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December 22, 2016

How do I get a notarized Power of Attorney?

How do I get a notarized Power of Attorney?

It is common to need a Notarized Power of Attorney. The issue is that many people don’t know where to go for help. You need to either find a Power of Attorney form, or have a customized one drafted by a law firm. But, be careful. If you have the wrong Power of Attorney form, it might not be acceptable to whomever the custodian of the document is, or to the courts. I am not an Attorney and can’t advise you, but I suggest you first talk to the agency you are submitting the Power of Attorney to and see what their requirements are. After that, talk to an Attorney.

Step 1. Check with the Document Custodian

Many banks want customers to use their own Power of Attorney for Banking document to be used. This Banking Power of Attorney is sometimes not on an 8.5 x 11 piece of paper. I have seen them printed on card stock in such a way where there is not enough room for a Notary seal. Banks often insist that the Notary seal is on the actual document and won’t accept Attorney written documents. So, talk to the entity you are submitting the Power of Attorney for before doing anything else.

Step 2. Draft your Power of Attorney

If necessary, get your Power of Attorney drafted by an Attorney or someone who your Attorney recommends.
If you use a standardized form from an office supply store, make sure you get it all filled out before calling the notary.
You will need to have an Attorney in Fact (Agent or Grantee,) a Grantor, and you need to specify what powers you are granting, and for how long, and under what conditions. It’s complicated and critical, which is why you need an Attorney at $200-$400 per hour!

Step 3. Find a Notary on 123notary.com!
Any notary can notarize a Power of Attorney. They can also notarize a Durable Power of Attorney, or notarize a Health Care Power of Attorney. Certain states even allow the Notary to make certified copies of a Power of Attorney. 123notary offers a wide selection of mobile notaries who can come to your home, office, hospital room, or jail cell and get your Power of Attorney notarized. Make sure you have current photo-ID issued by government agency.

Step 4. Submit your Notarized Power of Attorney
Once your POA is notarized, you might need to submit it to a particular party, or have it registered at some government office. Ask your Attorney what to do. Keep in mind that banks often have their own forms for Banking Power of Attorney which are often very simplified forms on card stock which would be significantly below the standards of an Attorney. But, if it is for their bank, they have the right to request any type of form they like. Just make sure your Attorney doesn’t object too terribly much. It’s complicated! Be prudent and consult the right people and Attorney before making your decision what to do.

Types of Powers of Attorney

Health care Power of Attorney documents which are often called health directives, medical power of attorney forms or living wills. These are normally very long documents written by an Attorney who specializes in these matters. These types of documents often specify what to do if the Grantor becomes mentally incapacitated, or have to be put on life support.

Limited Power of Attorney documents which grant authority to the grantee to perform certain actions on behalf of the Grantor.

Durable Power of Attorney documents which could stay valid even after the Grantor becomes mentally incompetent (ask an Attorney for details.)

General Power of Attorney — gives broad authorizations to the agent

Special Power of Attorney — gives specific and special powers and authorizations to the agent

Final Note
Don’t ask legal questions to Notaries or other non-Attorneys. First of all, Notaries are not trained to answer legal questions. Secondly, they are not allowed by law to answer legal questions. Get your legal questions out of the way with your Attorney before you make your initial call to the notary. Nothing is worse than keeping a notary on hold while you resolve issues that a responsible person would have resolved long before they called in a notary! Also, Notaries are not normally authorized to draft legal documents, so find someone who is legally authorized to draft legal documents which is normally someone who works as an Attorney or perhaps in the legal field.

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December 20, 2016

The Universal Residential Loan Application — AKA, the 1003

The Universal Residential Loan Application is a common loan document. Also known as the 1003, this document is very disturbing to the borrowers as it contains routine errors in its personal information about the borrower. This document goes over where the borrower is from, their age, where they went to school, what their income is, and social security number. It is very common for the clerks who create this document to make a plethora of mistakes.

There is often a blank page on the 1003 that says, this page intentionally left blank. That bothers borrowers as well. Some like to put a diagonal line through that page.

