I am a newbie to short sales and I am working on my first deal but I am having a hard time getting in contact with a loss mitigation rep.
I called the bank customer service department and asked to be connected to the loss mitigation department, but I was put on hold for at least an hour. Then when I called back another customer service agent gave me the number to a loan counselor who I have been leaving messages and playing phone tag with for 2 weeks. Finally, once I talked to her she told me to fax my package in but the 3 fax numbers she gave me are always busy. To make a long story short, it’s been a month now and I still have not talked to a loss mitigation rep yet. The homeowner I am doing the short sale for has received his foreclosure notice and his property will be sold in 30 days.
WHAT AM I DOING WRONG? What do I need to do or who else do I need to call to talk to a loss mitigation rep?
Please help.
usually what you do is call the # on the loan statment (copy given to you by seller) and explain you would like to send a “LETTER OF AUTHORIZATION” and you need the FAX number to fax this letter, this FAX # is usually different than the one you would send short sale package to. Also explain that this is urgent because TS is in 30 days. Ask for a # to call and do so nxt day, sometimes you can FAX as they WAIT to receive auth, then they will talk to you. Dont leave messages, just keep calling untill you get somebody that will direct you to the workout dep, aka loss mit dep…
I usually submit authorization to release with the SS package. It usually is the same fax#. Give it 48 hrs call LM dept for a follow up call making sure fax was received. At that point ask if a rep has been assigned to the file and if not find out what time frame to expect. Explain the your time frame. Also have him/her order BPO. Then I send a follow up fax once a week with short to the point questions.
examples:
Did you get my Hud offer?
has the BPO come back?
Who has to sign off on this approval?
Are you going to get this approved?
This is my third communication I will loose the funding on this deal if you dont give me an update!
It is definitely time consuming. But just stick with it. Get as many numbers for the mortgage company as possible from the Seller, Internet ETC.
Then if you have to ( in extreme cases), ask for your Loss Mitigators supervisor’s ext.
You most likely won’t receive a phone call back, but I found that by leaving a couple of messages that the person that is handling the case will be happy to assist you.
I say stick with it, you still have some time left. The mortgage company knows that the auction is coming up and they will hopefully be more willing to work with you.