Posted by Frank(OH) on October 05, 2005 at 08:48:11:
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Out of state credit partner question - Posted by Frank(OH)
Posted by Frank(OH) on October 05, 2005 at 08:34:55:
I have the possibility of working with an out of state credit partner. I am looking to purchase homes conventionally and then selling rent to own. My credit at the moment isn’t strong enough to support this type of investing. I have an LLC. Can I use a power of attorney signed by my credit partner and in turn sign the mortgage docs myself or does he have to sign himself. Should I make him a member of my LLC? Any ideas on this?
Thank You,
Frank
Mail-Away closings - Posted by JT-IN
Posted by JT-IN on October 05, 2005 at 08:45:34:
Frank:
The title company closing the transaction can simply mail or overnight the mtg docs to the partner, and he/she can execute the docs in front of a Notary, and ship them back for funding of the deal. The Mtg Co will dictate what level of surety they are comfortable with. The may also employ a title company in your partner’s area, and have them execute the docs required, then send them back to the Lender for funding.
This is common place in today’s word, and each lender will have their own protocol here. It is more a matter of what the Lender is willing to live with, as opposed to how you want to proceed.
JT-IN
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