Posted by Amos Goodman on June 07, 2006 at 22:11:51:
You have to get an “Authorization to Release Information” from your seller before the bank will talk to you. Make sure that is typed, of course. In your cover letter to the bank you stipulate that they will not take a deficiency judgment. You also should include a “hardship” letter explaining why the seller no longer has the capacity to continue paying the mortgage. It should be concerning an extended illness, loss of job, or transfer of job out-of-state, etc. It should be from the seller which you could help prepare. Check out www.easyHud.com for help in filling out your HUD-1. I hope that you have a fax machine available so that you can fax your documents after talking to the bank. Good luck!