can be chosen to announce/notify that the event has occurred.

 

            ***** MORE INFORMATION HERE:  SUPERIOR COURT of CALIFORNIA     Click here:   Self-Help Centers - selfhelp

***** OTHER RESOURSES                 

https://eap.ucsb.edu/sites/default/files/PowerofAttorney.pdf                                          https://www.ssrplaw.com/files/ca_stautory_pofa.pdf

                                                                                                             

Note: To learn more about Power of Attorney laws, or when filling out any paperwork OR have doubts or questions, please contact an attorney.

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NOTARY TERMINOLOGY

 

DISCLAIMER: I am a Notary Public bound by the laws of the State of California. A Notary Public is not a legal representative and/or attorney licensed to practice law.

Should you have any questions or concerns, please consult with an attorney and preferably one who speaks your language.

NOTE: The information contained on these pages is provided as a courtesy only and should not be construed as legal advice.

 

 

ACKNOWLEDGMENT: 

An acknowledgment is a notarial act in which a Notary certifies that a signer, whose identity is personally known to the Notary or is proven by satisfactory evidence, voluntarily signs a document for its stated purpose. The signer is not required to sign the document in the notary’s presence for an acknowledgment; the signer may pre-sign the document or may choose to sign it in your presence. Because you are attesting to the genuineness of the signature, you may not perform an acknowledgment that will be signed at a later time. Even if a document has been pre-signed, the document signer must be in the Notary’s presence at the time the Notary performs the notarization.

 

AFFIDAVIT:

A voluntary declaration of facts, written down and sworn to or affirmed by the declarant (“affiant”) before a Notary Public or other officer having the authority to administer an oath.

 

AFFIRMATION:      

The act of affirming the truth of a document, not an oath. "I solemnly affirm and declare the foregoing to be a true statement..." Note that an affidavit may appear in two forms: a sworn affidavit with oath, or an affirmed affidavit with affirmation. Each has the same legal import.

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APOSTILLE:

An Apostille is an authentication of public official signatures on documents to be used outside the United States of America. Some countries only will recognize your Birth Certificate or other type of official document if is authenticated by the Secretary of State which the document was issued. This authentication can be an Apostille or a Certification. The country of destination will determine whether they require an Apostille or Certification.

 

ASSET:          

An asset is anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).                                             

BIRTH CERTIFICATE           

A Notary generally cannot certify a copy of or notarize a birth certificate. This would be subject to state laws.

 

BLANK SPACES IN DOCUMENTS:

A Notary should not notarize a document with blank spaces. The signer or other parties could fill in the blanks after the notarization, thus changing the content of the document. The notarized signer's signature is then meaningless, since they didn't sign the document in its final condition.

            Notarizing documents with blank spaces is a huge liability and is avoided at all costs.

 

BOND:          

Many states require notaries to carry a surety bond to protect the public from any misconduct or mistakes. Should the Notary be liable for monetary sums, the bonding company would be liable to pay whatever was owed, and would then pursue the Notary to collect the damages. Notaries often carry Errors and Omissions Insurance to protect them from liability due to honest mistakes and oversights in the signing process.

 

COMMISSION AND COMMISSION CERTIFICATE:

A commission certificate is the certificate issued by the Secretary of State’s Office to a Notary. The commission certificate is an individual’s proof that he or she has been commissioned as a Notary Public. (A.R.S. § 41-311(2)) The commission certificate shows the Notary’s name as it appears on the application form, the notary’s commission number, the issuance date, and the expiration date of the commission, as well as the Secretary of State’s name and signature.

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COPY CERTIFICATION:     

Copy certification is a notarial act in which the Notary certifies that the Notary made a photocopy of an original document that is neither a public record nor publicly recordable.

                       

CREDIBLE IDENTIFYING WITNESS:                                      

When a signer is unable to present proper identification, the signer may be identified on the oath or affirmation of one or two credible identifying   witnesses. If there is only one credible identifying witness, he or she must be personally known by the Notary, otherwise two credible identifying witnesses are required.

 

DEED OF TRUST:   

DEED OF TRUST is the security instrument in a loan. It gives the lender a claim against the borrower'(s) home if they default on payment. This document is often initialed on all pages near the bottom of each page. The Deed of Trust is used to secure the payment of a loan. Many states use a similar document called a Mortgage in its place. All loans have either a Deed of Trust or Mortgage document.

