Posted by Troy on May 25, 1999 at 09:36:40:
John,
Unfortunately, I couldn’t meet with the lender as they are 300 miles away. So, I faxed him a letter of intent to purchase this particular mortgage. I included the borrower’s name, address, and loan number, but not a borrower’s authorization to release information. This morning I received this fax:
REQUIREMENTS FOR REQUESTING A SHORT PAYOFF
******** Please, do not send incomplete requests.*********
Incomplete requests are not approved, and they are not kept on file.
To request a short payoff (includes waiver of prepayment penalty) from UC Lending the folowing is required:
- Written request that includes:
? Loan number
? The specific dollar amount being requested UC Lending accept as payment in full, or identify it as a prepayment penalty waiver
? Circumstances, since loan was made, that warrant providing relief (Provide documentation of time of diagnosis for medical problems, and death certificates if applicable.)
? Signed authorization by borrower to release information
? Fax number to send reply
-
Copy of proposed HUD-1 Settlement Statement (projected is acceptable)
REQUESTS MISSING HUD-1 WILL NOT BE ADDRESSED -
Name of new lender & interest rate (if refinancing)
-
Copy of Purchase Agreement (if property being sold)
Do Not send additional information unless requested
My intention was to just purchase the note from them rather than purchase the property from the owner and request a short sale, etc. I’m fairly certain I can get an affidavit from the owner stating amount owed and a deed in lieu of foreclosure. Am I going about this wrong? I really don’t want to go the ‘short sale’ route, or are all discounted notes considered short sales?
Confused,
Troy