After The "Authorization to Release Information"
I recently got a homeowner to sign an "Authorization to Release Information" so that I can contact the lender to which she made her mortgage. After I fax this letter to the bank, typically for those who have experience, will a bank act quickly on getting the information I requested for? What specifically do I have to do to get an itemized breakdown of the total amount of monies necessary to bring the note current?
So I guess I'm asking how cooperative are these banks who are foreclosing on their loans in giving out this information.
Thanks in advance.
Jason
Most (but not all) mortgage loan servicing companies require any request for payoff be in writing.
The LOA that I use includes a checklist of the items/information that I specifically need including a payoff letter.
Many times, the payoff letter doesn't include foreclosure related legal fees that have yet to be quantified.
The lawyers will most certainly drag their feet since they get paid by the number of papers pushed. A hastily resolved situation is not in their best financial interest.
Hello.
I had to make multiple requests to get information. Leaving messages was a waste of time.
If the property is in foreclosure, contact the attorney's office for the reinstatement and payoff amounts. It took weeks for me to get the information. They did not respond to letters.
Try to access the account online and record your contact information.
Be patient.
BE PERSISTENT!
....get NAMES of people handling the specific account...if you cannot reach them by phone..fax a message!...these people are busy...especially at the end of a month....use the attorney that is handling the foreclosure as a LAST resort.....if you can reach the loss mitigation dept. tell them you want to bring the loan current...that sometimes make them listen and/or return your call....
on your first contact with the bank/mrtg co. get as much info as you can...get the phone & fax numbers of both the foreclosure dept and the loss mitigation deptartment...that is IF you can get by the customer service dept
try and keep trying!
Anita
I'm sure each situation is very different, but I have not had any problems with the banks. I usally get the information I've requested within 2 weeks