POA - Power of Attorney
We used to promote the use of POA’s for conveience purposes. This is no longer allowed. Investors want all buyer’s to be present and sign for themselves at closing.
The reason the borrower needs to utilize the POA is required and must be related to pre-scheduled travel or an emergency circumstances such as:
Fannie Mae
Military Deployment
Travel out of state
Unavailability due to emergency circumstances
Purchases related to relocation
Freddie Mac
Emergency: Medical or Natural Disaster preventing the Borrower from executing the required documents in person.
Freddie Mac requires evidence of the qualifying emergency circumstances.