This is the department that handles the loans that are in default. These departments in all banks are extremely overworked and this can cause you a lot of frustration.
There will be more than once during a negotiation when a lender does something so inexplicable that all you can do is scratch your head. You need to make sure that your client and your buyer understands this and that you are all at the mercy of the bank when it comes to successfully negotiating a deal.
Also it is important for you to realize that you and the loss Mitigator are generally on the same side, although sometimes it will feel far from it. Every deal has it's own complexities and you will need to work with the loss Mitigator to find out exactly what he or she wants.
Do not approach the Mitigator with an attitude that is smart or cocky. They have heard it all before and you are no different. Some loss Mitigator's are handling over 200 files while they are working on yours so don't expect them to remember you every time you call.
Do your best to strike up a conversation with them and be nice, you will get a lot further with this approach and it always makes the day go better.
Make sure you have all the documentation that the Mitigator requires, do not feed them piece meal. Again, account for EVERYTHING. If you leave anything out make sure that the seller mentions why in their hardship letter.
If the homeowner gives you any problems with any of the information we usually tell them that they are now doing the opposite of when they bought the house. When they bought they had to show that they could afford it. Now they are showing that they cannot afford it. This usually works. If they need help filling out the financial information then help them. You ask the questions and fill out the form and when they have read it get them to sign it. Give them a timeframe to gather the information and hold them to it. Some homeowners are organized and others are not. Make them accountable and follow up with them.
We have some extra documents that we get them to sign also. We will give you samples of these. Basically they state that we make no promises but will work hard to achieve a positive result.
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