Tips on Getting Your Lender to Listen

Kellie Frazier asked: Have you already turned your lender off from listening because your anger has gotten in the way? If so here are a few tips to help you manage the anxiety that can come while getting your lender to pay attention. Mortgage problems can come in all forms, or sizes, but getting someone to hear you is less difficult than you might think; but it’ll take effort on your part. 1. Understand your mortgage agreement – It may not be pleasant to read, but you MUST know what your agreement says in order to ask your lender for help in an intelligent way. 2. Use your monthly statement – Looking at your monthly mortgage statement you should see the address, email, website, fax and telephone number of your lending institution. If you don’t already know who to contact, you will want to call and find out who you would address a letter to, regarding your mortgage, and what’s the best form of communication to reach that person, or department. It is always best to get a name of an individual rather than a department. 3. Financial Statement – put together a financial statement with all your figures so they can see what you’re current situation looks like. If your income has decreased then show that on your financial statement. List out all of your assets (any rentals, income) and liabilities (outgoing bills) so the lender can see your situation as you see it. IMPORTANT NOTE: If the lender has granted you a discount on your property through a “resolution to foreclosure”, the agreement might state, “payment in full without pursuit of any deficiency judgment”. If this verbiage doesn’t appear on the contract they could issue an IRS form 1099, using your financial statement, to pass the deficiency amount back to you as the homeowner. This can be attached to a homeowner’s new property mortgage and can remain with the homeowners for up to 2 years. It is very important that this verbiage appear in the contractual agreement with your lender if there was a discount granted to resolve a foreclosure. 4. Draft a letter of concern – This letter doesn’t need to be more than two or three paragraphs long. Banks look at numbers not stories so it’s vitally important to keep it short and to the point. An example of the meat of your letter could include: “Here are our numbers: As you can see we can’t continue payments of this amount. Please review and contact us immediately so we can begin discussions on working out a solution. We look forward to hearing from you in the next few days. Sincerely, Mr. & Mrs. Jones.” Keep in mind that your numbers have to reflect your honest situation. Your integrity is vital. 5. Package it right – Put your financial statement, copy of mortgage statement, copy of any supporting documents (ex, layoff letter, monthly bills, student loans, etc) behind your financial statement and put your letter of concern on top. If putting this in a colorful folder will help keep the documents together, and get it noticed, then do so. The point is, you want it to be noticed! Banks and lenders are flooded with paperwork right now. Make yours thorough and organized. 6. Mail it in an appropriate manner – If the bank has suggested you fax it, then do so, if they said to snail mail or email it then do so, but whichever you select from their recommendation, do more than one. Fax and snail mail it or email and fax it, but NEVER mail out original documents! 7. Make an appointment right away – If your lender calls to meet with you today then it would be wise to clear your calendar, particularly if you are the one requesting their time. Bring your documents with you in case you need to refer to something yourself. 8. Know what type of resolution you are hoping for then discuss it with your lender and be sure to stay in contact over the next few weeks until you are satisfied with the results. If you follow these tips, not only will it help your lender, but it will greatly help you to minimize your own anxiety while trying to get them to listen. Again, know your numbers, and how important it is to stay organized. Being pro-active about your future will lead to greater chances of success to live foreclosure free. What you will be doing is building a relationship of trust rather than anxiety and stress. Investing in Real Estate?

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