Posted by gerald(tx) on September 03, 2003 at 20:52:22:
Understand:
1- you aren’t dealing with clerks when you get to L/M. Here you have people with loan officer status who have on-the-spot decision making power.
2- the “short sale” technique has ben so oversold by course makers and seminar salesmen, this is really a thorn in their sides. Over 95% of their calls are from newbies who have bought into the short sale fad, who have no money, credit or experience. The newbie mistakenly thinks the mortgage co. will foolishly give them a steal on a property. In reality short sales are rare, unless there is a “compelling reason” for it.
So be understanding of the Loss Mitigation people. Unfortunately today, most of their calls are from time wasters. To get to them, let them know exactly what you want, be prepared and get to the point, so they will know you are not in that 95% of newbie time wasters.
Need advice with Looney Loss Mitigation Clerks! - Posted by SandeeTx
Posted by SandeeTx on September 03, 2003 at 17:46:10:
Hello all:
Many of our motivated sellers are 2-4 payments in arrears and they cheerfully sign the “Authorization to Release Loan Information” so that I may talk to the Lender’s Loss Mitigation Department (these specific types of sellers do not have the where-with-all to pay me the arrearages subsequent to our closing). Here is the specific problem I have been running into.
Most lenders will not talk with me and if they do, they are very uncooperative especially after I have sent them the authorization. I get a very chilly reception no matter who I say I am. I have never said I was an investor. Usually, I am just someone trying to help the borrower get his loan back on tract. The impression I get is they are resentful that the borrower would go to someone else to handle their mortgage problems than deal directly with them.
Does anyone have any insight as to how to get them to talk with me? My ultimate goal is to have the back payments either placed on the end of the loan or placed in forebearance so the loan is no longer delinquent.
Any help anyone can give me would be greatly appreciated.
SandeeTx
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.