 

DEED OF TRUST RIDERS: 

At the end of the Deed of Trust/Mortgage there may be a list of Riders (additions or amendments) to the document. If one or more of the boxes are checked, then the appropriate Rider will be attached. Examples include the Condominium Rider, 1-4 Family Rider, and Balloon Rider. These will need signatures, but not notarization since the Riders are part of the Deed/Mortgage.

 

DOCUMENT:          

A notary public's job includes notarizing signatures on documents. There could be endless variations in the types of documents that a notary could notarize. It is not the notary's responsibility to understand the documents, but only to perform notary acts according to their state's laws. Loan documents are common documents for notaries to notarize and supervise the signing of. The slang in the loan signing industry for documents is "Docs". A notary may attach a notarial certificate to a document, or the certificate wording could be included on a document.

 

FINANCIAL OR BENEFICIAL INTEREST IN THE TRANSACTION:  

You have financial interest in the transaction if you will gain (or lose) something of value in the transaction. You have beneficial interest in the transaction if the document will benefit you in some way. Family members are usually considered to have either a financial or beneficial interest in a transaction even if they are not specifically named in the document.                                    

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IDENTIFICATION OF SIGNER:                                                                                                                                                                                                       

A signer must prove their identity to the notary public with satisfactory evidence. A driver's license or passport would be satisfactory evidence. Most states allow the use of credible identifying witnesses to identify a signer as well. A credible witness is someone who knows the signer, and many states require the credible witness to know the notary personally as well. Identification for notary purposes generally would be a government issued photo ID with a physical description, signature, serial number, and expiration date.

 

IMPARTIAL WITNESS:     

An impartial witness must have no conflict of interest. This means the Notary cannot be a "party to the transaction" or a "party to the instrument" and cannot have any financial or beneficial interest.

 

 

INCOMPLETE DOCUMENT:          

An incomplete document is a document that has not been signed where a signature line is provided or where other obvious blanks appear in the document, or that lacks a notarial certificate.

 

JURAT:         

A certification added to an affidavit or document stating when, where and before whom such affidavit was made. A Jurat is a notarial act in which the Notary certifies that a signer, whose identity is personally known or is proven by satisfactory evidence, has made in the Notary’s presence a voluntary signature and has taken an oath or affirmation vouching for the truthfulness of the signed document. Some states refer to this as an affidavit. Anytime the words "sworn to before me" "subscribed and sworn to before me", or similar words appear in notarial language in the notarial certificate, you must perform a Jurat. Because a signer is swearing/affirming that the information is true, there can be no blank spaces on a document. 

 

NOTARIAL ACTS:   

There are four basic acts that a notary can perform in California:

*Acknowledgments

*Jurats

*Copy Certifications of POA

            *Oaths or Affirmations                                    

 

NOTARIAL CERTIFICATE:                                                                                                                                                                                                                                    

A notarial certificate is the part of, or attachment to, a notarized document for completion by the Notary that bears the notary’s signature, seal, and states the facts that are attested to by the Notary in a particular notarization. The state and county where the notarization takes place is known as the “venue” and is part of the notarial certificate.  A stamp cannot be applied without the proper verbiage.

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NOTARIO PUBLICO:         

"Notario Publico" is NOT the same thing as a United States Notary Public

In Latin countries, the Notario Publico is a high-ranking official with considerable legal skills and training. Unlike a U.S. Notary, the Notario Publicodrafts documents, provides legal advice, settles disputes and archives documents.

 

NOTARY PUBLIC:  

A Notary is a sworn public servant who follows strict guidelines in identifying a person. They serve as an impartial witness in taking acknowledgements, administering oaths, affirmations and performing other acts authorized by California Law. Unless a Notary Public is a licensed attorney, they may not give legal advice, draft legal documents nor accept fees for legal advice. A Notary may not even advise a client what type of notarization a document requires. The notarial wording must be provided by the creator of the document. (Business & Professions Code § 6125).

