The Frustrations of Dealing With Your Lender

by admin on February 25, 2009

When you start the process of a loan modification one of the most frustrating aspects is the lack of communication. There are numerous checkpoints in the whole process and while you may be on top of each of them, it can often feel like your lender is a black hole with communication going in, but nothing coming out. When you are not getting the response you need, stay patient. You are dealing with massive red tape and years of aggregated corporate bureaucracy, there is no way things are going to get rushed, so keep an even keel.

It may help out your overall frustration level to keep track of everything. Before you start your loan modification process, buy a journal and keep track of every conversation you have with your lender. It can be cathartic to write things down and you get the added benefit of staying organized throughout it all.

If you manage to get a company representative on the phone, try to get a name or id number. If you can keep conversation going with one person it can help things tremendously and that way when you call back you know who to ask for. Even better, see if you can get a direct line for someone, that can get you straight to the source and may help you solve your problems even faster.

Never hang up the phone until you find the out the next step in the process and when it should occur. If you are waiting for your lender to review your hardship letter, make sure to ask when that’s going to happen. If you get told in 2 weeks, call back in exactly 2 weeks to see if that has happened. If the lender blew past the due date, ask why it was delayed. Expect professionalism out of the people you deal with and you should get returned some courtesy as well. If you don’t get competent service, then consider getting another contact at the bank or lender that you can deal with, sometimes asking for a manager or supervisor may get things escalated when you were stuck at a lower level.

Stay persistent, but polite in conversation. You may be steaming inside, but taking it out on a loan representative who may have dealt with 10 angry customers before you, will get you nowhere. If you don’t get the answer you want, keep pushing. The squeaky wheel does get the grease, so stay the course and eventually your perseverance will pay off in a loan modification.

Leave a Comment

Previous post:

Next post: