[WSBAPT] Lender won't honor POA RE Fannie Mae

[Roger Hawkes]

I vote with Christopher.  The path of least resistance is often best for our client.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Kaitlyn Jackson
Sent: Thursday, December 29, 2022 12:50 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Lender won't honor POA RE Fannie Mae

Hi all -

I rarely add to this listserv, but I've had a strange situation arise with regard to the purchase of a property. Client is purchasing property and client's son has a POA which is effective immediately and specifically allows son to purchase, sell, dispose of real property on behalf of Client. Client will be out of reach during the anticipated closing date for the purchase and wants Client son to execute closing. Underwriters for the loan say "no" because POA doesn't contain the specific address of the real property. Has anyone come across this?

My concern here is that POAs are generally written and if the principal is incapacitated, new POAs could not be executed for each transaction with each address. Can the underwriters be convinced this is not necessary?

Would love to hear your feedback.

Kaitlyn

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Thank you,

Kaitlyn R. Jackson, Senior Associate Attorney
Dimension Law Group, PLLC
Office:  206-973-3500│Fax:  206-577-5090
Email: kaitlyn at dimensionlaw.com<http://dimensionlaw.com/>
www.dimensionlaw.com<http://www.dimensionlaw.com/>
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