Jim,
As for the form to get authorization to gather info from the lender, just make one yourself.
Type up a form, something like this;
I hereby authorize you to release information regarding the loan held by you on my property located at 123 Any Street, Anytown, State, account number 22334455 to JIM AZ and/or their agents/assigns. This authorization is for said persons to receive information about my loan, including duplicates of any correspondence sent to me regarding my loan, and/or payoff statements and amounts.
Have the letter state the address of the property, the lenders name and address, as well as the sellers signature, date of birth and social security number.
BE SURE to have the loan account number on there as well.
A very simple form to create.
You just need the seller to sign something giving you permission to gather info from the lender, and so you can use it again and again if need be.
Also have the seller date the letter, and maybe add a line somewhere in it telling the lender that this authorization is able to be used at any time AFTER the date on the letter. In other words, it never expires.
I’m a newbie and I have a property that I want to put a deal together on. The property is going to go into foreclosure soon (Seller’s not sure when). They say that they’re 3 payments behind and the balance of the mortgage is about $89,000. The house should be worth at least $105,000. I want to know how do I go about verifying the amounts and the number of payments behind rather than just taking their word for it? Thank you in advance for any responses.
Have the seller sign off on a disclosure form allowing you to contact the bank directly. You will probably need their full names, social security numbers, loan number, and possibly their home phone number.
Also make sure to order a title search if you are buying subject to the loan.