Posted by reba on 6/27/12 2:19pm
Msg #424846

HELOC w/POA

I have not yet experienced a POA with regard to loan signing, but I am doing lots of research and plan to contact title once I receive the docs to confirm their requirements. The signing is for a HELOC and when speaking with the BO, she mentioned that she has POA for her EX husband and submitted it to the title company. I have not received the docs yet, but shouldn't she have the POA with her at the signing? This is a NYS loan signing.

Reply by MW/VA on 6/27/12 2:41pm
Msg #424847

It won't be difficult. POA's always have to be approved by the lender. You usually get a copy of the POA at the signing. The tc will have the verbage on the paperwork or instruct you exactly how the borrower is to sign. You're lucky, since there aren't too many docs involved w/a heloc vs. a full refi signing.

Reply by Linda Juenger on 6/27/12 2:52pm
Msg #424849

Yet again, don't be surprised if wording is NOT on the docs. I've had to call many a time to ask exactly what wording they want. I've also found that it may be on lender docs and not title docs and vice versa. Nothing is ever consistent.

There have been times also that I was instructed to pick up the original POA and send it back with pkg. Things can go either say. Don't hesitate to call for direction on this.

Reply by Linda_H/FL on 6/27/12 2:59pm
Msg #424850

Heh...HELOC - with POA for *EX"??? What a racket

Wonder what the EX will think if she defaults...wow...

Reply by OR on 6/27/12 3:15pm
Msg #424853

Re: POA for *EX"?What a racket..thinking the samething

Is she kidding? POA for the EX for a HELOC. Sounds too fishy. I would be asking Title some questions. Wouldn't want to get cought up in a law sute.

Reply by taxpro on 6/27/12 5:13pm
Msg #424862

Re: Heh...HELOC - with POA for *EX"??? What a racket

Maybe it's for a Quit Claim Deed only? Or he's still on title?

Reply by Linda_H/FL on 6/27/12 5:20pm
Msg #424863

A HELOC is an equity line of credit...

an entire second mortgage on the property...

This situation would really make me go HUH?

Reply by Barb25 on 6/27/12 3:13pm
Msg #424852

When I was in NY I did quite a few signings with POA. Doesn't matter whether they are Refi or HELOC. Also since you are not responsible for certifiying capacity, if the TC tells you have the POA, just get it signed. In fact, I remember calling the SOS once and asking about filling out the acknowledgement. The person I spoke to said make it easy on yourself.... Just fill in the name of the person appearing in front of you. But even if you fill out the acknowledgement with Jane Doe for John Doe as his attorney in fact, your are not certifying capacity... So it doesn't matter.

Reply by CopperheadVA on 6/27/12 4:32pm
Msg #424860

Many times you have to collect the original POA at closing and return it with the signed docs. Always ask. One time I didn't collect it as I WAS NOT ASKED to collect it - there was a copy of it in the package and so I thought that the TC already had it. Turns out it was a copy of a fax they received. The signing service called me two days later asking if I picked it up. I don't think my signer ever had it (I seem to remember it was signed in Afghanistan) but I never heard what the end result was.

Reply by BrendaTx on 6/27/12 6:28pm
Msg #424870

Some Exs are not so untrustworthy...

I would give my Ex a POA under many circumstances and be perfectly fine with the idea that he would do the right thing.

Reply by jba/fl on 6/27/12 6:35pm
Msg #424871

Re: Some Exs are not so untrustworthy...

Mine also. Honor is so very important to some, he is one with great integrity.

Reply by BrendaTx on 6/27/12 6:47pm
Msg #424874

Thanks, Jules...this may be a very normal situation...

I'd like to think that my ex would not hesitate to hand his over to me, either.

Reply by Jack/AL on 6/27/12 6:47pm
Msg #424873

BrendaTX, watchout, HisHughness might be on the prowl....... n/m

Reply by BrendaTx on 6/27/12 7:34pm
Msg #424875

Maybe so...he and I are a lot alike.

Each of us do our own prowling...we do not give out our Prowling of Attorney documents to anyone else.