Filing Personal Bankruptcy Help

Sometimes waiting in line is smart. Like, for instance in the security line at the airport. However, if you are waiting in line for a loan modification, you’re nuts. In the line ahead of you are hundreds of thousands of frustrated homeowners just like you. Instead, you’ve got to get “Out-of-Line” and up to the front of the line. That’s right. Take cuts!

The Loan Modification Frenzy has not abatted at all. The line ahead of you is way too long. Hundreds of thousands are in the queue ahead of you with more than 50,000 added per week. Banks can’t staff, train, manage and retain enough workers. Further, the systems are overwhelmed. Then, add the fact that the banks are only half-heartedly cooperating with the Making Homes Affordable program anyway, and, well, you get the picture.

The answer is to copy the winners, that 4% of applicants who get the good modifications. How do they do it? They step out-of-line and do extraordinary things. In previous articles I’ve described the way winners craft their applications and follow-up on their files to use what I call File Inertia. Now I will describe the way they escalate problems.

Because problems are an inevitable part of such a convoluted and broken process, effectively dealing with them is critical. I advise you to 1) Ask 5 Times, 2) Escalate Well and 3) Escalate Well Beyond.

Ask 5 times The common problems are not too tough. Replace a lost document, sign one sent w/o signature, update bank statements or paystubs, etc. Just breath deeply, hold your tongue and provide exactly the information they request. But, there are times when you just cannot get agreement or get a clear explanation, or other such frustration, when you simply need to take my advice. Thank the agent and then call back one day, one hour or one minute later and try the same question on a new agent. I always do this 5 times before I give up. You see, many of the agents in the Loss Mitigation Department are scantily trained and sorely inexperienced. Very often they just can’t understand you or the system.

Escalate means going up the chain of commandasking a manager or supervisor to review the situation with you. I do this politely so as to minimize the offense to the agent but also confidently and pointedly. I will say (to the 5th agent) “Please connect me to the supervisor on duty, will you? This is just too important to me to let this go. I want to hear it from a supervisor”. Sometimes the agent will oblige. Sometimes the agent will argue with you. Sometimes (I believe) the agent will ask their cubicle-mate to pose as a manager. Sometimes the manager will have to call you back (lots of luck with this one). And sometimes a more informed, better trained person WILL actually take your call and add insight and solve the problem.

By Escalate Well Beyond I mean well beyond the Loss Mitigation Department. At times you may have to involved other bank departments, bank executives, regulatory agencies, your own local politicians, trade associations and even the press. Your situation is not too small for any of these entities to care about. The secret to getting them to take action on your behalf is to request it in a manner that indicates that you: 1) have used all the “normal” channels already, 2) understand their role and have appropriate expectations for what they can do on your behalf, 3) state exactly what you want them to do and by when and 4) are the “type” who will escalate beyond them if they do not help (sort of an “ignore this request at your own peril” warning).

Escalations Well Beyond are effective. I’m amazed at the results. It seems that such interventions are always successful and the trick is in convincing the person to get involved.

So many people are impacted by the housing market meltdown that most are sympathetic and will be interested in helping if they can. So, ask well and you will likely get support.

Rockwood is an author and foreclosure expert. He has written extensively on loan modifications.? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification Get a totally unique version of this article from our article submission service

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