Consider Getting a Power of Attorney

October 31, 2014

By: Charmaine Doumanian, Palm Harbor A Notary On The Go

I’ve written about Power of Attorney documents before, and I see way to often the need for couples, partners, and elderly the need to have a Power of Attorney in place. I had a situation the other day where a couple was refinancing their home. They had a nice low interest rate and the interest rate lock was going to expire. The loan needed close on Monday October 27 so it could still fund after the recession in the month of October. Unfortunately the husband was out of town on business and wouldn’t be able to attend closing. His wife was at home in Palm Harbor, Florida. The lender asked if he had a POA which would allow his wife to sign on his behalf. He didn’t have one. The husband asked if he was able to get one in Alabama where he was if his wife could then sign for him. The lender advised him to get the POA don in Alabama and send it in for approval. The husband had to take time from his business trip and find a way to a get the Power of Attorney completed. Once this was done he sent it to the lender and underwriting. The loan was suppose to close at 7:00 PM and the Power of Attorney still hadn’t been approved at 9:00 PM. I called the wife and she was still willing to sign. At 9:40 PM, I got a call that all had been approved and we would be receiving the documents shortly. The closing didn’t get started until 10:15 PM. The wife had to sign a very large closing package signing as a Power of Attorney for her husband and her own signature at that late hour. Had they had a Power of Attorney already in place it could have been done and approved earlier in the day. This is just one type of situation that can happen where having a Power of Attorney could have been so helpful. I say this time and again get a Power of Attorney done and just file it away. Who knows when you might be faced with a similar situation. A Notary On The Go Tallahassee, Palm Harbor & Dunedin will be glad to help you in notarizing and have the forms as well for Power of Attorney documents.