Using PoA To Sign Yourself Over The Deed?
I was trying to work a deal for awhile, and then I finally spoke to the owner again. She told me she went with another investor. I guess this more experienced investor moved a lot quicker, bam bam bam=)
However she's concerned with this company. She was promised Feb. payment to be made...which wasn't. Initially they told her she would get her mortgage payments made, plus 30k for her equity. Later when the contracts were made up, they said they wanted to make monthly payments on her equity instead. She agreed.
Now Feb. payment hasn't been made, nor has the equity payment been made. She signed power of attorney.....and then found out now after talking with the investors again that they signed themselves over the deed??? She wasn't involved in any closing at all.
I thought power of attorney was for contacting the bank and dealing with them and other interested parties on behalf of the owner. I didn't know you could use the power of attorney to sign yourself over the deed in place of the owner. It sounds a little fishy to me?? If it's true you can do that, why not do that all the time? Though it does seem to put the owners in a bad position.
The owner doesn't want to inform her attorney of this issue, as she attorney is a family friend and commented if anything went wrong she would notify the bank and call in the note. The owner realizes that would not be good for her.... is there anything the owner can do at this point to get out of this, and not accelerate the DOS?
Have her Contact the Investor and tell them that if the payment is not made immediately she will herself trigger the DOS clause. Because she's not going to let them ruin her credit. PERIOD.
They have 2 choices. Make the payment and keep them current, or deed the property back over to her.
Tell her to mention the word equity skimming, and attorney general, and the local action news team.
That should get their motors running.
[ Edited by GWmson on Date 02/17/2004 ]
A power of attorney can be used for anything in this world! YOu need to be specific in the rights granted under POA. IF it is a "general" POA and durable then they can do "anything" in your name including wiping out your bank account, getting loans in your name etc.
thanks. i'd like to try to help her in case they do rip her off.
won't triggering the dos hurt her as well?
My advice to her is to seek legal advice. My advice to you would be to get about investing in real estate and desist from acting as her legal consule.
The DOS can be triggered but the only way that the lender can act is to foreclose. That wil have major impact on this womens credit history..
My advise to you is to move on. Tell the lady she had her chance to work with someone reputable and she chose not to. If she can get in the position again to sell her property, call you, but otherwise there is nothing you can do.
Move on and find another property to look at. The good person in you wants to help but the logic behind it is that there is nothing you can do now that the property has been sold.
(The prev. homeowner can do a few things but you are out of the picture)