You won’t get a loan modification by waiting in line. It’s just too long. Get “out-of-line” by following my advice.
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.
Only 4% of us, at the front of the line are getting good modifications. so, let’s continue to figure-out just what theyare doing and copy it! In several recent articles I’ve described the way the winners construct their applications and follow-up on their files to leverage “File Inertia”. Let me now describe how they escalate problems when they occur.
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 – Handling common problems is easy. If they misplaced your 4506-T Form, send them another one. If they want 3 months of bank statements instead of the 2 their forms statesend it in. What I mean by Ask 5 Times is, when you get information from the agent that is just wrong, and you can’t seem to get them to perceive itI call back and try another agent, 5 times. That’s right, it’s not worth it to try to prove your point and sometimes the agent is just not savvy enough or trained well enough to understand your question or concern. If I can’t get 5 agents to give me the “right” answer, then I ESCALATE.
Escalation means going up the chain of command. It means requesting that a manager or supervisor review the situation with you. Be sure to do this politely to minimize the snub to the agent but be firm. Simply say (to the 5th agent) “Please connect me to your supervisor, will you? This matter is ust too important to me to let this go. I want to hear it from a supervisor”. Sometimes the agent will obligeand other times the agent will argue with you. I believe that sometimes too, agents will ask their co-worker to pose as a manager for the call. It may happen that the manager will have to call you back. Don’t hold your breath. Occassionally you will get lucky and a well trained and well informed manager will get on the line and provide some real vaue.
Escalate Well Beyond means taking your problem beyond the Loss Mitigation Department to seek assistance and support from other departments, or from bank executives, regulatory agencies, politicians, trade associations and even the press. Don’t think that your situation is too small for any of these entities to care about or to take action on. The secret to getting their support is to request it in a manner that indicates that you 1) have used all the correct channels already, 2) understand their role and have appropriate expectations for what they can do on your behalf, 3) know exactly what you want them to do and by when and 4) that you are the sort of person who will escalate right past them if they do not respond.
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.
We’re all in this together (well, many of us are at least). And getting help is often just a case of knowing who to ask and what to ask for. Most people are genuinely sympathetic to those of us caught in the housing crisis. After all, it’s nearly most of us.
Learn more details about effective problem escalation – and get examples of successes.? 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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