Subject to packet

[Tyler Caruso]

Would somebody be willing to send me their subject to packet they use when doing deals?  I have the purchase contract and addendum to take over financing taken care of already but need templates for power of attorney and other documents. 

Please help. 

Thanks

[Bill Gulley]

Doing a Sub-To, the seller's equity, if any is financed, is in a second with a deed of trust. Look into having a loan servicer in place, search "loan servicer" here on BP, you'll see why.

You are never going to change anything with that lender, even with a POA.

You simply need an Authorization To Release Mortgage Information  as your questions won't go beyond payment, interest, principal and payoff or interest adjustments if applicable.

Insurance is taken care of through the seller's insurance agent, not the lender.

Powers of Attorney grant certain authorities appointing you as an agent of the buyer, under a POA you take on a fiduciary (legal obligation) responsibility when you act, or even if you fail to act in the matters granted. There are also related duties that may be deemed reasonable to be performed in connection with your appointed duties. The seller isn't your momma or daddy, they can be in an opposing position from your interests and with a POA, you are to act in their best interests. A buyer should not be in a position of managing the seller's mortgage with such obligations owing to the seller, ever!

POAs seem to be the cure all gurus suggest, they are over used and employed. Gurus suggest them, probably to make their life easier and they probably lack the legal aspects (that is they care at all) as there are other ways, authorizations, assignments of loss proceeds, deposit authorizations and such that can take care of any business you need to cover.

A POA, (Special Power of Attorney, in RE) might be necessary where you may need to obtain a building permit and oversee repairs under some arrangements, they should be very specific and limited in time, but not in a Sub-2 as you are in title.

Loan servicing takes care of your contract and they may make the payment on the underlying mortgage. A bank receiving a payment from an institutional servicer can be a very "under the radar" thing as a Trust could be managing a residence. In the event any due on sale issue pops up, the lender will be more willing to allow it to continue if the deal is under servicing rather than being done by some individual investor type. Professional servicing!

You need to get with a local attorney to bless your deal and stay clear of gurus. Good luck! :)