Foreclosure Bond
Does having power of attorney also mean that person with poa has to pay the person’s debts for him?
My hub had power of atty over financial matters relating to bro’s house. Bro was in prison and he had some bad tenants living in the house who didn’t always pay rent, which was supposed to cover mortgage. Also, we found out that bro had a lien put on the house as “bond” for fellow prisoner so that now debt agains the house was in excess of value of house. Eventually, payments fell behind (hub and I made mortgage payments for a while when tenants paid — and sometimes when they didn’t), but eventually it became too expensive to stay “caught up” and the bank was really unforgiving. Hub decided best policy was to foreclose on home and be released from the liability. Amazingly, the house sold at foreclosure for slightly more than debt (Bondsman releasd part of lien) and the proceeds were returned to brother. Now, bro wants to sue bank for foreclosing, and also sue hub for breach of fiduciary respoinsiblity because we didn’t keep paying the mortgage for him.
He can sue, if he wishes. Nothing will come of it, but he can file suit. Power of attorney doesn’t make you liable for brother’s debts. It merely give you a legal way to handle the brothers affairs. Tell the brother to screw off. If my brother tried that, AFTER I’d gone out of my way to try to help him, I’d have one fewer siblings, at least in my mind. I’d write the butthead off, and never have anything to do with him again. EVER.
Ernie Davis on Foreclosure
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