Posted by Greg Bell on March 08, 2002 at 17:28:05:
Bill,
Thank you for your support!
Greg
How do I assign the POA or vice versa? - Posted by Greg Bell
Posted by Greg Bell on March 06, 2002 at 14:48:32:
Bill,
I know you don’t recommend buying a subject to from someone who bought a property subject to, but that’s what I just did. So, far it’s working out fine.
I was looking at the original POA and it has language that says that the POA is assignable. Is there a form or some particular language that I could change on the Assignment of Beneficial Interest to perform this function? (i.e. Assignment of Power of Attorney). Then I would sign documents as follows: Joe Original Seller, Straw Investor as Attorney-in-fact, Final Investor as attorney-in-fact?
Well at this point I’m able to get the “Straw Investor” to sign what I need. It’s a forbearance agreement from the mortgage company. I may not need anything else signed, but if I do it’ll only be with the mortgage company at least until the loan is paid off or refinanced, etc.
Thanks,
Greg
Re: How do I assign the POA or vice versa? - Posted by William Bronchick
Posted by William Bronchick on March 07, 2002 at 17:25:12:
Just because the POA is assignable does not mean that it is assignable WITHOUT the former owner’s permission. If the bank will accept the assigned POA, then you are fine.
Re: How do I assign the POA or vice versa? - Posted by Greg
Posted by Greg on March 08, 2002 at 24:28:43:
Bill,
Yes, but how do I assign it? I have yet to see a form call the Assignment of POA. Do you have one? Have you ever used one or created one?
Yes, the first owner of the POA is willing to assign everything and the original seller is hard to reach (out of town)-but sure he would issue another POA if I can reach him.
Thanks,
Greg
Re: How do I assign the POA or vice versa? - Posted by William Bronchick
Posted by William Bronchick on March 08, 2002 at 06:37:11:
If you could get the to the owner, I think the best way is to get a new POA.