 

PARTY TO THE INSTRUMENT/TRANSACTION:

An instrument is the document, a signature on which you are notarizing. A party to the instrument is someone who is mentioned in the document either by name or by job title or classification or who would have some kind of beneficial or financial interest in the document. If you are a party to the instrument, then you have an interest in the transaction and are no longer an impartial witness, therefore you could not notarize a signature.

 

PERSONAL KNOWLEDGE OF THE SIGNER BY THE NOTARY:

Personal knowledge of the signer by the Notary means that the Notary has familiarity with an individual resulting from interactions with that person over a sufficient time to eliminate reasonable doubt that the individual has the identity claimed.                                     

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PROTEST:                                                                                                                                                                                                                                                                

A formal declaration whereby a person expresses a personal objection or disapproval of an act. A written statement, made by a notary, at the request of a holder of a bill, a negotiable instrument or a note that describes the document and declares that on a certain day the instrument was presented for, and refused, payment.

 

SATISFACTORY EVIDENCE OF IDENTITY:    *At least one current form of identification containing the following:

~ The individual’s photograph.

~The individual’s signature.

~The individual’s written physical description that includes height, weight, hair color and eye color.

~An identification card or driver's license issued by the California Department of Motor Vehicles.

~Other California state-approved identification card provided that it contains a photograph, description and signature of the person, and an identifying number.

~A driver's license issued by another state or by a Canadian or Mexican public agency authorized to issue a driver's license.

~An identification card issued by another state provided that it contains a photograph, description and signature of the person, and an identifying number.

~A U.S. passport issued by the State Department of the United States.

~A passport issued by a foreign government.

~A military identification card issued by any branch of the armed forces of the United States.

~An inmate identification issued by the California Department of Corrections, if the inmate is in custody.

~Two credible witnesses that personally know the signer in the case that the document signer lacks ID.

 

SEAL:                                     

           Most states require a notary to have a notary seal and affix it to all certificates for notarized documents that were notarized by that particular notary public. It is not legal to affix a notary seal if the signer hasn't signed the document. Additionally, the notarial wording must be filled out before the notary seal can be affixed.

 

VERIFICATION:      

A formal declaration by which one swears to or affirms the truth of the statements in a document.  Also, the statement of a Notary Public that the person appearing before the notary has been properly identified as being the person purported to be appearing.

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WITNESS:     

A person who watches an action take place. In the notary profession there can be witnesses who watch someone sign a document. There can be credible witnesses who identify a signer.

*CREDIBLE IDENTIFYING WITNESS: When a signer is unable to present proper identification, the signer may be identified on the oath or affirmation of one or two credible identifying witnesses.

            If there is only one credible identifying witness, he or she must be personally known by the Notary otherwise two credible identifying witnesses are required.                              

                                                                                                                                                                                                                                                                                                                                                                                               

DISCLAIMER: I am a Notary Public bound by the laws of the State of California. A Notary Public is not a legal representative and/or attorney licensed to practice law.

Should you have any questions or concerns, please consult with an attorney and preferably one who speaks your language.

NOTE: The information contained on these pages is provided as a courtesy only and should not be construed as legal advice.

                                               

 

LOAN/MORTGAGE INFO

 

 

 

 

 

Buying, selling or refinancing a home is a major lifetime change which can be quite stressful.  Working with compassionate, efficient professionals certainly does ease the situation.

You can be confident that I can certainly assist you through the signing process at your own speed and without undue pressure.

Below you will find a list of common documents that may or may not be contained in your loan package.

The packages are carefully compiled to include all necessary paperwork for your particular loan.

Should you have any questions, please consult with your primary advisor.

 

NOTE: For information only, should not be construed as legal advice AND provided as a courtesy.

~It is possible that not all documents below will be contained in every loan package and possibly other documents not described may be included.

~It is possible that the documents will not be stacked together in the order that they are described below.

~It is the Notary's responsibility to ensure that the stacking order is not changed from how it was received.

~If you receive your loan package prior to the arrival of your Notary Public, it is important not to upset the sequence.

~The Notary is permitted to explain the name of the document to the borrower, however; the Notary is not permitted to comment on the source(s) of the information, its accuracy, or his/her opinion of the information contained therein. 

~Should you have any questions/concerns during the 'signing', they should be directed to the person/s responsible for your loan.

