Power of attorney to inquire into loan

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Power of attorney to inquire into loan

Troy Michaels
Real Estate Investor · Atlanta, GA · Member since 2009 · 117 posts · 7 votes

Where can i find a example power of attorney to be able to inquire into the loan status of a homeowner's loan. im putting together a subject to deal. thanx

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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
14y

You have power of attorney and limited power of attorney.They shouldn't need to give you either in this situation.

All you need is an "Authorization to Release Information" form signed by them with your contact info on it and then YOU fax it in to the appropriate department. Do not leave it up to the property owner.

They might not confirm the fax went through to the bank,they might submit tot he wrong department,they might be using an old dirty fax machine where the transmission was garbled and the bank cannot read it etc.

Make sure they sign the release EXACTLY as they signed the closing papers when they bought.I have had instances where unless the signature is exact as what they have on file for closing docs they will not release info.

If someone married or they sold to someone else etc. you can explain that away it's just more steps.

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    14y

    You have power of attorney and limited power of attorney.They shouldn't need to give you either in this situation.

    All you need is an "Authorization to Release Information" form signed by them with your contact info on it and then YOU fax it in to the appropriate department. Do not leave it up to the property owner.

    They might not confirm the fax went through to the bank,they might submit tot he wrong department,they might be using an old dirty fax machine where the transmission was garbled and the bank cannot read it etc.

    Make sure they sign the release EXACTLY as they signed the closing papers when they bought.I have had instances where unless the signature is exact as what they have on file for closing docs they will not release info.

    If someone married or they sold to someone else etc. you can explain that away it's just more steps.

    Podcast Guest on Show #47
    NNN Invest53 Reviews
    WebsiteView Page
    2Reply
  • Bill Walston
    Real Estate Investor · Northeast TN, TN · Member since 2008 · 516 posts · 361 votes
    14y
    Originally posted by Troy Michaels:
    Where can i find a example power of attorney to be able to inquire into the loan status of a homeowner's loan. im putting together a subject to deal. thanx

    As Joel said, all you need is an Authorization to Release. I uploaded one for ya: http://www.biggerpockets.com/files/user/bwalston/file/authorization-to-release

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  • Bryan Hancock
    Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
    14y

    Even if you do everything perfectly you may have to fax the Authorization To Release Information to the lender several times. This is especially problematic with the large lenders in my experience.

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