Your lender wants to speak with you – they really do. It may not always be easy to get in touch with someone when you call, but don’t take that as a signal that your lender does not want to talk.
The mortgage delinquency problem is affecting people all over the country, and it is a big job to speak with everyone that wants to talk. Lenders often have a difficult time handling the incoming call volume.
If you don’t get through right away, keep trying. Here are a few tips to consider when you do get through:
- Note Your Conversation.
Make a note of who you speak to – note the day, date and time. Do your best to take notes on the conversation. Don’t be afraid to ask the lender representative to repeat what they said so you can note it.
- Get a Direct Line.
If you can, get a direct number for the person with whom you speak. It makes it easier to work out your mortgage problems if you can work with the same person throughout the process.
- Avoid The Collection Department.
At all cost, avoid dealing with the Collection Department. The Collection Department is paid to collect and is usually not a good source for solutions. Get to the “Loss Mitigation” Department and you will normally be dealing with someone who is more solutions oriented.
- Be Polite.
If it is help you are looking for, you are more likely to get it if you make a friend, as opposed to an enemy. Treat the lender representative politely and respectfully.
- Do Not Misrepresent Your Situation.
The lender can’t help if they don’t know what the real problem is. Provide an accurate picture of the challenges you face and you stand a better chance of ending up with a solution that will address the problem.
- Ask For What You Need.
It doesn’t do any good to settle on a solution with your lender that does not really solve the problem. Take a hard look at what you need – and ask for it.
- Know What You Want.
Are you looking for a way to keep your home, or are you just asking for enough time to get it sold. Ask yourself what you really want before you call. Then, when you call the lender, outline what you are hoping to accomplish.
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