RubyRV wrote:
Im in direct contact witht the finance company. Loan is approved but they want the POA before they issue the check, which will be sent to buyer to then be given to my. Unfortutnatly there is no "bank" to actually go to. I will be back in contact with the lender tommorow. I told them i will hand over the notorized a POA along with the title upon receipt of the check. I dont see why they say no, when they are trusting their borrower to give me the check and him to collect the title from me. Last convertaion they said thats against company policy. I will try again tommorow to reasonably work this out with them.
Classic chicken and egg conundrum. The lender wants all the paperwork completed and in their control before they release the money. You want the money before you give them the paperwork. Compounding it even more is there is the buyer who is supposedly getting the check. You apparently have done your due diligence and determined the lender is legit and they have confirmed they have approved the buyer for the loan. To me, I wouldn't have a problem sending a limited Power of Attorney directly to the lender provided I had talked to them personally (at a phone number that came from a trusted source, not the buyer) and confirmed the entire deal is approved and this is how they want it handled. Then I would further request that information be confirmed in writing. The rig and actual title wouldn't pass to the new owner until the money is in hand. Without the title, the limited POA is just that, very limited.
