Short Sale Tip #2: The Letter of Authorization..commonly referred to as the LOA
Before you can even begin the short sale process, you will need to be given written authority to do so by the homeowner / borrower. Without having this document you can not even begin your short sale process. Simply put…no LOA..no short sale. It is that important.
Lenders typically do not want to disclose any of the homeowner / borrower information without written authorization to do so.
You will receive better cooperation if you have the homeowner / borrower provide you with written permission to speak to their mortgage lender about their loan.
The LOA should include the following:
a. All Borrower’s should be named
b. All Borrower’s Social Security numbers should be listed
c. Property Address
d. Lender / Creditor Names
e. Loan Numbers
f. Your Name
g. The Date
h. Your Name & Contact Information
Additionally you should name anyone in your office who should or may need to speak to the bank about this file.
