Posted by Robert (ID) on June 26, 2001 at 18:01:17:
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Authorization to release loan information - Posted by Robert (ID)
Posted by Robert (ID) on June 26, 2001 at 17:56:28:
Does anyone have a form they can e-mail me asap!
I have a seller who is 6 months behind in payments. (lost his job) They haven’t started foreclosure yet but will the first week of July.
He says the loan officer is willing to work with him, I was hoping to get an extention for 30 days. (if this is possible)
All he wants is out.
I am looking to put this in a PACTrust.
Loan balance $129,000 (including back payments of $5000+)
FMV - $150,000 -$160,000
Payments $1056 piti
behind 5 months, soon to be 6
Thanks in advance,
Robert
Re: Authorization to release loan information - Posted by Kim
Posted by Kim on June 26, 2001 at 22:58:20:
Kiersten’s advice was perfect. To make it even easier - go to your search engine and type in “verification of Mortgage”. Many mortgage companies have blank forms on their websites so clients can look at any document pertaining to thier loan. Other mortgage companies have all the forms on their website so their loan officers can hop online to download forms quickly. You may find an example of this form by doing this quick search and then you can just cut and paste the text to a word doc and add your specific information. have fun!
Re: Authorization to release loan information - Posted by Kiersten
Posted by Kiersten on June 26, 2001 at 21:56:05:
Just type up a form with all the info you want stating that the mortgagee is authorizing release of all info to you. Have him sign it, make sure his social is on it as well as the address and account number. It’s called a Verification of Mortgage (VOM). Call their 800 # and ask where you can fax a VOM. Most take a few days. Some will actually fax you back a full print out of his transaction history–you may want to request this. All will give you his payment history (how many 30 day lates) and the current balance so be specific if you need more than that. You may actually want to request a payoff to get all the fees he’s behind on–accrued interest, late fees, collection fees, etc. DON’T just get the automated “payoff” amount that you can call and get as that’s usually just the principal balance and doesn’t include all the add on fees–which could be a BIG difference in this situation. You will have to pay usually ($25) for the payoff as it is very specific, but a VOM is free.