Tuesday, December 2, 2008

Do All Lenders Allow a Power of Attorney?

Here's another question we're frequently asked:

Q: Do all lenders allow a Power of Attorney (POA) if one of the buyers cannot be present at the closing?

A: If the buyers are related, then it's generally not a problem. If they are not related, then the lender must approve the person who will be acting as the attorney-in-fact. In all instances, the lender has to approve the format and wording of the POA. The title company will be able to prepare the POA.

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