OfflineHi anita have you done loan mods, and do you have to be a lender or a mortgage company to negotiate with them for the borrower?. Will they allow a company that represents the borrower through disclosures and written Authorization.
** I received this post from another forum member but I have no knowledge of how it works but maybe one of you can help.**
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Anita
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Of this? I dont but I hope someone can post something to give a clue
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I'm not sure if that works for just modifying the loan. I would say give it a try. The worst that can happen is they say no right?
I can tell you that when it comes to short sales that you can get a written authorization signed by the borrower and work with the lender on their behalf. I am in the process of working on 9 different properties (w/ a partner) in that respect and we're doing that with all 9. They are all in different stages and I don't know that they'll all come to a final agreement, but hopefully this might help to answer the question.
On the authorization form list the borrowers name, Lender name, Acct #, and their soc. sec.#. Have a general "I authorize ______ to represent me in dealing with said lender" or something to that effect (my partner has done that part, so I don't know exactly the verbage on the form). Have the borrower sign at the bottom and you should be good. You can even go as far as getting Power of Attorney if there's a good relationship between you. That way you don't have to meet in person every time a document needs to be signed (works best if you don't live close to the borrower). Anyway, if anyone disagrees or has more experience in this let me know, but that's my understanding.