Category: Dealing With The Bank

Loan Modification: Questions For Your Bank

8/18/2016

So you're in a loan modification, and you've been waiting for an answer from your bank.

Here are some questions that may help you to get a better understanding of where you REALLY stand in the process:

- Is there a foreclosure sale date on my home?
- (If Yes) Foreclosure date should be postponed during loan modification review
- Am I in an active loan modification?
- (If Yes) What date did I go into review
- Do you have everything you need to make a decision on my application?
- (If No) What information do you need from me to get my application under review?
- What income are you using to calculate my modification?
- What expenses are you using to calculate my modification?
- When do you think a decision will be made? (Should be less than 30 days from the date the loan modification went into review)
- When and how do you recommend I get an update?
- Are you the best person to call for an update
- (If No) Could I please have the direct contact of the person I should be contacting. What are their work hours, and what is the best means of communication (phone or email)?

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Talking to Your Bank

8/15/2016

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Talking to your bank can be stressful. The constant phone calls can feel like harassment, and a lot of people ignore their banks completely.

However, the banks sometimes have important information regarding your options to foreclosure, and the only way to get their help is to take the phone calls.

Here are a few tips to get the most out of your conversations with your bank representative:

Build a Rapport: Ask questions, make small talk, ask about the weather, ask how their day is going; you know, try to get the other person to open up. Someone is more likely to help you if they like you and think you like them.
Keep them on the phone: If you need the bank representative to do something for you, keep them on the phone. The longer the conversation, the more likely the representative will find a solution to your problem. Ask, ask, ask.
Get their direct number or extension: If communication is successful and you have built somewhat of a relationship, ask for their direct number or extension, and ask if you they can be your primary point of contact.
Ask for their work schedule: Not all bank representatives work a typical 9-5 schedule. Ask what their work hours are and contact them during those hours.
Ask for email: Bank representatives are ALWAYS on the phone. Email (if available) is usually an easier means to getting the message to your point of contact.

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Loan Modification: Questions For Your Bank

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