Finding Out Terms of Seller's Current Mortgage

[Mike Chung]

Quick question... what is the best way to find out information about a seller's current mortgage terms?... ie is it an ARM, does it have a balloon payment, prepayment penalty, interest rate, amortization period, is there a second mortgage... etc.

Interested in doing sub2's but don't want to make someone else's problem mine if the terms aren't favorable. Prefer to do this without relying on Seller's statements and not sure if their mortgage statement would have all of this info on there. Any help would be greatly appreciated! :D

[Jon Holdman]

Get an authorization to release information signed by the seller, provide it to the lender, and speak directly with the lender. Some lenders may have their own specific form and some may require notarization.