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Updated about 7 years ago on . Most recent reply

User Stats

52
Posts
9
Votes
Rian Ash
  • Investor
  • San Jose, CA
9
Votes |
52
Posts

Urgent- Lender not accepting POA, Loan contingency removed

Rian Ash
  • Investor
  • San Jose, CA
Posted

Hi There Experts,

We are in a weird situation right now. My wife is currently in contract to buy an investment property. She doesn't own any other property. She is not on the title or on mortgage for any other property. We were to sign documents on Wednesday but unfortunately, due to a family emergency, we have to travel out of the country on Monday and we won't be back for 3 weeks. I spoke to escrow and the lender on Friday and asked them if we can set a POA. The escrow agreed as long as the person is a relative but the lender is not agreeing. So we are in the pickle now, the loan was approved and we have removed all the contingencies, and now we are in this situation where Lender is not agreeing to the POA.

The lender is Annie Mac, in case that helps and they say that their attorney is in Texas and there are some texas rules around it (i searched but there is none). Also, there seems to be no restrictions as defined by Fannie Mae or Freddie Mac. 

Any advise on how to navigate this??

Most Popular Reply

User Stats

10
Posts
4
Votes
Ken D.
  • Investor
  • Boise, ID
4
Votes |
10
Posts
Ken D.
  • Investor
  • Boise, ID
Replied
cancel her plane ticket until funded. Problem solved

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