Afraid to talk to the Negotiator at the Loan Mitigation Departmen

This is my first short sale. I submitted all paperwork needed from the LMD. The LMD ordered a full appraisal wich I don;t know yet the amount he will came out to. I am so nervous to talk to the woman at CITI., she seems to be allways in a bad mood. I feel blocked. Please advise,


It really helps for a negotiator to have thick skin when dealing with the loss mitigation reps. A loss mitigation representative is just another name for a bill collector. Their job is to collect as much of the debt as possible, and as we all know, these kinds of professionals can be a little rough around the edges sometimes. The kind of personality it takes to perform their duties can be intimidating for some people.

Just be confident in yourself and in your knowledge and understanding of the process. Have all the documentation ready in a timely manner and have your end buyer ready to close as soon as you can after getting the payoff letter. It’s ok, and normal, to be nervous. Just don’t let those little butterflies keep you from talking to them. Only by stepping outside your comfort zone can you grow as a person and advance in life.

Good Luck and Let us know how it turns out! :beer

P.S. The LMR’s always seem like they are in a bad mood because they are overwhelmed with foreclosures and you are not the only person calling them. Having all your ducks in a row will in turn make their job a little bit easier which in turn gives your short sale a better chance of success.

Great advice Foreclosure Negotiator …

You will also find that these LMs have been lied to so many times that they have the “Cry Wolf” syndrome… Present your case and be firm and always empathetic for their job… Although I think some of them really get off on their power… Little napoleons I bet…

And this is also why you should have multiple SS going at the same time… You’re not going to win every time so increase your odds by having multiple deals going… If you get more approvals then you can buy I am confident that you can sell the contracts or pick the best deal and let the others go bye…

I created a Short Sale utility that creates all of the paperwork in minutes… Find somethng like that and do more deals… BTW Sellers are begging us to do short sales so you wont have trouble finding deals out there.

I am very greatful with your advise. Thank you so much… I will get over my fears and present my case firm. I know I am doing it them a favor to take away another non-performing loan specially from the spanish community which has been so afected.

Gracias everyone !!

Your Welcome.

Even though we are doing the bank a favor by taking a bad loan off their books, they don’t see it that way. They see it as them doing us, and the homeowner, a favor by discounting their loan. It’s important to maintain the persona that puts the bank in the best light at all times. Boost their ego and make the loss mitigation rep feel as though they are the most important person with their company… it helps setting a mental mood to help control your deal a bit more.

Good Luck! :beer And have FUN! :bobble

I always think “whats the worse that can happen?”

there are really only 4 out comes

  1. they say yes and accept your offer

  2. they say no and completly reject it

  3. they counter back

  4. they completly disreguard your offer and don’t even respond

Loss mitigators are generally a group of people that are having bad days every day. I deal with them like I deal with most bureaucrats. Just make them think that your day is worse than theirs. They will immediately identify with you. It is a technique call 'going not OK" If you have a big ego this probably won’t work for you but if you like money I would try it.

My opening line to them is “Is your day going as badly as mine?” Just listen and poor more gas on the fire. You can get them in your camp really easily.

The next thing is to whine a little and say “Listen, I have a problem, can you help me” This will usually be them working hard to give you a hand.

Everyone, even loss mitigators want to help people in need.

Good luck with this. Try it I think you will find it to be effective.