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We are not speaking. I don't know what the loan is for. My mother has basically cut communication with me. I don't know what she's doing but at 96 I know she has no assets and is on limited income. My niece is asking her to cosign for some kind of loan. Am I liable if I am not informed of what they are up to if something goes wrong with the loan (default)? They are basically not speaking to me. How can I rescind my POA? I do not think my mother is incompetent...she just can't say no to this granddaughter.

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You won't be responsible for this loan. You say you don't believe your mother's incompetent. If that's the case, she can sign anything she chooses.

Your POA paperwork should have the steps for you to resign the POA, if you choose to do so. If you do, make sure your mother's fully aware of it and has the original resignation, as well as her attorney if she has one, and keep a copy for yourself.

Legal Zoom has some good information for you and other agencies to send a copy. https://info.legalzoom.com/resign-power-attorney-20524.html
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Reply to MountainMoose
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How is Mom financially? If she doesn't have the income, she can't cosign. She may not to be able to cosign. If I was a loan officer I wouldn't allow it. The 96 yr old could die, the gdaughter default on the loan and the bank be out money.

Just a thought, if Mom is 96, you are in ur 70s, gdaughter has to be in her 30s/40s, red flag here. At that age she should have established credit. She shouldn't need a cosigner. My opinion, she will default on the loan and gma will be left holding the bag.

No, you are not responsible for Moms decisions. But, since your relationship is not all that good, I may have the POA revolked and let Mom assign someone else.
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Reply to JoAnn29
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You shouldn't be liable because of the POA, but this shouldn't be happening. Are you in touch with niece's parents? The common situation is that the 'co-sign' is as a guarantor, and niece has assured your mother that she will pay the debt and it will never affect grandma. It could get very messy if this is a substantial loan. If the bank wants a guarantor, they aren't confident about niece's ability to pay. Guarantors can often avoid payment on the basis of 'undue influence' (probably easy to prove at age 96), and this won't be good for niece's own credit record. Perhaps her parents might help avoid the whole mess.
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Reply to MargaretMcKen
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If your mother is considered competent and you haven’t activated your POA then yes she can sign the loan.
I wonder though, if, as her POA if you were to contact a credit bureau if you could freeze her credit?
Are you also the executor of your mom’s estate? If so then you might find that to pay all your mom’s debts you will have to pay off this loan as an executor for mom. Let’s say the loan is for a car. If the title is in both mom and nieces name it might be to remove it from mom’s name/estate you might have to pay it off to remove the debt but not have the title to the car as it would go to the niece.
If mom had given me POA I would go to her attorney for guidance.
Is there any chance mom will need Medicaid? If you block her credit, she might just gift niece the money if she has access. So think it out before you take action.
No. You wouid not be responsible.
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Reply to 97yroldmom
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As long as your name is not on the loan you can not be held liable for it, however, there is if your mom can no longer make decisions and GD defaults you may end up being the one that has to clean up the mess. This would involve talking with the bank. Personally I don't believe people should get loans in their 70's, 80's, or 90's, but that is just me! Unfortunately, my mother got a few loans that and now she will have to file bankruptcy, but guess who is doing all the footwork...me! She wouldn't take my advice, nor would she let me help...nooo...she knew what she was doing, but once it became a big mess she was all to ready to hand it over to me. I'm sorry that I went into a rant!

You really should talk to a lawyer, but I am sure someone with more knowledge will answer your question.

Just my 2 cents. Good luck!
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Reply to Shell38314
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