Auth. To Release - Contacting Lender
Quick Question : Once you have the Authorization to Release Information form signed by the seller in how or in what way do you contact the lender without tiping them off that you are working a Sub2. If I have a purchase agreement sighned and I'm in the due diligence phase, who do I say I am when I contact the lender to validate the loan information rec'd from the seller? Thanks in advance for you help. -B
Once you have faxed the written authorization document from the owner of the property (mortgagor to the bank), call the bank and tell them that you have authorization from the owner on file and you want to confirm the terms of the loan, i.e., principal balance, term, interest rate, next payment due date, etc. If they ask why, tell them that you are assisting the owner with the handling of this loan. Since you have the written authorization, this will suffice. Good luck!
I've prepared an "authorization to release information" and my seller signed and included their birthdate and a couple of other tidbits, however, they didn't give me their SS#. If I talk to them maybe they will when I tell them why I need it but....my question is in your experience do the lenders generally require the social security number to be listed or is their name and their signature and the associated loan/account # sufficient?
Thanks
Definitely need SS# because the lender will need that when you fax it over.
Always tell the lenders that you are helping the owner with affairs and just wanted to verify some info.
Christian "The Solutions Kid" Beebe
[addsig]
Another thing....if the lender should ask who you are when you submit the Auth form, you can say that you are a financial planner, credit consultant, debt reduction specialist ...and you are helping the owner get their finances in order.
Hope that helps!