TIPS ON GETTING YOUR LENDER TO LISTEN www.LIVEforeclosureFREE.com
Let me lay this subject out on the table right from the start. Have you already turned your lender off from listening to you because anger has gotten in the way? If so, then please consider reading the article “Managing Anxiety” under Tips and Talks. It won't change your behavior, but it might help you regain self-control to some degree until you learn to change old habits into new ones. If you are simply trying to get your lender to hear what you're saying but you've been unsuccessful at doing so, lets see if we can help you communicate by a letter that he will pay attention to. Everyone’s mortgage problems can come in all forms or sizes, and getting someone to hear you is less difficult than you think; but it takes effort on your part. TIPS FOR GOOD LENDER – CLIENT COMMUNICATIONS 1. Understand your mortgage agreement – It may not be pleasant to read, but you MUST know what your agreement says in order to ask for help in an intelligent way. TIP: If you don't understand what you're reading look up definitions of unfamiliar words on line at www.dictionary.com. 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. Perhaps they would suggest email or fax. TIP: 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 (include rental income) and liabilities (outgoing bills) so the lender can see it as plainly as you do. You will find a Financial Statement at our ‘Free Resources’ link. TIP: This information doesn't have to be done in any official way. They will want to see your figures if you are suggesting any type of work out solution with
them. If all you do is copy paperwork, put it in a 3-ring binder to keep it together for your benefit and theirs. IMPORTANT NOTE: If the lender has granted a discount on your property through a resolution to foreclosure, the contractual agreement needs to state, “payment in full without pursuit of any deficiency judgment” or they can issue an IRS form 1099, using your financial statement, to pass the deficiency amount back to you as the homeowner. A deficiency judgment can attach itself to a homeowner's new property mortgage and can remain with you for up to 2 years. It is very important that this verbiage is in the contractual agreement with your lender. 4. Draft a letter of concern – This letter doesn’t need to be more than two or three paragraphs long. Banks look at the numbers, not stories so it’s vitally important to keep it short and to the point. The meat of the 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.” TIP: Keep in mind that your numbers have to reflect your honest situation. Your integrity is all you have at this point. 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! The banks and lenders are flooded with paperwork right now. Make yours thorough and organized. TIP: You can buy a file folder for .10 at Dollar General or Family Dollar. 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 it, but mail in your packaged paperwork as well. TIP: NEVER mail out any original documents. Make copies to send only.
7. Make an appointment right away – If your lender calls you 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. TIP: Having more than one set of ears at this appointment is a very good idea. Lenders have their own verbiage and if you aren't use to it you might feel lost. 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 of the results. TIP: Listen to our HOMEOWNER OPTIONS REVEALED CD, at www.liveforeclosurefree.com so you will know what option is your best choice. If you follow these tips, not only will it help your lender, but it will also help you to realize your own numbers, and how important it is to stay organized. Be pro-active about your future! Any forward momentum will eventually lead to success. We are here to encourage building relationships and give you examples of steps that make sense, but you have to be committed to doing the work. Keep in mind that it’s more about building a relationship of trust than anything. And lastly……, always, always remember: Being a good steward with your money means giving first, curb your spending to get only what you need second, then, when you are ready to receive you will eventually get what you want and more. Thank you for this opportunity to serve you.
Kellie www.liveforeclosurefree.com These articles are copy right protected and written to help anyone seeking information to improve their situations, add personal growth to their list of priorities or coach someone they care about. I encourage you to share these articles, and when you do, please make certain they remain in their full,and complete version. Thank you!