Stop Foreclosure Now

You may be incredibly angry with your lender if you are facing foreclosure but regardless of how you feel you will have to work with your lender to create an arrangement that will satisfy them. We will have a large number of discussions with your lender when you are in foreclosure and its going to be important to make sure you understand what is expected of you. Below are many tips on how best to save your home through successful communication with your lender.

• Always come prepared and write EVERYTHING down.

• Start by calling the number on your statement.

• Be prepared to be transferred, A LOT.

• Your goal during this process is simply to speak to a human being.

• Always ask for the “loss mitigation department,” sometimes referred to as the “Workout    Department”.

• Be prepared to provide all your information and be prepared to provide it several times.

• Don’t get frustrated or upset over anything.

• Don’t lose your temper.

• Be patient; remember you are looking for a resolution here.

• You need something from them not the other way around.

• Once you get through to the loss mitigation department tell the representative that you would like to speak to someone who has authority to do a workout agreement.

• Make sure you’re speaking to the right person. Always have a pen and paper ready by the phone and take detailed notes of the name and ID number of everyone you speak to, including times and dates. Remember write down:

• The date and time of the call.
• The name of the person who took the call.
• This person’s phone number and extension.
• The supplied contact log is a great tool for keeping track of this information

• Before you’re transferred anywhere, ask for the direct number of the person you need to reach just in case you become disconnected.

• Your work isn’t done until you get the loan modification you need.

• Always keep following up. Your file is most important to you, not to anyone else. Remember these banks have hundreds or even thousands of files. Call as often as necessary, but don’t be impolite, impatient, or demanding.

• Along with all of your notes, keep a file of all your documentation together with all the faxes that you’ve sent. This way, when you speak to people everything is in one place and you’re not scratching around for things. Be organized and professional.

• Once you’ve faxed your documents, call your lender to make sure they received all of them. Even if someone tells you that it takes a certain amount of time to get into the system, confirm that all the documents you sent were received. Then, you can call back in the time frame stated to make sure the documents have been put in the system.

What to Say During the Initial Contact with Your Lender:

Not How To Communicate With Your Lender

When you finally get to speak to someone, it’s understandable that you might be nervous. Just remember that you’re speaking to a person at the other end of the line. Don’t be overly aggressive or rude. Be very polite, even if the person at the other end of the phone seems to be rude.

Sometimes you’ll get lucky and the person you speak with will explain their loan modification process to you and will also advise you of the next step Sometimes though, you won’t be so lucky.

The person may say “they don’t modify loans”.

To which you should reply, “I know it’s not normally part of your procedure, but I was wondering if it was possible to ……..”

Or, “I know you don’t normally do loan modifications, but I need to speak to someone about a possible workout agreement. Who should I speak with?”

It’s important to keep this initial contact very short and to the point.

Here are the only things you’re trying to accomplish on your initial phone call:

Make contact with the right department.

You want to let them know that you’re not running away from your obligations.

You’d like to request a “work-out package.”

If there’s no formal package, then to which department should you send your information?

These are the only things you’re trying to accomplish on your first call.

Mortgage Lender Contact Script

You:

“My name is ________________”

“My account number is ______________”

“My address is _________________”

“Can I please speak with someone regarding a loan modification”

Rep:

“I can help you with that”

You:

“Excellent, I would like one of your Loan Modification Packages”

If its that simple great but if you meet resistance…

“I know that you don’t normally do this but I need to speak to someone about a possible workout agreement. Who would that be?”

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