Posted by Tony-VA/NC on July 16, 2003 at 03:24:54:
I am not an attorney but have delt with similar issues in regards to mobile homes.
When Jeff assumed Mike’s loan, Mike was not released from the loan and is still liable on the loan (one reason it is unwise to let anyone assume your loan without the lender releasing you).
As far as the selling of the home, the title is what will dictate who has standing as far as transfering ownership. If your state uses the Division of Motor Vehicles (or similar agency), they may well have their own Power Of Attorney Form. If Mike’s name is on the title, Mike would sign this, giving you power of attorney (some states require this to be notarized).
Jeff will have to pay off the loan in order to get the Lender to release the title, allowing you to sign for Mike and transfer ownership to the new buyer.