| Now that you have all your loan modification forms | | | | the ones who actually have some type of authority |
| organized, you are now ready to contact bank for | | | | to make a decision on your loan modification. Contact |
| loan modification. Your first phone call will not be as | | | | bank supervisors every time once you get their |
| bad as you think; your lender wants to know why | | | | contact information. The key is to make friends with |
| you can’t pay your mortgage and honesty | | | | a few people in the loss mitigation department who |
| does want to try and work something out with you. | | | | have background knowledge of your file. |
| It’s important to call banks and tell them why | | | | Your lender will probably inform you of the required |
| you haven’t been able to make your | | | | loan modification forms that need to be completed |
| mortgage payments. Until you contact banks and tell | | | | and where to send them. Before you hang up make |
| them what’s going on with your mortgage | | | | sure you confirm important bank contact information |
| payments, they will have no choice but to assume | | | | with your loss mitigation specialist such as: bank fax |
| the worse and initiate foreclosure. | | | | #’s, bank telephone #’s, bank |
| Once you finally get a loss mitigation specialist on the | | | | addresses, bank email address, etc… Our Free |
| phone you will need to provide them some generic | | | | Do It Yourself Loan Modification kit includes all the |
| information so that they will be able to pull up your | | | | bank telephone #'s and bank email addresses to |
| file. Sometimes when you first call banks, your lender | | | | speak to the right people. This initial bank telephone |
| will ask you to tell your whole story to them over | | | | call is not the time to tell your entire story to your |
| the phone, other times they will ask you to fill out | | | | lender. The purpose bank contact is simply to inform |
| their required forms and send them back. You never | | | | your lender that you need help and would like to |
| want tell your entire situation over the phone when | | | | start the loan modification process right away. |
| you contact bank loss mitigation departments. If they | | | | Sometimes after you contact bank |
| ask you to, politely tell them you would prefer to | | | | employee’s you will be told that they |
| send them all this information in writing because you | | | | don’t have a loss mitigation department. Do |
| feel it will be more accurate. If they still insist you tell | | | | not accept this! Every lender has some type of |
| them everything over the phone, tell them you do | | | | department that handles foreclosure and loan |
| not have it all in front of you and you will call back | | | | modifications. You are most likely speaking with |
| with the information. You never want to give your | | | | someone who simply doesn’t know what |
| lender any information you are not prepared to give. | | | | they are talking about. When you contact bank loss |
| How To Contact Bank Supervisors & What To | | | | customer service employees, try asking for the |
| Say... | | | | home retention department, loss mitigation |
| After you fill out all these loan modification forms and | | | | department, or briefly explain your situation to them. |
| know the exact numbers, then it will be ok to | | | | If this doesn’t work, hang up and call bank |
| verbally tell your lender this information. When you | | | | again. It is amazing how different the information you |
| call banks, giving your lender estimated numbers off | | | | receive can be from person to person when you |
| the top is a fast way to get your loan modification | | | | contact bank employees. This is why it is so |
| denied. You need to be 100% prepared when you | | | | important to keep an accurate lender call log sheet to |
| call mortgage lenders or run the risk of not getting | | | | keep track of all bank contact. Speaking with the |
| your modification approved. The whole point of filling | | | | same few people every time is very important when |
| out all the paperwork included in this kit is to make | | | | you contact bank loan modification/loss mitigation |
| sure you will qualify for a loan modification. | | | | departments. These people will have some sort of |
| Remember to call bank supervisors or try to get in | | | | background knowledge of your loan modification file |
| touch with one as soon as possible. Supervisors are | | | | and things will usually progress much more rapidly. |