We all know that everyone hears things differently. That being said, one person may understand a concept that another does not.
Ill bet you think that I just made a common knowledge statement. You just stated the obvious cowboy, give me something original.
A Power of Attorney for real estate has never been cut-and-dried. People normally have a general power of attorney. The title company forces them to change it to a real estate specific power of attorney.
Its a little bit of work, but it all works out in the end.
A group of three (husband, wife and mom) came to me last month wanting a reverse mortgage outside of Houston. One of the borrowers (mom) was not mentally capable to sign. That being the case her son had power of attorney.
The husband, wife and mom are all on title. The goal was to take cash out of the home to make some home improvements and pay for medical treatment.
The borrowers had a legal power of attorney, and it seemed like a simple transaction. Nope. Apparently the TX Dept of Insurance put the Kibosh on using POAs for mortgages purposes.
What is the reasoning behind power of attorney, anyway? It is a legally-binding document, with the intention of having certain control in legal issues, just as the persons in the example above are attempting.
In Texas, the example above doesnt make sense to insurance companies who issue title insurance. Sounds strange, but its true.
I havent called the Texas Department of Insurance, but I can take a wild guess as to what is going on. Huge litigation between family members, and the insurance companies have had enough.
A power of attorney with a legal guardianship wont even make them happy.
Currently there does not appear to be a practical way out of this pickle, and that means serious trouble for my borrowers-to-be. I hope it works out, but for now the conclusion is a mystery.
Ill bet you think that I just made a common knowledge statement. You just stated the obvious cowboy, give me something original.
A Power of Attorney for real estate has never been cut-and-dried. People normally have a general power of attorney. The title company forces them to change it to a real estate specific power of attorney.
Its a little bit of work, but it all works out in the end.
A group of three (husband, wife and mom) came to me last month wanting a reverse mortgage outside of Houston. One of the borrowers (mom) was not mentally capable to sign. That being the case her son had power of attorney.
The husband, wife and mom are all on title. The goal was to take cash out of the home to make some home improvements and pay for medical treatment.
The borrowers had a legal power of attorney, and it seemed like a simple transaction. Nope. Apparently the TX Dept of Insurance put the Kibosh on using POAs for mortgages purposes.
What is the reasoning behind power of attorney, anyway? It is a legally-binding document, with the intention of having certain control in legal issues, just as the persons in the example above are attempting.
In Texas, the example above doesnt make sense to insurance companies who issue title insurance. Sounds strange, but its true.
I havent called the Texas Department of Insurance, but I can take a wild guess as to what is going on. Huge litigation between family members, and the insurance companies have had enough.
A power of attorney with a legal guardianship wont even make them happy.
Currently there does not appear to be a practical way out of this pickle, and that means serious trouble for my borrowers-to-be. I hope it works out, but for now the conclusion is a mystery.
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