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AS YOUR LOAN SIGNING AGENT:  I will assist you in making the process far more enjoyable.

~ If you are selling, purchasing or refinancing your current property, home, condominium or rental property, I will ensure that your documents are signed correctly, accurately and delivered   to your processor by the specified time to fund your loan expeditiously, and meet your closing schedule.

            ~ Please have your Identification and all needed paperwork in order and at hand before my arrival.

            ~ Please be on time and have all 'signers' available.

            ~ Please have a location set up that will ensure privacy and ease.                                                                          

AKA:  Also known as Signature Affidavit.  Document that records your legal name and signature, and any other variations of your legal name.

 

AFFILIATED BUSINESS ARRANGEMENT DISCLOSURE:

 The document is used by the Lender to disclose the Lender's affiliation with an escrow, mortgage or real estate brokerage company. This document informs the Borrower that he is not required to use the    Lender's affiliated companies, but instead may use any company he prefers.

 

BALLOON PAYMENT RIDER to Deed of Trust or Condominium Rider to Deed of Trust:

Riders are basically amendments to the standard form Deed of Trust. Riders must be signed by the Borrower but are considered part of the Deed of Trust so they do not need to be independently notarized. Examples include a Balloon Rider or Condominium Rider.

 

BORROWERS AFFIDAVIT:

This document must be signed by the borrower in the presence of a Notary public. In the document the borrower attests that they have not done anything to affect the title to property, that they are not the subject of divorce or bankruptcy proceedings, etc.

 

BORROWERS CERTIFICATION:

Document that states that the borrower/s have applied for a mortgage loan from the “Lender”, understand and agree that the lender has the right to the full loan review process, and fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make false statements when applying for this mortgage.

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BORROWER INFORMATION:

This document is to be completed entirely by the borrower(s).  Since this takes some time, it is recommended that this document be saved until the end so that the Notary, can do the necessary paperwork. (i.e., filling out the Notary journal, reviewing the signing documents for errors, etc.)

 

CALIFORNIA CREDIT SCORE NOTICE:                                    

This document is used to inform the Borrower that he will receive a copy of his credit score.  

 

CERTIFICATE OF VA ELIGIBILITY:

Document issued by the Veterans Administration to qualified veterans which entitles them to VA-guaranteed loans. Obtainable through local VA offices by submitting form DD-214 (Separation Paper) and VA form 1880 (request for Certificate of Eligibility).

 

CLOSING INSTRUCTIONS:

This document contains instructions from the lender specifying certain loan requirements and conditions. This rarely needs signature or initials, but the borrowers may review it if so desired.

 

CLOSING DISCLOSURE: 

A five-page form that provides final details about the mortgage loan you have selected. Which includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).  It is a combination of the Good Faith Estimate and HUD-1 Closing Statement.

 

COMPLIANCE AGREEMENT:

Document signed by the borrowers stating that they will help the lender after closing to correct errors in the documents at the lenders request. This is meant to only apply to clerical errors so that the loan will meet requirements from Fannie Mae or FHA, etc.

 

CONSUMER CHOICE DISCLOSURE:

This disclosure is provided to the borrower as they may have inquired about a lender-affiliated mortgage or escrow company. The lender is stating that any referrals were only suggestions and that the borrower is free to choose any company that he/she desired.

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CREDIT REPORT AUTHORIZATION AND RELEASE:                                    

This document is used to authorize the Lender to obtain the Borrower's credit report.

 

DEED OF TRUST/MORTGAGE:

This document secures the subject property as collateral in consideration for the loan and is recorded with the county. Check that the loan amount is correct and that the length of the loan is accurate.  This document is recorded.  The document is a standard form and therefore the terms and paragraphs in the body of the document may or may not apply to the loan.

 

DEED OF TRUST/MORTGAGE RIDERS:

At the end of the Deed of Trust/Mortgage there may be a list of Riders (additions or amendments) to the document. If one or more of the boxes are checked, then the appropriate Rider will be attached. Examples include the Condominium Rider, 1-4 Family Rider, and Balloon Rider. These will need signatures, but not notarization since the Riders are part of the Deed/Mortgage.                                                                                                                                                                                                                                                                                                                                                                    

 

EQUAL CREDIT OPPORTUNITY ACT (ECOA) DISCLOSURE:

Federal law requires creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs.

