Real Estate Help Forum | Mortgage Lender Report - Mortgage Assistance Information http://www.mlreport.com/forum/mortgage-and-real-estate-assistance-and-education/ Simple:Press Version 4.3.3 jkatz on How do I remove a letter of authorization from my loan? http://www.mlreport.com/forum/mortgage-and-real-estate-assistance-and-education/how-do-i-remove-a-letter-of-authorization-from-my-loan/#p5 Mortgage and Real Estate Assistance and Education http://www.mlreport.com/forum/mortgage-and-real-estate-assistance-and-education/how-do-i-remove-a-letter-of-authorization-from-my-loan/#p5 Often times homeowners go through various different groups before they make it to the ones that actually get the job done. We have seen these types of cases many times for our clients and one of the first questions we ask is if they had removed the other companies from their account in order to avoid the other negotiation firms from changing information or intentionally sabotage or tampering with their accounts. Every lender has slightly different guidelines so it is best to check with each individual lender's regulations but in most cases it is as simple as a phone request. In some cases though as it was provided in writing the lender may ask for it to be removed in the same fashion. Some lenders will remove the Letter of Authorization after either an expiration written in or their on expiration date.As an example Indymac Mortgage Services (One West Bank) removes authorizations to release information every 90 days.

]]> Fri, 26 Feb 2010 19:45:59 +0000 jkatz on What is a Jr. Lien? http://www.mlreport.com/forum/mortgage-and-real-estate-assistance-and-education/what-is-a-jr-lien/#p4 Mortgage and Real Estate Assistance and Education http://www.mlreport.com/forum/mortgage-and-real-estate-assistance-and-education/what-is-a-jr-lien/#p4 Every business has its own jargon and when getting tossed in the mixed we can only imagine that coming to something as important as a home it is important to be able to talk the talk with the professionals that you surround yourself with. Well as of recently we were asked for an explanation as to what is the meaning of Jr. Lien. "Jr." is short for Junior and it refers to the position that the lien holds as being subordinate to some sort of Senior Lien. Generally a Sr. Lien is the lien position held by the First Mortgage.

Just for those that might benefit from the explaination a lien is by legal relation between the parties, which may be created in three ways: 1. When the law casts an obligation on a party to do a particular act and in return for which, to secure him payment, it gives him such lien; common carriers and inn keepers are among this number; 2. When goods are delivered to a tradesman or any other, to expend his labor upon, he is entitled to detain those goods until he is remunerated for the labor which he so expends; 3. When goods have been saved from the perils of the sea, the salvor may detain them until his claim for salvage is satisfied; but in no other case has the finder of goods a lien. (Definition courtesy of http://www.lectlaw.com/def/l036.htm)Cool.

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