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How To #10 - Step 2C HUD Sends The Claimant the HUD-27050-B Form

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How To #10 - Step 2C HUD Sends The Claimant the HUD-27050-B Form

Answer

HUD will send the borrower the HUD-27050-B Form when they receive the Tracer Found Case Form. The borrower will fill out, sign, and notarize the HUD-27050-B form and make a copy of it before sending you the original. Once you have the HUD-27050-B form and documentation back from the claimant and you are both ready to submit everything to HUD, provide the claimant with the HUD fax number: 410-637-3548.

Proof of Ownership

You have two options with the Proof of Ownership documentation. You can instruct the borrower to send a copy of the HUD 27050-B form to you with one of the required Proof of Ownership supporting documents listed below:

  • Mortgage Bond
  • Deed of Trust
  • Security Deed Note - Showing Paid in Full
  • Mortgage Note - Showing Paid in full
  • Recorded Deed (General Warranty Deed, Special Warranty Deed, or Re-conveyance Deed)

Or you can take that extra step by obtaining the Proof of Ownership documents for the borrower/claimant.

1. Identify the county that the property is located in. A quick Internet search can help you determine the county of the property and help you locate the phone number for the County Clerk’s office.

2. Call the County Clerk’s office and ask them their process for obtaining a copy of a Deed on a property in that county. Also ask them the price for obtaining a copy. Some counties require requests be submitted over the Internet and other's will process the request over the phone.

3. Talk with your client, you can either walk them through the process of getting the Deed or you can order it for them.

We highly recommend ordering it on behalf of your client. Most borrowers have lost track of their documents and really don't want to deal with trying to track them down. This is one way you can express the usefulness of hiring a processor like yourself. Use cover letter titled "Tracer Found Case Form Cover Ltr-Processor Gets Ownership Docs" for this option.

 

Signature and Notary Block

Claimant must sign this form in the presence of a Notary Public.

ENCLOSED: HUD-27050-B Form

Make sure to include the supporting documentation when you fax this form to HUD, use this form as the coversheet for those forms.

Proof of Identification

Instruct the borrower/claimant to complete and notarize the HUD-27050-B form. The borrower/claimant will fax in this form with a copy the required Proof of Identification documents:

  • Social Security Card
  • Photo Identification

HUD accepts the following forms of Photo Identification:

  • State Issued Identification Card
  • State Issued Drivers License
  • Passport

In lieu of a Social Security Card, HUD will accept a copy of a tax form that has the claimant full name, address, and social security number.

Having the borrower/claimant fax in this information without sending it to you helps to build trust and reassures them that their personal identification information will remain secure. Coordinate with your client. HUD must receive the Proof of Ownership and Proof of Identification information on the same day. This is why the borrower will make a copy before sending you the original.

FAX NUMBER

Once you have the Proof of Ownership form and documentation back from the claimant and you are both ready to submit everything to HUD, provide the claimant with the HUD fax number: 410-637-3548.

ENCLOSED: Proof of Identification Documents

Make sure the claimant includes the supporting documentation when they fax this form to HUD. They will use this form as the coversheet.

Notate the Individual Record

Make use of your notes panel to indicate the date forms were faxed to HUD.


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Views: 2479 Created on: Jun 03, 2014
Date updated: Oct 03, 2014
Tagged: How To


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