It doesn't take long for your lender to contact you once you start to fall behind in your payments. Your lender will be eager to learn about your circumstances, and find out if you will be able to resume regular payments and how soon. It is very important you take any calls from your lender, and return all their messages because you must establish open communication with your lender if you hope to make progress in your negotiations.
Whenever you communicate with your lender make sure you are friendly and as helpful as you can be, but listen closely. A Forbearance Agreement or a Loan Modification is a business deal and should be treated with the same regard. Provide your lender with accurate and concise information, but stick to the facts, don't embellish or exaggerate.
It is critical that you listen carefully for two very important reasons:
A. You can't know what the mortgage company wants from you unless you are listening to their terms. Provide them with ALL the information they require in terms of documentation, but never send anything they have not requested. Additional paperwork or information will not help your case, and in some situation may reveal information that could hurt your case.
B. By listening carefully you may find that your lender is so eager to avoid foreclosure that they will offer more attractive terms in the Forbearance Agreement or Loan Modification than you had though of. DON'T OFFER SOLUTIONS until you learn what your lender has in mind. Ask them to let you know what your options are and then KEEP YOUR MOUTH SHUT!
Maintain a Positive Attitude
While you are working with your lender and going through the process of providing your lender with the documentation and information they require, maintain a positive attitude. Your lender will be listening closely to your conversations and will pick up on how you speak, and you need them to believe in you. At the end of the day someone at the mortgage company is going to have to recommend the approval of your settlement proposals and you want that person to believe in you.
What Is Your Direct Number?
Automatic phone systems are often set up like mazes and you can spend several hours over the course of the negotiations navigating the system or waiting on hold. You can avoid this aggravation by asking your representative for their direct number. A side benefit of getting this number is that you are assured to be working with the same person every time, maintaining the relationship you have developed with them and saving time in having to recap all of the information that you had discussed with other agents.
A free do-it-yourself modification kit is available at MBA Commercial .
A free 24 hour recorded message explaining loan modifications is available at 800-958-1952 .
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