Backdating. Sometimes the 1003 is backdated or the lender will leave instructions not to date it at all. Why? Because the borrower, most likely, has submitted a more user-friendly form to the borrower, of which contains the same information that the 1003 does. At a closing you are often pretending that you are signing the 1003 when the borrower filled out an earlier version of the application several weeks prior to the signing. As a Notary, just don’t backdate Notary documents. But don’t worry, this one is not a Notary document, and you aren’t backdating, the borrower is.

Signing and initialing. There are different formats for the 1003. Many of the pages have one-centimeter initial lines in the bottom right corner. Keep your eyes peeled, as the different formats of this document have different arrangements. On some variations of this document, one of the pages is blank for the most part. Sometimes, you will need to have the borrower initial and sign the same page (which seems strange). Sometimes the initial lines aren’t easy to see. Sometimes you initial on top. Just make sure to check the document through and through. If you are not sure if a particular document needs an initial, it is generally a good idea to have the borrowers initial it. When in doubt, initial.

The good news is that the information in the Universal Residential Loan Application is not binding. Just make sure that the information in your Closing Disclosure or HUD is correct because that is final and binding information.

To learn more about loan documents, you can visit our free online 30 point course which goes over all of the major loan documents in a loan signing.

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December 13, 2016

The Good Faith Estimate

Filed under: (4) Documents — Tags: — admin @ 9:49 am

The Good Faith Estimate may or may not be used anymore in loan signings as the new Closing Disclosure has an accompanying document called the Closing Estimate as of 2015. However, it is possible that some Lenders still use a Good Faith Estimate as different Lenders use different forms and variations on forms.

The Good Faith Estimate documents an estimate of what the various closing costs will be. The final numbers show up on the Closing Disclosure or HUD Settlement Statement. It is important for borrowers to understand which document is final and which one is merely a non-binding estimate.

The good faith estimate must be provided within three days of applying for a loan. Costing costs could include inspections, title insurance, taxes, appraisals, notary fees, title charges, reserves, and other fees.

How do I get a Good Faith Estimate Notarized?
If you need to notarize a Good Faith Estimate, just find a Notary on 123notary.com. However, The Good Faith Estimate is not normaly a notarized document, so save your money for getting your Deed of Trust notarized as that is always notarized in my experience!

Who drafts the Good Faith Estimate
It is normally the Lender who drafts or hires an entity to draft a Good Faith Estimate for him/her.

You might also like:

The APR
http://blog.123notary.com/?p=14483

The 30 point course synopsis
http://blog.123notary.com/?p=14233

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December 6, 2016

Multi-State Rider

There are many types of Multi-State Riders. Multi-State Riders can be used in any state, or if the borrower owns property in one state and lives in another state. There are Multi-State Condominium Riders, Multi-State Adjustable Rate Riders. This type of document typically goes over the terms and conditions of a loan on a condominium.

More information
https://www.fanniemae.com/singlefamily/riders-addenda

http://www.mortgage-a.com/multi_state_condominium_rider.htm

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December 5, 2016

Affidavit of Support

What is an Affidavit of Support?
The Affidavit of Support is a common immigration document. This document needs to be notarized with a Jurat (a common Notary act which involves a sworn oath.) The purpose of this document is typically for one family member to promise to the government that they will financially take care of the individual who they are trying to bring to the United States.

Where can I learn about Affidavits of Support?
For official information about this document, please consult an Immigration Attorney or the Department of Immigration. Please do not ask immigration questions to a notary as they are not authorized to answer these types of specialized questions unless they have some type of official authorization.

How do you notarize an Affidavit of Support?
Please make sure you have the document in your hand, and fully understand it before calling a Notary. The Notary will have you swear under Oath and sign in front of him/her. Next, the Notary will will in the Jurat certificate verbiage (notary wording) in the form and stamp the document in at least one place. When I was a Notary, Affidavits of Support required two stamps. There is also a problem that the document doesn’t leave ample room for the Notary Seal, so try to squeeze it in or attach a separate Jurat form if the client chooses for you to do so.

My personal experience with Affidavits of Support.
I had fun notarizing Affidavits of Support. I had lots of clients from around the world who treated me to tamales, dim sum, Thai coffee, and other international treats. Notarizing for Chinese people is the best as they are much more likely to feed you than other nationalities — plus, I love Chinese food.

