How to talk/negotiate with your lender/bank

Digitalseoinc@gmail.com (Eric Brown) — Mon, 22 Apr 2019 07:19:32 GMT

As a homeowner, you have the ability to negotiate with your lender successfully if you are armed with the proper loan modification information and guidance.

Many homeowners are now opting to contact their lender and represent themselves instead of having a third party such as a “loan modification company” that may or may not be successful not to mention the fraudulent companies who are ripping off homeowners every day. The money you waste with them could go towards your mortgage payment.

Again, you can get good results negotiating with your lender as the owner as long as you have the proper information. Consumer education is always the best defense says +Dianne Langston

Before you contact the lender, let us take a moment and look inside their world…shall we?

Did you know that your lenders loss mitigation representative may have one hundred to three hundred files on their desk at any given time? It’s true. That is a tremendous amount of pressure and responsibility to endure.

It is important to understand what they are dealing with BEFORE you contact them. You will have a better shot of establishing rapport if you are sensitive to this.

Loss mitigators are usually trained by the lender you are dealing with such as; Countrywide, GMAC, CitiMortgage etc. all have programs set-up to train loss mitigators on loan modifications, negotiating and loss mitigation tactics.

In loss mitigation, the turnover rate is VERY HIGH!

Why?

It is difficult to hire an individual that can endure listening to extreme hardships day-in and day-out from homeowners. That is why it is such a breath of fresh air when YOU contact the loss mitigator in a positive, professional and courteous manner.

Sometimes you can almost hear the sigh of relief in their voice when you speak to one for a long time and build rapport with them.

I’m still amazed how they can handle so much negativity on a consistent basis. Regardless, they still have a job to do for their boss (the lender).

They collect information from all parties to PRESENT to their superiors.

Keep in mind, the loss mitigator typically will not have the authority to make the FINAL decision on whether or not your offer will be accepted. The decision is made by his/her superiors.

*However, he or she has a pretty good idea if you will be close enough to get his or her superiors to accept your offer.

How about learning their LANGUAGE?

HOW TO SPEAK “MITIGATION-EZE”

Perhaps you have called a loss mitigation representative in the past and were greeted with a message that goes something like this.

“You have reached Bob in Loss Mitigation for X Company, Please leave the loan number or social security of the file in question… Note: Please leave only one message, leaving multiple messages will cause further delay or will be erased! – THANK YOU… GOOD BYE!”

That was a bit to the point…you think?

What was learned from this?

The loss mitigation representative is busy and will get back to you on HIS/HER time…not yours. Furthermore, if you choose to leave multiple messages you may not get a call back.

Congratulations!

You just learned MITIGATIONEZE. This is extremely important because you will hear it and maybe even “SPEAK” it in all aspects of your negotiations with them.

This is another reason you will be set apart from other home owners. If you try to negotiate without knowing their language you will be at a HUGE DISADVANTAGE.

Think about it this way. Have you ever gone to another country that speaks a different language and asked for directions on how to get from point A to B?

If you don’t know how to speak the language - you look like a fool and you are susceptible to all kinds of manipulation. The same concept applies here.

Once you learn to communicate correctly you build credibility with every word. You also show respect and make the most of the little time a loss mitigation representative may give you to work out your deal.

Once you turn in a loan modification package the EXACT WAY the loss mitigation representative needs it to submit for approval, your chances of getting an acceptance GO WAYYYYYYYYYYY UP.

They barely have to think about it because everything is in place… all they have to do is submit it and write a short reasoning letter to their superior. The loss mitigation representatives LOVE IT when they do not have to spend extra time on an incomplete loan modification package.

More tips and information here on our WordPress blog: http://doityourselfmortgageloanmodification.wordpress.com/2013/07/07/free-do-it-yourself-loan-modification-tips-information/

By Eric D. Brown

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Free Do It Yourself Loan Modification Tips & Information

Digitalseoinc@gmail.com (Eric Brown) — Mon, 22 Apr 2019 07:15:11 GMT

A Loan Modification Agreement modifies the terms of your home loan, normally by lowering the minimum payment to something more manageable for the homeowner.

Remember that your lender usually DOES NOT want to acquire your home through a foreclosure so you have no reason to hesitate to contact your lender when you foresee mortgage trouble on you horizon or you start to fall behind. Anytime you find yourself facing hardship you should contact your lender and ask for help. Your modification terms might be temporary or for an extended period of time, but in any case your lender is extending you a courtesy because it is usually in their best interest.

"Have Realistic Expectations"

Be honest with yourself and your lender. Before you begin the process of pursuing either a Forbearance Agreement or a Loan Modification, ask yourself if this is the best course of action for your financial situation. If you are not in a position to keep your newly negotiated agreements (or the agreements you are about to negotiate) then a Loan Modification may not be the best option for you. You need to negotiate in good faith and only make offers that you can keep.

The process of getting a Loan Modification requires a great deal of your time and effort. Your lender will expect you to submit information that will prove to your lender that once the terms are renegotiated you will be able to keep up your part of the settlement. Some of the questions your lender will ask you will touch on some sensitive and personal issues.

Honestly assess your financial situation. Ask your self “Do I really have a steady financial foothold? Are the situations or circumstances that put me in this position finally and truly behind me and am I in a position to move forward?” Loan Modification may not be the best route for you to take. Remember that Loan Modifications are great tools to help people who have suffered a temporary financial set back that led to a delinquency. Loan Modifications are not for those who have chronic financial instability or are still going through a rough financial situation with out a resolution in the foreseeable future.

If you are looking at a Loan Modification be certain that you can afford the new monthly payments that you are hoping your lender will approve. Going through the whole process is a waste of time if in the end you end up with a payment you still can’t afford. Know what you are able to pay for your new mortgage and ask for it. Your lender may be unwilling to make the adjustments you are asking for, but that does not change what you can or cannot afford. It is important to ask for an adjustment that puts the monthly payment back into the range that you can afford from month to month.

NOTE: While taking a hard look at your financial situation you must also take a hard look at what you can cut from your household budget. Be prepared to make sacrifices and modify your spending habits to reduce your “discretionary” expenses. Remember you are asking your lender to forego money that they are entitled to, and that you promised to pay, you should be willing to make sacrifices and adjustments as well.

https://doityourselfmortgageloanmodification.wordpress.com/2013/07/07/free-do-it-yourself-loan-modification-tips-information/

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How to talk/negotiate with your lender/bank

As a homeowner, you have the ability to negotiate with your lender successfully if you are armed with the proper loan modification information and guidance.

Free Do It Yourself Loan Modification Tips & Information

A Loan Modification Agreement modifies the terms of your home loan, normally by lowering the minimum payment to something more manageable for the homeowner.