The Notary Hotline receives hundreds of calls daily from Notaries nationwide who find themselves in challenging situations. To boost your knowledge of Notary standards of practice, we’ve created a series of scenarios based on actual situations and ask a simple question: What would you do?
As the baby boom generation ages, Notaries are going to encounter more and more issues involving financial transactions. In this real-life scenario, a Notary was called to handle a loan signing for a 72-year-old man. When the Notary arrived, the man was there with his much younger wife and another woman who turned out to be the loan officer. He was the sole signatory on the home, and his name was the only one on the deed.
As the Notary prepared to start the signing, the man expressed unease with taking out the $300,000 loan in the first place. He said he owned the home outright, and did not see the need to borrow money against his equity. The loan officer mentioned that he had a three-day right of rescission to change his mind.
The wife spoke with the loan officer in a foreign language the Notary did not recognize, then said that they won’t be using the right of rescission. She reminded her husband that they had discussed the loan, and both agreed it would be a good idea.
The husband was clearly frustrated. But his wife ignored him and told the Notary, “Let’s get this done.”
What would you do?
Members of the NNA community frequently share accounts of encountering dubious or improper notarial practices, and it is not always clear how they should respond. In this case, the signer appears reluctant, his wife seems to be the driving force behind the loan.
Cases of elder financial abuse are becoming more common. But are there enough red flags in this situation to suggest that the wife is exercising undue influence or otherwise pressuring her husband into signing?
To participate in this week’s “What Would You Do?” scenario, share your answers in the comments section below. We may mention your response in next week’s Bulletin, when we offer the best possible answer(s) to this notarial challenge.
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