Settlement of a Home Equity Loan on Delaware Property

[megamooo]

What is the name of your state? DE


Hello to all,

We own a vacation home in Delaware on which we have obtained a Home Equity Line of Credit. Our primary residence is in Maryland. Our mortage company has told us that in Delaware, an attorney must conduct settlement on the home equity, instead of the usual practice of settlement being conducted by the mortgage company. Is this correct? We really do not want to have to pay an attorney to watch us sign some paperwork. We would also prefer to conduct settlement in Maryland.

Our lender also feels that this information may be incorrect. All and any info would be greatly appreciated!

 

[FlyingRon]

Our lender also feels that this information may be incorrect. All and any info would be greatly appreciated!

Every state has it's own conventions for mortgage settlements. Sometimes it's a special settlement house, sometimes it's a lawyer's office. I don't know about Delaware. It's quite possible to do it all through the mail with though. I closed on a sale in NJ without ever goign there.

 

[seniorjudge]

Ask the mortgage company for a statute or rule citation that requires a lawyer to be at a closing in Delaware.

This, by the way, is not an unusual requirement; many states have this.