Do It Yourself Loan Modification Tips & Information
Free do it your self loan modification tips and information for homeowners and real estate investors. See us at http://www.HomeRetention.org
Thursday, May 22, 2014
Saturday, July 6, 2013
How to negotiate a loan modification with your bank
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. 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!
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. Muhammad
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. Muhammad
Get free do it yourself loan modification information here:
Home Retention.Org Official Website
Home Retention.Org on Twitter
Home Retention.Org on Facebook
Home Retention.Org on Facebook Page
Home Retention.Org on G+ (Google Plus)
Home Retention.Org on WordPress
Home Retention.Org on Twitter
Home Retention.Org on Facebook
Home Retention.Org on Facebook Page
Home Retention.Org on G+ (Google Plus)
Home Retention.Org on WordPress
Subscribe to:
Posts (Atom)