I am looking into putting together a deal in the next few weeks with someone who is facing foreclosure. I was hoping someone out there may have a solid version of a letter for permission to release information on the mortgage…or what else I may need. If you don’t have an actual letter, I would appreciate it if you could pointme in the right direction as to where I may find one, or what I should say if I put one together. Thanks a bunch!!!
Don’t stress out about the LOA. Just about anything will do, so long as you get a signature, SSN or loan number (I get both), and some other incidental info.
This is something that I posted in another forum. Hope it helps. If you still need an example LOA, feel free to contact me.
I usually have 4 documents:
Disclosure - this is just for me. It tells the home-owner that I am not a lawyer, I am not a realtor, that I am in this as a for-profit venture, I am taking over their payments and am not recommending they stop paying their mortgage, utilities, etc., etc., etc… This document is not needed by the bank, it is just for my file.
authorization to release information
List of documents the bank will need. Signatures not needed. This is just to be up-front with them so they don’t freak out if/when you start asking for pay stubs, bank statements, taxes, etc. This also gets them started with a hardship letter. Finally, this gives them a chance to offer the necessary docs right then and there.