Debt Consolidation Credit Counseling In Phoenix

I suppose I should start out by saying that just because something makes sense to you, doesnt mean it does to someone else.

Youre probably thinking, Wow! Glad I made it to this article. This character is the master of obvious statements!

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.

Typically, the escrow company requirements are just an inconvenience. They dont normally stop the deal.

A new customer of mine, actually a married couple and mother, needed a reverse mortgage recently. It was the brother of the wife who had power of attorney for mother. Mom is mentally incapacitated and cannot sign legally.

The purpose of the reverse was to build a room addition on the home for a live-in nurse for mom. All three people are on title to the home.

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.

Now, you have to ask the question, what is the point of the power of attorney in the first place? This is a legal document designed such to accomplish legal matters just as these folks are trying do.

In Texas, the example above doesnt make sense to insurance companies who issue title insurance. Sounds strange, but its true.

Texas Department of Insurance hasnt given me any explanation, but Im smarter than the average bear. The problem is legal action amid families and the insurance companies; the guys with money are tired of it.

Reality is, even a conservatorship as well as a power of attorney, doesnt seem to help.

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.