How To Negotiate For Mortgage Loan Modification?

Many families need to deal with various financial hardships. Many of the reasons are not their fault. They could be affected with illness and job loss, due to worsening economic situation. This could make it harder for them to make debt payment. People who are struggling financially could call their mortgage lender to get loan modification. That’s the reason why we should initially choose lenders who are eager to work with their borrowers. If we have a good relationship with the lender, our request could get accepted after we have completed all the required paperwork. In general, we should choose the best possible terms and our modification should be completed in the shortest time possible. However, we should be aware that it is the best case scenario and in some cases, things don’t work that way. Often, struggling homeowners hit roadblock immediately after they call the first person in the mortgage company. We could initially choose lenders that are known to be less helpful in assisting struggling homeowners and this could make our lives more difficult.

Assuming that we are finally able to talk with the right person in the right department, it is important to convince him/her to send us the required loan modification paperwork. This will significantly speed up the whole process and we will be approved for loan modification much sooner. However, more often not, we will hit a roadblock or two, causing us to face a rather difficult situation. There are different tactics we could choose to help us solve this problem. Whatever we do, we should be both polite and persistent. Once we know who we should call in a specific department, it is important to write down the name of the person and the extension number. This should allow us to contact the department directly and talk with the person. If we are waiting for further stages in the process, we could talk with the person and say that we will call again in a couple of days. In this case, the person won’t get slightly annoyed when we call and we could ask the person politely again.

Although we must be polite, we should also be persistent and don’t take no for an answer. If the customer service tells us that the loan modification won’t be available for us, we should firmly, but politely ask to talk with the supervisor. It should be noted that customer service staff is notorious for telling people that there are no more people that we can speak with. However, with enough persistence, we will eventually get transferred. In some cases, we should be able get help from high places. In fact, if we could justify our situation, it is possible to ask local legislators for help. We could be pleasantly surprised to know that local politicians are more than willing to help their constituents. It may take a few phone calls, but there are cases that these politicians will help average homeowners. In this case, we could send politicians some of our financial details and we need to explain our situation clearly, especially if we have been mistreated.