Title Co Trouble

tonyac2 · May 4

My DH has vascular dementia, and he’s wheelchair bound since his stroke in July of last year. He lives with me at home and I move him around with a hoyer lift. I do my best to make his life as enjoyable as possible. One thing that would make his life more enjoyable is if I had a wheelchair van to take him on rides and go visit family and friends. We have a lot of equity in our home so I applied for a cash out refinance with my bank. I got a Clear to close and then everything fell apart with the title company. They would not let my husband sign because he has dementia This is a long aggravating story, but having a POA made no difference to them. Just wondering if anyone has had this experience and how they dealt with it without getting an expensive attorney involved. I’m feeling trapped in my house as the bank is telling me I can’t sell it, I can’t refinance it, can’t do anything with it. Thank you.

jfkoc · May 4

Is it a DPOA?

harshedbuzz · May 4

Did a certified elder Law attorney write the POA or is it a boilerplate version downloaded off the internet?

I took mom to a CELA to get DPOAs for both parents. The attorney knew we needed to use it to sell homes in 2 states and access dad's investment accounts, so she drafted in in such a way to make that possible. I never had an issue using it with either title company, their banks and their brokerage firm. They all wanted to see the originals and the title companies held on to them to send to the county as part of the title transfer. They sent them back within a few weeks.

This might be a situation where avoiding professional advice is pound wise but penny foolish.

HB

tonyac2 · May 4

@harshedbuzz I used an attorney for the POA. Wondering now if I need a DPOA and what the differences are.

Quilting brings calm · May 4

I would call the lawyer that created the POA. My understanding is that it’s durable if it doesn’t say it ends at incapacity. But the lawyer would know- and probably knows what to do to get the bank to budge.

cdgbdr · May 5

Sorry you are going through this. I went to an eldercare attorney to get the necessary paperwork done. I was able to take DH off the deed to the house using my POA / DPOA. I have both. The attorney helped me. You may need one.

tonyac2 · May 5

Thanks everyone for the great suggestions and advice. When swamped with caregiving, “one more thing to do” seems like a bridge too far. But, I have to kick it in gear to get something done about this. I refuse to accept that I’m stuck in my house with zero options.

midge333 · May 5

POA can be durable (effective immediately) or springing (effective when person is declared incapacitated by two physicians).

tonyac2 · June 19

Update: I switched banks and was finally able to do a cash out refinance using the POA. I knew it wasn’t right that I couldn’t do anything with our house. So glad to have that battle behind me.

tboard · June 19

https://alzconnected.org/discussion/72950/title-co-trouble

Find another title company. Also you can have your DH sign a quit claim deed or you can sign one for him. Laws are different in every state. I was able to use POA to sign all of the documents needed when I sold my parents house.

Waters43 · June 19

https://alzconnected.org/discussion/72950/title-co-trouble

Do you think it’s just that particular title company? Humm
Might be worth a call to check a couple out.
I know banks have different rules / policies.

tonyac2 · June 22

https://alzconnected.org/discussion/comment/246121#Comment_246121

The update is that I found a title co to close the loan for a refi.

Title Co Trouble

Comments

Commonly Used Abbreviations

Community Guidelines

Categories