Posted: 5/10/2013 1:49:26 PM EDT
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Any legal experts here? I need a power of attorney so my wife can sign for me on a refi on my mortgage. I work offshore with no set schedule, but the bank wants to schedule week in advance. The only power of attorney I have ever done was in the Marines when I went on deployment, and the JAG office took care of everything on that. Anyone know how I can go about getting one, and about how much I should pay for one? Any help is appreciated. |
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Quoted:
Any legal experts here? I need a power of attorney so my wife can sign for me on a refi on my mortgage. I work offshore with no set schedule, but the bank wants to schedule week in advance. The only power of attorney I have ever done was in the Marines when I went on deployment, and the JAG office took care of everything on that. Anyone know how I can go about getting one, and about how much I should pay for one? Any help is appreciated. I recently had a deal fall through because of issues relating to a POA in real estate transactions, so I have learned more about it than I ever wanted to over the last month or so. 1] They are very common in home purchases and sales. The mortgage company, title company, and maybe your real estate agent should have suitable forms...a disclaimer here that you should have a lawyer review the document...but many people do not. 2] Your mortgage company will likely want the POA in advance, so they can have the documents drawn up to reflect its use. 3] If its a property purchase/sale, the title company will NEED the POA to prepare their docs. All this translates into you cannot just walk into closing with one...everyone wants to see it in advance. . . . ...also, a POA from a non-citizen, that is not in the country, is not worth the ink on the paper. Don't ask me how I know. |
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What you need is a limited power of attorney. If the only thing you need it for is so your wife can sign for you on mortgage refinance documents then a general power of attorney is not needed. The one she had when you were on deployment would have been considered general, most likely, so that she would have been able to legally represent you in a number of transactions, e.g. medical, finance, property, etc.
Your best bet is to find a probate lawyer who specializes in this and ask for a price. I'm not sure what legal software is running these days. Be careful with trying to use a template from someone in another state. If there is anything in there that does not conform to state statutes then the POA is invalid. Not sure about the timeline and when your bank requires it. Realistically speaking, all the POA does is give your wife the legal right to sign for you. She can present that document to them at any time and they will accept it and act on it provided their attorney or legal representative reviews and approves the POA. A financial institution accepts that at any time a customer account could evolve into a fiduciary situation. They should be trained on how to handle that. |