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It is very difficult to determine who to deal with in your negotiations with your lender.
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Many (only one out of our 9) would even respond before going delinquent. We had to let them get past due before they would respond. Some, they tell me, are more difficult to deal with once past due and our experience is most won;t talk to you until you are. Therefore, if you talk to loan counselors you may be able to find in advance what works with your particular lender.
You will
continue to hear
from the overseas
phone collectors who are not called off for a long time, (60 days after sending all requested paper work finally) and that was only telling them to write this following statement down.
"We have submitted all paper work
including tax returns to your loan midigation department and are doing NO PAYMENTS, NOTHING until we have a response. Please write this down and save everyone a lot of time." They eventually stopped, and not sure if that was what did it...
On Saturdays, several times got 3 collection phone calls within one hour from the same bank, since we had several with one bank.
All the experts advise you to deal only with the loan midigation department. With some lenders that it turns out is not even an employee. They have farmed the job out to outside agencies and take recommendations from them after evaluating your situation.
Now it seems to be, do you fit in the any government yard sticks that will allow them to collect money from the government for doing something, and if you do not fit the government yardsticks you will be told "you are not qualified" of any modification.
Now if you were a investor mortgage, like me, you are told right off, you Do Not Qualify For Any Modification.
Some will suggest you try refinancing. When you call for refinancing, no matter how good your credit, when you say you are an investor or have more then four homes, they say you can not obtain refinancing, end of discussion.
What most do not realize, in dealing with a bank, the bank does not even own the mortgage. They are merely "servicing
the loan for the real mortgage holder.
The bank may just "love you" but they have to get it okayed by the actual mortgage holder (which likely is not them) and if that mortgage holder has had bad experience redoing loans, that then wind up collapsed later even more expensive for them, then you are likely to be turned down, no matter how compelling your story or how much the loan midigating officer likes your chances.
The frustrating thing is that the outcome of this all very well may be completely out of your control.
If you fit the government requirements, and the government is kicking in thousands of dollars to get changes made, and pays them for years, you have a chance.
As of now, we know of no government program yet set up to help in any way a multiple home "rental" investor. The minute we hear of a concrete one we will have it all over our web sites.
We plan on none because investors in government supplied releases are still referred to as "evil home flippers, who are not to be given a dime" where as in reality most investors like ourselves bought homes as rental property.
If there were indeed "so called flippers" in the market now buying homes with the idea of holding them until the market increased and make a bundle in the future, then there would be a market of some type.Right now all "potential investors" buying and holding for future increases are "locked out of the market" by being denied financing by the government, no matter how good their credit. Therefore, there is "no market" except wealthy with cash, which market is already tapped out. Therefore, we expect the market to further decline since this crazy financing restrictions is opposite of what created the boom. This one creates the bust, and is enlarging it.
Best advice, (if we ever do advice, we do information) we can give you is get a spiral ring binder and write down every call you get, every mail, every contact, by name and date. Always try to stay with dealing with the same person, and understand you need to treat them well, not abusive. Many are doing the very best they can to help you.
We will keep you posted here and on our forum sites, what luck we have in reaching and dealing with what turns out hopefully to be the right party, or the head of the dragon.
Read our other articles on you hold many of the best cards. The lender is not sitting on a good hand.
