A Limited Power of Attorney, often referred to as an LPOA, is a legal document that gives another person or company permission to act on your behalf for specific purposes.
The important word is limited.
Unlike a general Power of Attorney, an LPOA only gives the authority specifically described in the document. In a foreclosure surplus claim, an LPOA allows the company representing you to take certain actions on your behalf related to your claim. The specific authority being given will be stated in the document.
Why Is It Needed?
An LPOA gives RnR the legal authority needed to act as your representative when handling your surplus claim. The specific actions we are authorized to take are stated in the LPOA you sign.
Does This Give RnR Control Over Everything?
No.
An LPOA does not give RnR unlimited authority over you, your property, or your personal affairs. Our authority is limited to what is specifically stated in the document.
Before signing, you should read the LPOA so you understand exactly what authority you are giving and what the document allows RnR to do.