Question About Refinancing Home

[ugar-6]

I just received a phone call from a neighbor/friend that is refinancing his house. He asked if I could sign as a witness on the deal and that the company representative would be at his home this afternoon? Does this sound correct? I thought it would have to go through a closing attorney or be notarized. I just want to make sure we're not signing something as a witness that we shouldn't or that we're not being duped into being a cosigner. I know my neighbors wouldn't do this to us but I don't know about the company they're refinancing through. Just wanted to know if anyone else has seen or done this.

[eddie98]

I have never heard of this. I witness to what? Contact LadyJaye here, she's in the mortgage business.

[Lazarus]

i've never heard of it either. I do know that alot of different companies have different practices. Not sure if anyone can really help you or not. Either decline or make sure you are only signing where it says witness and that you get a copy of any forms you sign, in fact I'd probably get copies before you sign them.

[SpeedGeek]

Sounds like they're just looking for you to act as "witness to the fact that he's signing the contract"...

But, as always, READ EVERYTHING before you sign anything...

Doesn't sound like a big deal to me though. Just like when you get married, they ask that there are witnesses to observe the contract take place and who could testify that it actually took place with the parties involved in case somebody goers back later and says "I never signed that!"

[wallypiper]

Sounds pretty fishy if you're not a notary. You can always read the document you're being asked to sign and make a decision based on what it says. If you don't understand it, don't sign it. Sorry neighbor. There will be a real estate attorney involved at some point, but not normally present for closing.

[Gmoney]

very odd...

[LadyJaye]

There are some cases where the lender will send out a travelling notary to execute closing docs. Or, it could be a case of a "mail away" closing in which case the docs would have to be notarized. I would advise that you read whatever you are signing, but asking you to sign as a witness is perfectly legit in some cases.

[dpaine]

I have heard of it before with refinancing. I actually did it for my neighbor a few months back. Took a whole 1 minute.

[Jector]

So long as the line you sign at says "witness" and that's all, you should be good to go. Still read the docs for anything that sounds odd, but witness signatures aren't unheard of.

[Mongo]

Yep, did it when we did a refi with Wells Fargo, they sent a notary with all the paperwork to the house and we did it all in the kitchen. Worked great and totally legit.

[wallypiper]

But did somebody other than the notary come and sign as a witness? That's what seems odd to me. A witness that isn't a notary doesn't carry much weight. Ugar's not a notary, he's just a neighbor.

[Jector]

You're right, it should be notarized. If he want's to know if it's legit papers, then he should be checking for a notary to sign. If he's worried about being in the clear, he should read the papers and make sure the line says "witness" only and there's no naughtiness included about witness responsibilities.

It's possible the company representative is a notary and they want a 3rd party witness for legal reasons since having the person who's trying to move the loan also notarize it can look hinky if trouble arizes.