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Power of Attorney in a Mortgage

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Barb | 21 Sep 2012, 10:12 PM Agree 0

It has come to my attention that GE Mortgage solutions have a clause toward the end of their Mortgage Contract that gives them Power of Attorney over the borrower allowing them to sell the property in question out from under the borrower without their knowledge. This Power of Attorney is not correctly written and is not correctly witnessed - by two witnesses, one of whom must be a person authorised under the Evidence Act of 1958. Can anyone out there tell me how they can get away with this and has anyone else had a similar experience?
  • Chaika | 03 Oct 2012, 12:39 PM Agree 0
    Hi Barb... I did a quick internet search and haven't been able to find any information regarding this practice. Can you tell us a little more about how you learned about what GE is doing and how its mortgages differ from other providers?
  • Brent | 30 Oct 2013, 04:00 PM Agree 0
    Yes Barb,this is a very common banking practice.If you question it they won't let you sign on the dotted line,simple! Have you asked your lender for the Loan Application Forms? If not check this site out
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