 

ESCROW:                                     

An Escrow company is a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or "closing". Escrow may also refer to an account held by the lender into which the home buyer pays money for tax or insurance payments.

 

ESCROW ACCOUNT DISCLOSURE:                                    

Account held by lender containing funds collected in conjunction with monthly mortgage payments. Also known as impounds, the funds in this account are held in trust by the lender on behalf of the borrower and are used to pay expenses such as property taxes and homeowner's insurance.

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ESCROW TRANSFER REQUEST (IRREVOCABLE ASSIGNMENT OF ESCROW):

This form must be signed by the borrower if the borrower's lender has an escrow account. Since the new lender gives credit to the borrower for the amount of money in this account, this document instructs the previous lender to send any funds remaining in the escrow account to the new lender when the mortgage is paid off.

 

ESCROW WAIVER AGREEMENT:

This document allows the lender to waive its right to require the borrower to establish an escrow impound account to pay for such things as real estate taxes or hazard insurance premiums.

 

FAIR LENDING NOTICE - The Housing Financial Discrimination Act of 1977:

This document is used to inform the Borrower that the Lender may not discriminate on the basis of race, color, religion, sex, marital status, national origin or ancestry.

 

FHA LOAN                                    

FHA loans are fixed-rate or adjustable-rate loans insured by the U.S. Department of Housing and Urban Development. FHA loans are designed to make housing more affordable, particularly for first-time homebuyers.

 

FIRST PAYMENT LETTER:                                    

This document states when the borrowers first payment is due, and what is has been estimated to be.

 

FLOOD CERTIFICATION:

Federal law requires that you obtain flood insurance, if you obtain a mortgage, and your property is in a designated flood zone. This fee is paid to a third party to determine the flood zone status of your property, and to notify us of changes to the flood zone map that effect your property during the life of your loan.

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GRANT DEED:                                   

A California grant deed is used for the transaction of property in the state of California.   This will transfer the title of the property from one individual to another.  A grant deed must be notarized and filed with the local county clerk's office.

 

GOOD FAITH ESTIMATE:   Now included in Closing Disclosure in most Loan Packages.

Written estimate of costs the borrower will pay at closing, provided by a lender within three days of loan application.     

**Refer to (RESPA)                                                                                                                                                                                                            

 

HOME EQUITY LOAN:   HELOC

A home equity loan, (aka HELOC), is a credit line that is kept open and restored as you pay off what is owed. An equity line of credit also has a high credit limit similar to a credit card that you are allowed to draw upon as needed. Most lenders require interest only payments each month, allowing you the flexibility to pay down the principal of the loan when you can.

 

HUD-1 STATEMENT: Now included in Closing Disclosure MOST LOANS.                                                                         

This document is generated at the close of escrow and details all costs and expenses that are associated with the transaction. Included in the HUD are: the settlement charges to borrower, the amount of the loan to be paid off, the gross amount due from the borrower, the principle amount of the new loan, and any other deposits or fees. If there is an amount or an “x” on line 303 or 1601, that will let the Notary know that there are additional funds to be collected from or provided to the borrower. A Notary can explain what the charges are for but cannot explain the reason for the amount of each charge. Generally, if there is no addendum to the HUD, there will be a place on each page of the HUD for the borrower's signature.

 

HUD-1 ADDENDUM:

This is an additional page that may be attached and verifies that the borrowers have read and understand the HUD. This document will require the borrower's signatures.

 

IMPOUND AUTHORIZATION:

For mandatory impounds: This document is used to authorize the Lender to collect impounds. For voluntary impounds: This document is used by the Borrower to elect or refuse an impound account.

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LOAN:                                    

 

A loan is a contract where a borrower agrees to borrower a certain amount of money from a lender at a specified interest rate, or an adjustable interest rate. The loan amount is guaranteed by the Deed of Trust or Mortgage document. Every loan has an accompanying set of loan documents which are part of a loan package. Documents are typically put in a set order with the Deed of Trust on top, the Note, and many other standard documents as well as non-standard documents particular to the loan.

