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This form is primarily required for individuals applying for a residential mortgage loan in California, particularly those who are registered domestic partners or married. It is essential for borrowers who have non-borrowing spouses or partners to disclose any potential claims on the property. For instance, if a couple is applying for a mortgage but only one partner's name will be on the loan, this form ensures that both partners' rights are acknowledged, preventing future disputes regarding ownership interests.
To file the California Statement of Interest Addendum, borrowers must ensure that it is completed accurately and submitted alongside their residential mortgage loan application. There are no specific deadlines for this addendum; however, it should be filed concurrently with the loan application to avoid delays in processing. Additionally, documentation proving the relationship status may be required if there are claims from non-borrowing partners.
Submitting the California Statement of Interest Addendum involves several straightforward steps. First, obtain the template from DocHub or another reliable source. Next, fill out all required fields accurately. After completing the form, you can either print it out and submit it physically to your lender or send it electronically if your lender accepts digital submissions.
It is vital to understand that failing to include this addendum when required can lead to complications during loan approval processes. Lenders may require both partners' signatures on security instruments related to the property even if only one partner is applying for credit. This ensures compliance with California laws regarding community property and ownership rights.
