Easy? short sale question
As my understanding of short sales goes, you need the permision of the property owner to discuss their mortgage with the lender for the purpose of making a short sale offer.
My question is, how do you get this permission? Is it a limited power of attorney? Is there a typical form that you can use? Does it require that you get an attorney, or do you just need a notary? Once you have this "permission" do you then just fax it to the bank to get them to talk to you, and who do you talk to at the bank?
Lastly, short of a $150.00 course, does anyone know of a good place to learn more about this type of investing? A book or something?
Thanks - Kevin
Mortgagors' permission is simply a letter from the mortgagor to the mortgagee giving them permission to speak with a third party. The LOA (letter of authorization) should include the date, the names of all parties, the mortgage loan account #, and the mortgagor's ss number.
A Short Sale E-Primer is $80.
Mortgagors' permission is simply a letter from the mortgagor to the mortgagee giving them permission to speak with a third party. The LOA (letter of authorization) should include the date, the names of all parties, the mortgage loan account #, and the mortgagor's ss number.
A Short Sale E-Primer is $80.
The response for the permission to talk to the lender is you need to get the owner to sign an "authorization to release" letter. Once you have that signed, fax to the lender and that gives you permission to discuss their situation.
Hopefully that helps...
Verne