~CONVENTIONAL: A conventional loan is a mortgage that is not backed by any Government agency such as the Federal Housing Administration. The lender issuing the loan is assuming the risk. Conventional loans also meet the requirements of Fannie Mae and Freddie Mac. Most conventional loans are issued by private lenders
  Read more:
http://www.thelendersnetwork.com
~FHA: An FHA loan is a mortgage loan that's backed by the Federal Housing Administration. Borrowers are required to pay a mortgage insurance premium, which reduces the lender's risk if a borrower defaults. These loans are good for low to median income first time home buyers as well. FHA allows lenders more flexibility on debt to income ratios than traditional mortgages
  Read more:
http://www.thelendersnetwork.com
~VA: A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default.

                                                                                                                                                                                   

LOAN APPLICATIONS 1003:

            An initial statement of personal and financial information required to approve a loan provided by the borrower and necessary to initiate the approval process for a loan.

This document is required by lenders prior to loan approval, borrowers must sign original copy at time of closing.

 

 

LOAN MODIFICATIONS:  

            A loan modification is a permanent change in one or more of the terms of a mortgagor's loan, allowing the loan to be reinstated, and resulting in a payment the mortgagor can afford.

 

LOAN SERVICING DISCLOSURE:

The collection of mortgage payments from borrowers and related responsibilities (such as handling escrows for property tax and insurance, foreclosing on defaulted loans and remitting payments to investors). Will disclose whether the borrower's loan will be sold.

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LOCK CONFIRMATION WORKSHEET:

A lender's guarantee of an interest rate and related points for a set period of time, usually between loan application and loan closing.  Protects borrower against rate increases during that time.

 

MORTGAGE/DEED OF TRUST:

This document secures the subject property as collateral in consideration for the loan and is recorded with the county. Check that the loan amount is correct and that     the length of the loan is accurate.  This document is recorded.  The document is a standard form and   therefore the terms and paragraphs in the body of the document may or may not apply to the loan.

 

MORTGAGE LOAN DISCLOSURE STATEMENT / GOOD FAITH ESTIMATE:

The Good Faith Estimate is a written estimate of the settlement costs the Borrower will likely have to pay at closing including loan-processing charges, inspection fees, lender and broker fees, loan-related fees, and third-party fees, such as the title insurance and appraisal. Under the Real Estate Settlement Procedures Act (RESPA), the Lender is required to provide this disclosure to the Borrower within three days of receiving a loan application. The Mortgage Loan Disclosure Statement / Good Faith Estimate is a document that combines the Good Faith Estimate with Additional Required California Disclosures.

 

MORTGAGE BROKERAGE FEE DISCLOSURE:                                    

This document explains the mortgage broker's compensation.    

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MORTGAGE

            A mortgage loan is a loan for which real estate serves as collateral for repayment in case of default.

 

MORTGAGORS (OCCUPANCY) AFFIDAVIT:

This document is used by the Federal Housing Administration to insure the loan, or by the Veteran's Administration to guarantee the loan, or by a Private Mortgage Insurance Company to insure the loan. This document also states whether or not the borrower intends to occupy the property as a primary residence. It also determines if a property is located in a special flood hazard area.

 

NOTE:

The note is the loan agreement, and it outlines the terms of the loan. The note includes: address of the property, loan amount, lender, interest rate, date on which first payment of the new loan is due, where the payments are to be mailed, monthly payment, percentage charged by the lender if the payment is more than 15 days late. Make sure that the borrowers understand these terms and agree with them before they sign this document.

 

NOTICE OF RIGHT TO CANCEL:

If the loan allows for the borrower to cancel the loan that is being signed within three business days (including Saturday) this notice will be included. National Holidays are excluded from the calculation of three business days. Be careful to monitor where the borrower signs this document. The borrower should usually sign on the line that says they have received the document (not the line that states they wish to cancel). There will usually be multiple originals of this document. The borrowers sign all originals.

 

NOTICE TO APPLICANT OF RIGHT TO RECEIVE COPY OF APPRAISAL:

This document allows the Borrower to obtain a copy of the property appraisal report upon written request.

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OATH:                                    

A solemn declaration, accompanied by a 'swearing to', that one’s statement is true or that one will be bound to a promise. The person making the oath implicitly invites punishment if the statement is untrue or the promise is broken.

