Adish Article DirectoryFast Approval Article Directory

Dealing with your Bank’s Loss Mitigation Department could put your Patience and Persistence to the ultimate test. Many Lenders and Mortgage Services have been absolutely overwhelmed with the massive influx of homeowners who are falling behind on their mortgage payment. Many banks are understaffed, have outdated computer systems, and do not have the phone infrastructure to handle such a large volume of desperate inbound callers. Unfortunately, this can result in extended hold times, aimless phone transferring, being hung up on, and just being completely lost in their maze of various departments. Common occurrences include homeowner faxes that get lost, hardship packages that take months before they are even looked at, and dealing with Loss Mitigation Reps who are uncooperative and not very friendly.

For the homeowner, this can be extremely frustrating and test the limit of one’s patience. One key factor that should help the homeowner overcome these obstacles is persistence. Don’t give up easily. If you get hung up on, call back. If you can’t stay on hold for several hours, keep calling at different times until you talk to a live person. One of the first good signs is when your bank finally assigns you a Loss Mitigation Rep to handle your request for help. Depending on your bank, this could take a few weeks or even a few months! But once you get assigned a Loss Mitigation Rep, that is simply the beginning of the process. When this happens, you must document every conversation you have with this person. Make sure you write down their first and last name and also get the name of their direct supervisor just in case.

You must remember that your Loss Mitigation Rep may have several hundred active files they are currently working with. Although your case is extremely important, your rep is usually overwhelmed with hundreds of people who could be in even a worse situation than you. What this means is set your expectations appropriately. Don’t get discouraged if your phone calls are not returned the very same day. Stay on top of your own case, be proactive. Do a lot of follow up with your rep if necessary.

One important tip is to make sure that if your Loss Mitigation Rep asks you to send a specific document (ie: paystubs, bank statements, etc.) please make sure to send that ASAP. If anything is missing from your file, this will only delay the decision process. Also remember that your rep does not have the time to remind you to send in what you have to send, that is the homeowner’s responsibility.

If you do send documents via fax, email, or express mail please make sure to follow up to ensure they actually received this. Do not feel bad if you have to call your rep several times a day, or leave emails for them to confirm that they received your documents. Do not assume that just because a fax went through on your end, or you put a document in the mail, that there is a guarantee it has actually been received. You need to make sure to call in and have someone verbally confirm and send you an email confirmation that they received said documents. Document Everything! Document what you talked about with your rep on the phone, notate what they told you in case there is any discrepancy or misunderstanding.

A final thought is to remember that your Loss Mitigation rep is just a normal person like you and me and they are there to help you. Do not blame them for the situation you are currently in, it is not their fault. They did not put you in the loan you currently have. Treat them with basic common courteous. Being rude, obnoxious, and yelling at your Loss Mitigation Rep will get you nowhere. Remember, there is no law out there that forces your bank to help you. The Loss Mitigation Rep handling your case could make the ultimate decision whether you are approved for a new solution or not.

Be courteous, Be Patient and Be Persistent.

Be Prepared. If you call your Loss Mitigation Department without the proper preparation, evidence, and leverage, the bank could easily take advantage of you. A Loan Modification is a Negotiation.

A succesful negotiation involves Leverage. Without leverage, you are at the Bank’s mercy.

Learn the step by step methods to build a rock solid modification case using with the leverage necessary to secure the lowest possible payment. Visit http://www.loanmodsecrets.net

David Wathen
Loan Mod Secrets
10553 Zenor Lane Suite 54
San Diego, CA 92127
619-252-5154 Office
http://www.loanmodsecrets.net