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The Mortgage Company Won’t Talk To Me

Everyone encourages you to immediately contact the mortgage company (which I still encourage), but what they don’t tell you is what to do when they will not respond to you. No one tells you that this happens 90% of the time. Don’t freak out. It’s not your fault.

The issue lies with how the mortgage company sets up their loss mitigation department (the people who are supposed to ‘help’ you). Most mortgage companies, whether it be Chase, Countrywide, Wells Fargo, Washington Mutual or others, the loss mitigators work on a quota system. This means, out of the many thousands of foreclosures per month these days, they have to reach a settlement with, let’s say for example, 70 files. Anything over that amount they get a bonus. In theory, this is a good thing because it should encourage them to make a settlement with as many people as possible.

So what’s wrong with that?

Well, this system also encourages the loss mitigators to only take care of the easiest files. So if you don’t understand what they are talking about… you’re out. If you can’t quickly come up with the endless amount of paperwork… you’re out. If they see that these other three files they are working on that day are easier… you’re out.

So how do I prevent the foreclosure if the mortgage company won’t talk to me?

Know your loss mitigator’s name. Be prepared with whatever files you need BEFORE you call them. Just don’t get mad whatever you do. I know these are simplistic answers but I don’t want to say, “learn Real Estate Finance so the two of you can always be in agreement” because there is simply not enough time for that.  Call me or fill out the contact form if these are the problems that you are having.

What if I can’t get past the customer service department?

Usually this is only the case if you have an assigned loss mitigator already and he or she ”doesn’t have time for you” or are otherwise generally screening your calls. This is probably the most frustrating situation of all. However, I will go back to the fact that you probably already have a loss mitigator that you have spoken with. They have probably told you that you need to show them more income or more paperwork or something. Tell the receptionist that you have that item (try to actually have it) and the loss mitigator told you to call them when you have it but you forgot his or her extension and “please forward me to them”. If that doesn’t work then they are really screening your calls. Again, don’t get upset. In that case call me or fill out the contact form; I will probably have contacts within your mortgage company.

They said they are sending me paperwork, now I can’t get a hold of them…

This is the same issue as before and, once again, don’t get upset. This is a common screening procedure when the loss mitigator didn’t do (or forgot to do) what she said and now doesn’t want to face you. Remember that these are people and they have their own quirks. All I can say is that you have to know how to work them. Let us know if you need help.

Cliff Pape
Home-Buddies