Mark in St. Louis 0 Report post Posted November 12, 2003 I also posted this on the new Legal Eagle forum but wasn't sure if anyone what ready to respond there yet. I have a subject-to deal I have the opportunity to sign up. Here's the situation: The couple is behind about 4 months. They have gotten the letter from the lender saying they are preparing to foreclose (no auction/sale date set yet). They cannot afford to catch it up or make payments any longer. I figure I have about a month before a sale date gets set. Missouri is a Deed of Trust state, so it will be a non-judicial foreclosure. They go fast here....less than a month. She has already found a new job, out of state, and is moving in 2 weeks. He is an over-the -road truck driver and is gone for 3 weeks at a time. He won't get back from this run until after Thanksgiving. Yes, they plan to abandon the house and let the bank take it. They are both on the warranty deed, but only the husband is on the deed of trust/mortgage. I'd like to get this under contract before she takes off (2 weeks). Her husband (who I have been talking to) says she has power of attorney for him (because of his trucking situation). My question: Can she sign over the warranty deed (and all my other closing docs for subject-to's) to me using his power of attorney? In other words, can she sign for both of them on all the docs I need....without it coming back to bite me in the A%# As an FYI, on subject-to deals I have them actually place the home in a land trust, with me as trustee, and them as the initial beneficial interest. I then have them sign beneficial interest over to my LLC. The "Warranty Deed To Trustee" is then what I record at the county clerk's office. Thanks! Share this post Link to post Share on other sites
-Tony- 0 Report post Posted November 12, 2003 I would be careful on this one in Virginia you have to have a specific POA with the address on it a general POA doesn’t work Share this post Link to post Share on other sites
pinkerton 0 Report post Posted November 14, 2003 Mark, I posted a reply to this post in the Legal Eagle forum on Nov. 13. Hope it helps. Cheers! Mike Pinkerton Share this post Link to post Share on other sites
AngelMG 0 Report post Posted November 18, 2003 Mark, I recently asked an attorney about this. I am in Alabama and my attorney said the POA could be used for all documents accept the warranty deed. He said you would need to mail that to him and have him sign. I also want to ask you about how you handle the land trust situation. In our first subject to deal it has been a real issue getting all this trustee stuff straight. We have been having someone else named as trustee, other than ourselves, when we create the trust. Who do you have as Trustee on the Deed to Trustee that you record? Angela Share this post Link to post Share on other sites
Mark in St. Louis 0 Report post Posted November 18, 2003 Angela, I am not really doing it the way most of the guru's preach. I act as trustee myself. My LLC is then the beneficial interest. This does not give me as much privacy. However, it is easy to do, and I'm all about making things as simple as possible. Share this post Link to post Share on other sites