What are some other commonly Notarized immigration documents?
The Affidavit of Citizenship is a commonly notarized immigration document. The Affiant commonly drafts his/her own statement and then has the Notary notarize the statement which normally includes a sworn Oath and normally requires the signer to sign in the presence of the Notary.

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You might also like:

Affidavit of Citizenship
http://blog.123notary.com/?p=2028

Modern Family: An Affidavit of citizenship & affidavit of domicile Notarized
http://blog.123notary.com/?p=10989

Affidavit of Support & Direct communication with the signer
http://blog.123notary.com/?tag=affidavit-of-support

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November 29, 2016

Subordination Agreement

Filed under: (4) Documents — Tags: , — admin @ 10:24 am

What is a Subordination Agreement?
A Subordination Agreement is a notarized document that establishes the order of liens against a property. If the property owner defaults in a payment resulting in a bankruptcy, the lien mentioned first in the subordination agreement gets paid off first from the proceeds.

If you are refinancing your first mortgage and have an existing second or home equity line, one could “subordinate” the second mortgage: request that your second mortgage holder go back into the second lien position when you replace your existing first mortgage with the new refinance loan. The Subordination Agreement is the document used for this purpose. The Subordination Agreement always needs to be notarized and recorded with the county recorder.

How can you notarize a Subordination Agreement?
The Subordination Agreement is commonly notarized with an Acknowledgment. You would need to personally appear before a Notary Public with this document signed by you. Then, you would sign the Notary’s journal (in most states) and acknowledge that you signed the document. You would need to be identified by the Notary with a driver license, passport, or other current government issued photo ID with a physical description. Then the Notary would fill out the Acknowledgment wording, sign and seal the paperwork, and you’re done. This document needs to be recorded at your county clerk’s office as stateed above!

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Signing Agent best practices 63 points
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November 24, 2016

Photocopy of ID for a Power of Attorney?

Filed under: Ken Edelstein,Power of Attorney — Tags: — admin @ 11:38 pm

Photocopy of ID for a Power of Attorney?
Confession is good for the soul, though sometimes it might land you in the Pokey. With trembling fingers and much trepidation; I relate the following sad story. Before doing so, please understand that I receive many of my blog entries from what happened to me: http://kenneth-a-edelstein.com

It’s a close call, perhaps even a tie. No, I’m giving the Power of Attorney top billing for fraud potential, first runner up will be the Deed. I have heard the Power of Attorney referred to as “the cocaine of legal documents” – strong language indeed! With that, and the first paragraph as background:

The call comes in from a highly distraught caller, the parent is terminal. The sibling needs a Power of Attorney – urgently and quickly. It was difficult to obtain the information I require to determine if the request should be accepted. I don’t have “higher” ID requirements to process a Power of Attorney; to me a notarization is a notarization. Sometimes the methodology differs, but, basically we ID, witness signature, give oath, then complete notary section. In addition to a nice clean, well inked, stamp; it is my custom to emboss every time.

Back to the caller. With hospital situations the ID is often a problem. I managed to learn that both the patient and the sibling have driver license photo ID. Never skimp on the oath with any part of a Power of Attorney. So, I inquire as to the patient’s ability to understand the document, my notary oath; and is able to sign unassisted. OK so far, there will be two copies processed of the Power of Attorney; and both the Principal and the sibling Agent will be notarized. As this was to be done in the room of a terminal cancer patient, I was told I would have to “suit up” to protect the patient.

In a prior blog http://blog.123notary.com/?p=16469 – I had harsh words for notaries who refused a blind affiant. Well, I’m sure many would not want this assignment. Going into a terminal cancer situation is emotionally taxing. Again, I stress the “ground rules” for me to be able to notarize. The Agent wishes to PayPal, immediately – probably assuming that would assure my arrival. She mentioned that the hospital was in possession of the patient’s credentials, and that obtaining the driver license would not be a problem.

