Articles

 Third Party Tactices: Tips for Managing the Equifax Breach. Read More

Scammers Conning Homebuyers Out of Their Downpayments. Read More

 Mortgage Fraud is On The Rise and Here Is What It Means to You. Read More.

 Law Enforcement Officials See Increased Sophistication in Mortgage Fraud. Read More

 As Mortgages Shift to Purchase Market, So Do Fraud Schemes. Read More

 Coto De Caza man gets 8 years for $2 million home loan cam that target more than 500 people. Read More

 SEC says "first ever cryptocurrency backed by real estate" is a fraud. Read More

 Buzzworthy with Ann Fulmer: Risk Management, Borrower Liens and Judgments Read More

 HUD Must get Better at Stopping Section 8 Fraud Read More

  CitiMortgage, Inc., O’Fallon, MO, Improperly Filed for FHA-HAMP Partial Claims Before Completing the Loan Modifications and Reinstating the Loans Read More

 Former Tulsa Housing Authority executive pleads guilty to audit fraud charge. Read More

 Convicted ex-lender who defrauded taxpayers is skimping on victim payments while living large, feds say Read More.

 Rate Defects Up From Year Ago; Rising Rates Could Spell Further Increase. Read More

 Sounding the Alarm. Mortgage Wire Fraud is a much bigger threat than you realize. Read More

 Ex-Asbury Park Housing Authority Executive Director Admits to $90K Theft. Read More

 CoreLogic: Mortgage Credit Risk Up in 3Q Read More

 Former Falls Housing Director Admits Theft. Read More

 4 More Charged With Sandy Fraud. Read More

 

 

Uniform Power of Attorney Act HB 221

Legislation was passed during the General Assembly session regarding Powers of Attorney, House Bill 221

The legislation is named the “Uniform Power of Attorney Act”.  It updates Power of Attorney code section, provides a form for filing a Power of Attorney, and repeals provisions relating to the financial power of attorney.   This legislation came about mainly because of unscrupulous crooks looting the bank accounts of the elderly using POA.

Regarding the form, the legislation states on lines 891-893 “A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this chapter.

There is one section that includes a big change of which everyone needs to be aware, it is the bold print one below, concerning an original is not needed except when conveying real property.  

POA filed in Real Estate with the Real Estate recording fee. 

This link to a newspaper editorial discussed the bill.  http://savannahnow.com/opinion/editorial/2017-02-27/editorial-change-power-attorney-law-and-crack-down-elderly-abuse.

HB 221 updates and conforms provisions relating to powers of attorney to align with the

Uniform Law Commission. This act provides a simple way for people to deal with their property by providing a power of attorney in case of future incapacity. While chiefly a set of default rules, the act also contains safeguards for the protection of an incapacitated principal.

111 (d) Except as otherwise provided by law other than this chapter, a photocopy or

112 electronically transmitted copy of an original power of attorney shall have the same effect

113 as the original; provided, however, that when recording a power of attorney in connection

114 with a conveyance involving real property, an original power of attorney shall be used.

10-6B-10.

160 (a) A power of attorney shall terminate when:

161 (1) The principal dies;

162 (2) The principal becomes incapacitated, if the power of attorney specifically provides

163 that it is not durable;

164 (3) The principal revokes the power of attorney, provided that the principal provides the

165 agent with notice of such revocation by certified mail and provided that such notice is

166 filed with the clerk of superior court in the county of domicile of the principal;

167 (4) The agent resigns, becomes incapacitated, or dies;

168 (5) The power of attorney provides that it terminates;

169 (6) The purpose of the power of attorney is accomplished; or

170 (7) One of the events specified in paragraph (3) or (4) of this subsection occurs and the

171 power of attorney does not provide for another agent to act under the power of attorney.

(b) An agent's authority shall terminate when:

173 (1) The agent resigns, becomes incapacitated, or dies;

174 (2) The principal revokes the agent's authority, provided that the principal provides the

175 agent with notice of such revocation by certified mail and provided that such notice is

176 filed with the clerk of superior court in the county of domicile of the principal;

You should select someone you trust to serve as your agent. Unless you specify otherwise,

905 generally the agent's authority will continue until you die or revoke the power of attorney

906 or the agent resigns or is unable to act for you. If you revoke the power of attorney, you

907 must communicate your revocation by notice to the agent in writing by certified mail and

908 file such notice with the clerk of superior court in your county of domicile.

1072 Termination of Agent's Authority

1073 You must stop acting on behalf of the principal if you learn of any event that terminates

1074 this power of attorney or your authority under this power of attorney. Events that terminate

1075 a power of attorney or your authority to act under a power of attorney include:

1076 (1) Death of the principal;

1077 (2) The principal's revocation of your authority or the power of attorney so as long as the

1078 revocation of the power of attorney is communicated to you in writing by certified mail

1079 and provided that such notice is filed with the clerk of superior court in the county of

1080 domicile of the principal;

Federal auditors report inadequate accounting at social service charity

(Source: sandiegouniontribune.com) Mental Health Systems, the San Diego charity that last year was the subject of allegations of misconduct and lavish spending on luxury hotels and limousines, failed to properly account for more than $140,000 in federal housing funds, a new audit states.

“MHS did not allocate its payroll costs to Continuum of Care and Supportive Housing Program grants in accordance with program requirements,” U.S. Housing and Urban Development auditors said. “As a result, HUD had no assurance that $142,181 spent on salaries and benefits was appropriately charged to the grants.”

Charity officials said all of the spending on federal housing programs was appropriate but they improved their bookkeeping practices nonetheless.

“MHS has already developed, and in February 2017, implemented a revised policy for employee time allocation to its HUD grant programs,” chief executive James Callaghan wrote to auditors last month...