It boils down, is they are working to get you to pay up without further hassle.
They need to know your firm unmovable position.You are in solid unmovable position that if the loan is not modified to something you can live with sanely, then it is to your advantage and you are willing to walk.
That is your firm position. You have decided. There need be no discussion.
Now the collection people need to be told this to get them off your back and save theirs and your time. The way I do that with NINE individual mortgages collectors calling (six under water) is I use this statement.
Does NOT seem to stop calls but shortens them.They say blah blah...standard collection call procedure they go through, they ask for last four digits of my social security number then I say, "Let me save you a lot of time." "We have sent all the required forms, book work, statements, tax returns and everything the loan mitigation people needed to modify our loan."
We are talking to no one until we hear their offer.Just write that down, you do not need my social security number, to enter that.
If have not heard from loan mediation say that."We have sent paper work asking for a loan mediation authority to contact us about modifying our loan. We are talking to no one until we hear from them." Remember, some say they can do nothing unless you are behind...others say if you are behind they can do nothing... All double talk. Say "Sending no PAYMENTS." That gets their attention. Well, you are actually holding the cards......you are sending NO MONEY, talking to NO one until loan mediation make contact. That's what we told all callers. We had long ago sent written notice to that effect.
That was only way we got anybody to respond...That took over 30 days after our "refusing all payments" until "loan modified". That written notice was sent, with most of our 9, first time when kept payment only heard from one said, sorry, nothing we can do.
Once we sent letter stating we had stopped all payments on all our homes until we got loan modifications, then we got their attention but really not until 30 days or so later.Once foreclosure papers filed, those who have gone through this requesting modification say, "absolutely make no payments to collections or any department other then loan mediation officials" who if grant any delay in foreclosure with partial payments of any kind, be sure and absolutely get any delay you are buying in writing and ONLY from the loan mediation official.
Always get names you are talking to and always talk to the same person.Any payments to "collections" or any one else during this period, no matter what they promise, are just "donations" to the bank. Deal Only With The Loan Mediation Authority of the Mortgage holder, (not the loan servicing company.) Very often you are dealing with a loan servicing agency. I ask are you the mortgage holder or a loan servicing agency? I say, well I only deal directly with the mortgage holder, connect me with them. They will tell you they have five days to notify you in writing who that is.
My experience is the collection department agency, etc., will use all sorts of names to get you to think you are dealing with the right people, "just send us a payment" and we will do this and this. They have NO POWER to do anything.
One of the "come on" names they will use is, you are speaking to the "home retention" department.These are "career" collection people, their career is ranked by how good they are at getting people to send in payments, and what ever pretense they use, you are fair game. Lunch break in loan servicing agency in India likely goes like this.......
"How many promises for sending a payment did you get today? How much money?My experience (with 9 mortgages refusing payment until some modification) I get many a day, and my observation is over half are actually in India, or that accent area. Just think, you have only one mortgage, and you are getting all those calls, you should try handling calls from nine. Read my article on who has the problem...go here..
The End of 30 days behind the credit reporting agencies are alerted. On 60 day notification of past due expect to hear from Credit Cards changing New limits to near what your current balance is perhaps.
90 days and things start getting serious
reprecussions in alerts, with other creditors.
Since You are not paying house payments
be sure and keep other credit and card payments paid on time.
It took nearly 60 days of telling them we had filed for modifications and we were paying nothing until responded to.
Finally collection Department calls stopped.
We received a request for more paper work which was supplied. We are approaching 60 days of no payments On March 1.
In Our case, April 1 will be 90 days, actually on seven homes, no payments. We understand no foreclosure procedures are started before 90 days, and not then if negotiations are underway.
Reading about a legal team, which specializes in foreclosure prevention, thinks that lenders and services are gaming Obama's housing effort.
It says "It seems servicers are giving people false hopes by sending them a plan, and they are using the program as a collection method, getting people to pay them with no intention of modifying the loan," quoting the participants article says
"I believe they are using this as a tool to suck people dry."This is exactly why we say when in negotiating or any formal procedure has been started, never send any money unless the agreement or understanding the money is being sent for is IN WRITING.
I would Hang firm, saying this "before I send any money for whatever pretense, I now understand I should have everything you promise to do in writing."
Beware: particularly, the collection department has no authority to promise or agree to anything.
Statistically I see two years ago one bank
did modifications on 2% of those applied for. Last year the same bank even with the
governments backed plan they only did 20%, modified one of five, which appears better then most.
One out of five odds, for you, not good.
All these people assuring you that you can get a modification, may be selling "False Hope".
We will help best we can. Follow our process on our 7 homes. We report daily.
Participate in our forums... let's discuss it.
Mortgage- 2 Options, One Is Default
Business Decision
Home Bought As Investment Paying To Build Up Wealth and Appreciate
Now a "Bottomless Pit" Eating Any Wealth Depreciating For Years and Years
Your Mortgage Contract Listed A "Get Out" Option
Never Was A Moral Question
Your Future Economic Health Rides On This Decision, Why lose more life time of savings and go in Debt, and lose it later. There is no win in staying without severe modification concessions... Only Lose more, Now is the time to get out from under.
Walkaway Option Listed In Mortgages
2 
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