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so, husband wanted loan - i didn't: he went behind my back and did it himself. involved the use of a power of attorney - with one lawyer, a bank and another group of lawyers for money and no one contacted me for verification. Went on behind my back for 5 years. I am in absolute shock - mad and scared. 1st loan was 80K, 2nd loan 126K on 70K property. we have talked and my husband does not seem as concerned about this as i am. I had the power of attorney revoked. Is there anything else i need to do to protect myself - my social security number, etc. - i'm seeing a cpa today.
he admitted that he forged the power of attorney - but i know he won't admit it in court - i don't know if i want the hassle - right now, i want out
50 acres in both our names - from his father and mother - my husband said he forged the power of attorney - the only reason i found out about it the 2nd loan refinance produced an $800 check he forgot to pick up from lawyers office and lawyers sent to my home
If your husband fails to pay the mortgages, the bank will foreclose and sue both of you, so you would definitely be involved. I would suggest that in addition to seeing a CPA, you consult with an attorney about whether or not you should make a formal demand that the bank release the mortgage on the real estate and cancel the note as to you. Your husband may have violated some federal banking laws, which carry criminal penalties.
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have been online before - went to lawyer - sent me to bank - bank sent me to internet register of deeds - found power of attorney on file
went to second lawyer - revoked power of attorney - asked about business based on tax returns - not able to handle this - recommended cpa - today -
my name is XXXXX XXXXX the loan papers, only on the power of attorney - i think the bank officer said i was not liable for the loan -
how can a loan on land exceed taxable value of the land?
The loan could not have been on the land if you are a co owner but were not required to sign a note and mortgage. The POA by itself doesn't obligate you on anything. Someone would have to use it to sign your name to a documents. You should try to obtain copies of any loan documents from the bank which have your name on them. You can have a title company search the property to verify if there are any recorded mortgages against the land.
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