Home Sale Relief

Therealestatebloggers.com posts today about how lenders are so hard to contact, but that for borrowers the key thing is to communicate with your lender.

 This has been a target of mine so I will continue to beat the drums. There must be an easy way for borrowers to reach their lenders when facing foreclosure issues.

How can the mortgage holders be so out of touch with their borrowers when the costs are so high. With the recovery rate at only 68 cents on the dollar it is mindboggling that borrowers can not get in touch with their lenders when facing a problem with their payments!

The costs are so incredibly high on either end of the transaction that no one can possibly win.

The unexpected consequences of the subprime meltdown and current credit crisis is that the removal of the human element in lending saves significant costs at the origination of the loan with a huge downside when things turn sour.

I’ll agree and go one step further.

I’m coming out with the Mortgage Relief Formula soon and I have been in touch with a large number of people who are in foreclosure, facing an ARM reset, in some sort of mortgage fraud limbo, and much more.

The smart borrowers are in touch with their lenders and follow up in writing. Having a written record is crucial. Yes, the telephone is your number one tool, but your number two tool is sending a letter that confirms a conversation.

Your lender’s loss mitigation people are so overworked that only the squeakiest wheel will get the attention. Be that squeaky wheel. But remember to be friendly and patient. But more than anything, present your case in writing. Get the information you need to put that case out there in writing as clearly as it can be put.

I am convinced that if people put their case out there to the lender, in writing, with patient telephone calls, they can often get a short sale approved, or a loan modification, or deed in lieu. It’s a matter of that pigheaded determination and patience, along with the telephone and putting things in writing.