A loan modification authorization letter is a type of a letter which is written by a person to authorize any other person to modify an existing loan on behalf of the sender whenever required. The letter must give the full name and other relevant details of the person who has been authorized and the loan in question.
Sample Loan Modification Authorization Letter:
London International Bank,
F-45, Radcliff Street, reading road
Date: 29th June 2014
Subject: loan modification authorization letter
Dear Mr. Brooks.
I, David Henderson am writing this letter to you to inform you that I authorize my wife-Sarah Henderson to modify my loan by serial number 4/kl78 from now onwards until the date of loan repayment. I give her permission to act on my behalf as far as loan modification is concerned, whenever the need arises.
I had applied for a car loan on 15th June 2014 and was granted the loan amount 5 days later. The car loan is in my name i.e. David Henderson and a total of $6000 was borrowed by me from your bank. I had agreed to repay the loan amount within 2 years and until this date, I give permission to my wife to change the repayment terms or modify the loan in any other way, if required during this period.
I hope that you will consider this as my formal authorization and would allow my wife to act on my behalf.