Lookng to Speak With Seller's Bank - Authorization to Release Personal Information?

Question

Hi everyone. Please excuse this true newbie and REInvesting virgin. This is the first question I have posted so I would like to thank everyone on this site (except for the few nuts out there) for this amazing free forum and community. My question is: I live in Massachusetts and I was wondering in order to speak with a seller's bank/lender if I need a specific authorization to release information form? Also either way yes or no, where on the internet can I locate the form in question? In closing thanks again to everyone who takes the time to answer the questions of others that are in the need to know. BP is an incredible site full of incredible people!

Rick Pozos · Answer

I usually send the "Authorization to Release Information" form along with a power of attorney to the bank. You would want the seller to call the bank first and let them know that it is coming or if they have a certain form that they use. Some banks will only use their form. You can email me and I will send you the form that I use.

Denise Evans · Answer

It depends on the bank. Most do not have a specific form. Just write something up called "Third Party Authorization" and have the borrower give the bank permission to speak to you as fully as they might speak to the borrower, about any private or confidential information. Have the borrower sign, provide loan number, street address, and last four digits of social security number Safest to have borrower's signature notarized, although not usually required.

Or, banks will usually allow a one-time authorization via phone if you and the borrower are conferenced into the call, the borrower answers some identifying questions, gives you authorization, and then drops off.

Wayne Brooks · Answer

Dan D. You really Don't want to talk to the bank about a sub2, since that is a violation of the loan agreement, they'll tell you it's not allowed, and may make it even more on their radar than it is now.  The owner will be receiving monthly statements, which will show the reinstatement amount.  If not, get the owner to have the lender send a current statement specifically showing a reinstatement amount.

Wayne Brooks · Answer

Dan D. All the above advice is correct.  Most banks will have an authorization form, if you can find it, in their short sale package information online.  But more importantly perhaps, what are you trying to accomplish?

Andres Perez · Answer

Hey Raphael, if you don't mind. Can you send me the authorization form you get sellers to sign? I'm a new wholesaler and can't find the form online anywhere.

Raphael Cuthbertson · Answer

I just did this with a seller in California about two months ago.  I have been speaking with his mortgage company since October.  He just wrote a letter, signed it, and sent it to me.  I faxed it to his Mortgage Co.  It took a while, but I can call them anytime I want to now.

Martha Blumel · Answer

Thanks @Denise Evans and @Rick Pozos for that thorough information. I am in need of this form as well and will search on the bank's websites.

@Dan Dwyer we you able to successfully use the Authorization to Release Information forms to obtain the information that you wanted?

Dan Dwyer · Answer

Please excuse me everyone. I'm too tired, I should be in bed. I'm making stupid mistakes in my last post I meant to say SELLER NOT BUYER.

Dan Dwyer · Answer

I'm sorry I was misleading and once again vague in an earlier post. It was my understanding (which is limited mind you) that I would need an authorization to release information form from the buyer so that I could obtain a reinstatement quote/letter. Is that true?

Dan Dwyer · Answer

Thank You Greatly Wayne. I had never planned on alerting the bank to the subject to though . I simply wanted to guarantee the accuracy of the lending information.

Lookng to Speak With Seller's Bank - Authorization to Release Personal Information?

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