 

OVERNIGHT FEE STATEMENT:

This allows the lender to use overnight express mail to pay off the previous mortgage. Let the borrower know that this fee is already reflected in their HUD-1 statement.

 

PATRIOT ACT DISCLOSURE                                                                                                            

Closing agent must confirm each Borrower's identity with an acceptable form of valid ID. Closing agent must sign and date this form. Borrowers must sign and closing agent must complete and sign the bottom section of the “Important Applicant Information” sheet that follows.

 

PAYOFF LETTER:

This document authorizes the lender to pay off the old loan with the funds from the new (refinance) loan.

 

PAYOFF STATEMENT:

Itemizes the old loan with other fees that may include: prepayment interest, optional insurance, fees required for payoff, funds to be credited, and funds to be retained. This tells the borrower(s) how the amount of payoff of the old loan was reached. Generally, the total payoff amount on this statement will match the payoff amount listed on the HUD-1 statement.

 

PRIVACY DISCLOSURE:                                    

States that the lender does not disclose any nonpublic information about the borrower to anyone, except as permitted by law.                                       

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REFINANCE:                                   

Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms. A refinance closing can take place to reduce interest rate/interest costs (by refinancing at a lower rate), to extend the repayment time, to pay off other debt(s), to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce or alter risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to raise cash for investment, consumption, or the payment of a dividend.

 

REQUEST FOR COPY OR TRANSCRIPT OF TAX FORM (4506):

Allows lender to get a tax return transcript, verification that you did not file a federal tax return, form W-2 information, or a copy of a tax form. This document is for each individual borrower, so there should be one for each borrower.

 

REQUEST FOR TAXPAYER IDENTIFICATION NUMBER AND CERTIFICATION (W-9):

Allows lender to request and review tax return information from the borrower, and/or governmental agencies. This document is for each individual borrower, so there should be one for each borrower.

 

RESPA:   Real Estate Settlement Procedures Act (RESPA):

A federal law that requires lenders to provide home mortgage borrowers with information about transaction-related costs prior to settlement, as well as information during the life of the loan regarding servicing and escrow accounts. RESPA also prohibits kickbacks and unearned fees in the mortgage loan business.       

 

REVERSE MORTGAGE:                                   

A reverse mortgage enables older homeowners (62+) to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. The reverse mortgage is aptly named because the payment stream is “reversed.” Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.

 

RIDER:                                                                       

Riders (or addenda) are special attachments (separate sheets) that become part of the contract in certain situations. There could be multi-state riders, prepayment riders, adjustable rate riders, convertible adjustable rate riders, construction riders, etc. Many lenders will have somewhat standard Deeds of Trust, and if they want to include specialized terms for a particular borrower, instead of giving them a special Deed of Trust, they will just add a Rider with the additional terms and clauses.

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SIGNATURE AFFIDAVIT:

Document that records your legal name and signature, and any other variations of your legal name.

 

SUBORDINATION AGREEMENT:

This document alters the priority of existing liens against the property, such as an existing HELOC or second mortgage, ensuring that the new Deed/Mortgage will be placed in the first position on the title of the property. There may be multiple subordination agreements. This document requires notarization. This document will usually have notarized signatures from the entity that is agreeing to the terms of the subordination agreement.

 

TAX AUTHORIZATION FORM:

This authorizes the lender to withhold monies from the borrower's monthly payment to pay their taxes and insurance.

 

TRUTH-IN-LENDING DISCLOSURE REGULATION Z:

Federal law requires written disclosure of the terms of a mortgage by a lender to a prospective borrower within three business days of application. Discloses to the borrower: annual percentage rate, finance charges, amount financed, total number of payments, and the amount of each payment associated with the loan.

 

UNIFORM RESIDENTIAL LOAN APPLICATION:

            The Loan Application contains a Borrower's statement of personal and financial information and is required when applying for a loan.

 

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HEATHER REINHOLD    760-481-5126   MOBILE NOTARY & LOAN SIGNING AGENT

DISCLAIMER: I am a Notary Public bound by the laws of the State of California.  A Notary Public is not a legal representative and/or attorney licensed to practice law.

Should you have any questions or concerns, please consult with an attorney and preferably one who speaks your language