Looney Loss Mitigation Clerks can be dealt with - Posted by Katy-Tx
Posted by Katy-Tx on September 04, 2003 at 12:08:50:
It has been my experience that the clerk will “need” more than what you are offereing.
First, I get a limited power of attorney along with the authorization. When I fax in both, they seem to be more receptive to speaking to me. I guess the POA makes me seem more legit in their eyes.
Second, I start the conversation asking where I can send the check to make up the back payments (or do check by phone). This immediately puts me on their good side. And then I will even have the mailing adrs changed to mine at that point. The point is, I agree with Gerald in that a short sale or rolling back payments into the loan or any other option where they don’t get their money right then is going to immediately be met with skepticism on the clerks part.
Now you may be thinking, “Well that’s nice for you to just go ahead and pay the arrearage but some of us just can’t do that.”
To that I say-- Don’t do any of this until you have sold the house. Get the deed so you have the right to sell it. And be honest with the seller–tell them that you won’t make up the payments until you find a buyer (but you find buyers very quickly). When you find a buyer-- use his down payment money to pay the arrearage. No money out of your pocket.
If they are really far behind and you won’t be able to get a down payment high enough, get a partner. Have someone pay the difference in return for some cashflow and backend. It is done all the time. Of course this only works on deals with great cashflow, backend or both. If it is just a decent deal in every respect except for the amount of arrearage (that part being not so decent), pass on it. Sell the lead to someone else.
Just my thoughts.