power of attorney used for mortgage
i went to a local office supply store for a poa and my husband checked a few boxes off and then had it noterized. i later then checked off all boxes and obtained a mortgage on our home without his knowledge .now 6 yrs. later he has found out and said that the mortgage co. and i did this illegally. did the mortgage co. do anything illegal ? can they be held liable ? did they need a specific poa or could they use what i had legally ?
1 Answer from Attorneys
Re: power of attorney used for mortgage
A specific power of attorney is necessary to convey title. Therefore a general power of attorney was not effective for that purpose. However, it is still a fraud on the lender regardless of whether it is specific or general if the lender reasonably relied upon the document for making a loan.