Surprise. I am shown a photocopy of the Patient’s driver license. I gently go into my explanation of why a photocopy cannot be accepted. I had to. Unfortunately, the Agent broke down in tears. The Power of Attorney, while not being a Health Care Proxy; was desperately needed for some expenses. I am as empathetic as most, but a Photocopy? Not a chance – not because it’s a Power of Attorney, but because that does not (in my sole opinion) meet the NY State standard of being shown “adequate proof”.

“The Patient Representative just delivered it to me”, “they cannot release the patient’s property unless I have a Power of Attorney”. Verifying with the Patient Representative, who had multiple hospital photo ID tags prominently displayed, “I cannot release any items, but did provide the driver license photocopy, made moments ago”. I accept the photocopy as valid ID, now being “adequate proof” – in my opinion.

I suit up. Facemask, hand washing, rubber gloves, cap and complete cover all gown. The patient cannot talk due to apparatus in throat; but is aware and answers some basic “understanding” questions with head motions. Patient, now Principal on the Power of Attorney, is just barely able to sign. I administer the oath and receive an affirmative series of “nods”. We adjourn to a conference room to process the Agent of the Power of Attorney and complete the paperwork. Another “rough” one, complete with a variance from “standards”.
I’m glad I was called first. I would not want “declining notaries” to exacerbate my client’s mental state.

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November 5, 2016

Affidavit of Citizenship

Filed under: Affidavits — Tags: — admin @ 9:52 am

What is an Affidavit of Citizenship?
The Affidavit of Citizenship is a common legal form that is required by immigration services in some cases. Many people need to get an Affidavit of Citizenship Notarized. This document is normally notarized using the Notary act called a Jurat which requires a sworn oath.

Terminology:

Jurat — a type of Notarization that involves a Sworn Oath where the Notary must sign before the Notary Public.
Affiant — the person or individual who swears under Oath perhaps before a Judge or Notary Public.
Affirmation — For those who do not believe in swearing under Oath, many states allow them to Affirm that information is correct while under Oath.
Oath — a solemn Notary act where the signer (who is also the Affiant) raises their right hand and swears under Oath to the truthfulness of the document, or just makes up their own Oath wording for a particular official purpose or commission.
Affidavit — a document (perhaps a legal document) which requires an Affiant to swear under Oath before a Notary to have it notarized.

Drafting an Affidavit of Citizenship
Most Notaries are not authorized to draft legal documents. It is prudent to contact an Attorney or or someone authorized to draft documents. If you appear before a Notary and ask for a notarized Affidavit of Citizenship, the Notary will ask you to present the document to him/her. If you don’t have a document and expect the Notary to write it, you are wasting the Notary’s time. It might not even be legal for a Notary to draft such a document as they are not an Attorney in most cases. So, have a professional draft up a quick document for you, perhaps at a low-cost legal center. After the document is complete — then contact a notary.

Notarizing an Affidavit of Citizenship
A sample wording for an Affidavit of Citizenship might be —

“I, Joe Smith solemnly swear that I am a citizen of the United States of America, so help me God.”
Signature of Affiant _____________________

The Notary could attach a Jurat certificate to the document with this statement. The Notary would ask the signer to raise his/her right hand and swear under Oath to the truthfulness of the statement. Then the Notary would fill in the Jurat form, sign it, and stamp it with his/her official Notary Seal. The Notary needs to be paid whatever the state regulated Notary fee is for a Jurat. Additionally, many Notaries engage in traveling Notary work and should be paid a travel fee, plus waiting time if applicable.

Can the Affidavit of Support be in Spanish?
Official legal documents filed in the United States should be written in English unless you have written permission to write it in Spanish or another language.

Giving Legal Advice
A non-Attorney may not give legal advice. Most Notaries are not Attorneys and therefore may not give legal advice. Additionally, Notaries Public are not authorized to assist in the immigration process or give advice regarding immigration. If you have a legal quesiton or an immigration question, do not ask a Notary, rather, ask an authorized person such as an immigration official, Attorney, or perhaps someone authorized in a legal support profession at a law office if applicable.

