Posted by Alex F. (CA) on July 18, 2003 at 09:56:07:
Scott,
You’ll need an Authorization to Release Information signed by the owner(s) of the property. This document allows you to speak to the lender regarding the loan as if you were the borrower or acting on their behalf.
You want to speak with the loss-mitigation department. Ask what their policy is and how they accept offers. Hope this helps.
Who do we contact at the bank to buy the morgage of someone who contacted us that is in foreclosure to see if we can buy it at a discount. The owner is willing to deed us the house but has no equity. The bank has also contacted him about a possilbe short sale. We are looking at that as well.