Loss Mitigation No Response?

Question

I have been waiting for over 3 weeks for my lenders loss mitigation to get back to me and still haven't received a call. I have been calling everyday to see if my case has been assigned to an agent. What are my options at this point?

Answer 1

I recently talked to a person in a loss mitigation department, they had about 2,000 short sales and foreclosures assigned to them.  That's alot of houses to deal with.

If this is an urgent matter, talk to whoever answers the phone and be nice.  Explain your situation and that you really need a live person to help you resolve this.

Answer 2

The lenders loss mitigation departments are overwhelmed and very buercratic.  The only way for you to save to house is to contact an attorney who will use the lenders legal department to work out more affordable term on your note and save the home from foreclosure.  Check out these guys.

www.feldmanlawcenter.com

Answer 3

I'm not trying to be mean but the banks know you are a rookie... banks are so overwhelmed with the short sales and loan mods... they dont like to work with people who doesn't know what they are doing... = more work for them (they are lazy)

First check to make sure they have received your short sale or loan mod docs (make sure you have everything, from bank statement, hardship letter, w-2, tax docs, paycheck stub, and comparables in your market - depending on the lender these will vary)... if they have, they should assign an agent BUT it goes back to the different banks... they are swamped, I had a short sale package I sent in - and the bank said they lost it!!! - I re sent it and it took another 4 weeks to get someone assigned.  

Oh, and also I had one agent I grilled and he confessed that his bank is waiting to see if the feds will bail them out, since they are cash strapped... and they are not "approving" any short sales... sucks for the homeowners, when the banks intentionally do not do anything...  this was countrywide

Good Luck...