Resources: Working with Your Lender

In working directly with lenders to develop the eModifyMyLoan and eShortSaleMyHome online application systems, you are now provided with the tools to successfully negotiate a loan modification agreement or short sale. Obtaining a short sale or loan modification agreement is not something that happens overnight, however, and there are things you should keep in mind to help make the process easier for you.

Patience & Persistence

Patience and persistence are a must when working with your lender on a short sale or loan modification agreement. Lenders' loss mitigation departments are negotiating thousands of short sales. Likewise, lenders are buried with requests to handle the loan modification agreement process.

Be Complete & Accurate

It is important that your loan modification agreement package is complete and accurate. Missing information will delay the process. Oftentimes customers talk to a different employee each time they call their lender. Lost information and re-telling the same story over and over again delays the process and adds frustration. Therefore it is critical that you have the most complete and accurate information upfront to make it a smoother and faster process.

Documentation

Use the Phone Call Log provided with your package to document each and every phone call you make to your lender regarding the short sale negotiation or loan modification agreement process. Be sure to get the employees' first and last names so that you have a complete record of the conversations.

Be Proactive

If you don't hear back from your lender about the short sale or loan modification agreement, don't be shy about calling them. Call as often as you can. You are your best advocate in the process.