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Loan Modification Strategies: 3 Telephone Strategies To Fight Bank Stall Tactics

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Discover three proven loan modification telephone strategies to use against the stall tactics of banks

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Many homeowners that have applied for a home loan modification are experiencing high frustration levels when it comes to trying to talk to someone in the Loss Mitigation Department about the status of their application.

Apart from simply going to voicemail when calling Loss Mitigation, many homeowners are experiencing getting the brush off, ie, trying to get them off the phone as soon as possible or getting stonewalled with vague answers to their questions about their qualifying status.

Here are three telephone strategies to use to fight back against these common stall-tactic scenarios used by banks:

Scenario #1:
More and more banks are stopping the procedure of doing pre-qualifications over the phone due to time constraints because they are just overwhelmed with files.

Telephone Strategy #1:
When calling, instead of using the term "pre-qualification" ask for "feedback." You can more likely breakdown the rep to open your file to get some specific information if you use this sideways approach.

Scenario #2:
Even with a well-organized loan modification package that should meet approval guidelines, homeowners are getting denied. When calling Loss Mitigation to find out the reason why, the rep avoids giving specific reasons why an application is not getting approved.


Telephone Strategy #2:
Call back at least five times. You will likely talk to a different rep and find one that is more cooperative to get specific information. If you are still not getting anywhere, ask to speak to a supervisor/manager and insist they give you a reason. Don't give up -- you're fighting for your home.

Telephone Strategy #3:
When you do call back repeatedly, make slight changes each time regarding what you are able to do such as increase the amount available for a repayment plan by $500, for example, or increase the household income. This strategy gives the rep a reason to go into your file.

You must fight for your home

You, the homeowner, will always be the best advocate for yourself to fight to keep your home.

It is a little-known fact that Banks HATE loan modification firms and lawyers. This has always been true, and now more than ever, you'd be crazy to let anyone contact your lender except you.

You can successfully negotiate a loan modification yourself with the right tools and education without hiring a third party that cannot guarantee the outcome.

More help available

For more help in fighting to keep your home through a loan modification visit our online resources for the latest news on loan modification trends, avoiding scams, loan modification tools, Q&As and other resources at LoanModificationHomeownerResources.org/

 

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