What are some other notarized immigration documents or regular documents?
The Affidavit of Support is another commonly notarized immigration document. It states that a particular individual will take care of the sponsored individual in financial and other ways. Basically, a family member can attempt to assist another family member enter the United States by signing an Affidavit of Support. In addition to immigration documents, it is common for Notaries to notarize permission for minors to travel outside of the United States with an adult. Deeds, contracts, Power of Attorney, other types of Affidavits, Name Affidavits, Titles, and other types of documents are regularly notarized as well.

Where can I find a Notary to notarize my Affidavit of Support?
Right here on 123notary.com’s advanced search page! You can find a Spanish speaking Notary by using the language filter on the upper right corner of the search results after you have searched by zip code.

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October 26, 2016

Most loan documents haven’t changed since the 80’s

Most Mortgage loan documents haven’t changed since the 80’s. Which ones would you change? With the advent of the Closing disclosure, the HUD and the Truth in Lending were eliminated. But, did that really improve the loan industry? It’s the same information in a different form. Personally, I liked it better the old way. The music was better in the 80’s as well, but that’s a different story (or song).

Then we have Deeds of Trust. Each one is a different length. They range from two pages to 54 pages. Wouldn’t it be easier if there were a standardized length for a Deed of Trust. And who is going to sit and read all 54 pages and actually understand it.

Next, the 1003 always has wrong information in it. Shouldn’t it be required by law to double check your work if you work in a Mortgage or Title house?

The Signature Affidavit is another document I don’t like. If you have a legal name, you should use that name on all of your documents. It’s too complicated if you keep changing your name around with variations. Mathematicians like to have a single name for an entity. The minute you have multiple names it becomes difficult to identify that entity especially if writing computer programming code. Personally, if your last name is a common name like Smith, Gonzalez, or Hussein, you should definitely use a middle initial. But, life is easier with email addresses. A single email address cannot be assigned to more than one person. Personally, I think that the government should make us have an official registered email address that they patrol for spam. That way, we can be reached without having to go to the mail box. Times are changing, but our government and loan brokers are not.

The Flood Disclosure is another document that I find funny. I think it would be ironic if you spilled your Pepsi on a flood disclosure of all of the documents in the stack.

Speaking of irony, hairstyles have gotten shorter since the 80’s, but loan document packages seem to have gotten longer — and with more fax backs.

I think that loans need to be simpler and that the government should step in and have some standards. But, in the mean time, we’ll do what we can. Let us know if there are any changes to loan documents that you recommend.

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Ken’s tips for the Closing Disclosure
http://blog.123notary.com/?tag=closing-disclosure

The 4506, Name Affidavit, Deeds, and more documents explained
http://blog.123notary.com/?cat=2074

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June 19, 2016

Ken’s tips for the Closing Disclosure

Timing Changes to the Closing Process
Well, it’s bye bye time for the good old TIL and HUD. No longer will notaries be waiting for approval of the “final HUD”. Hooray. Borrowers will usually have the new Closing Statement 6 days prior to notary arrival! Less chance for a surprise at the table.
The changes to loan and closing procedures are far more than a few new documents. The biggest changes are to the closing time-lines.

Documents
The HUD-1 and Truth in Lending forms will be replaced by a new “Closing Disclosure.”

Terminology
You will need to learn a new vocabulary. Some common terms are:
TRID = TILA/RESPA Integrated Disclosure
CD = Closing Disclosure
Consummation = Closing
CFPB = Consumer Finance Protection Bureau

Time Frames
New timing and delivery requirements will change the way we handle closings. This is the BIG news for the 123notary.com gang! There is new stuff to consider about timing:
The final Closing Disclosure must be delivered and received no later than 3 business days prior to closing.

If the lender sends the final documents 6 business days prior to closing, they don’t need to prove the buyer(s) receipt.

Most lenders will mail the closing disclosure 6 business days before closing. This pushes back the time frames for closing and makes it harder, if not impossible to address late breaking changes or issues in the days leading up to closing.
Fewer last minute notary requests: Lenders will have less time to get loans approved and the parties will have much more difficulty making last minute changes and adjustments.

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The Closing Disclosure
http://blog.123notary.com/?p=16217

The 4506, Name Affidavit, Deeds, and more documents explained
http://blog.123notary.com/?cat=2074

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