The lenders keep calling me. I don’t answer. They make it easy to avoid them by not showing their Caller ID. So I don’t even pick up if Caller ID is “Unavailable”.
Sometimes they do have Caller ID showing but its an 800 number. I hit the ignore button on my PDA phone as soon as I see that too.
Sometimes they leave a message sometimes they don’t. Many times the message is a recording. Probably an automated system making these outbound calls.
Some of them get sneaky. I’ve had the same lender call me with no caller ID and then try me again with a REAL number. It’s not a local number but that doesn’t help me. I talk to people out of the area all the time. So I don’t have a way to screen those out. I fall for it every time and end up talking to the lender. Sneaky sneaky!
Why am I dodging the lenders? Shouldn’t I be talking to them explaining my situation?
I tried. I made an effort to call everybody and explain what’s going on. I was told this is a good thing to do. The lender needs to hear from the borrower. That might help with getting a work-out or a short sale approved.
I don’t get too detailed about it – not like I do on this blog. I simply say that my business has failed and I have no income coming in. Just like my new hardship letter.
So I’ve talked to them. But they still bug me.
Typical Call.
When you call and enter the loan number, the system identifies you as behind on payments. You get transferred directly to their collections department or sometimes “work out” department.
They will ask you why you haven’t made your payment, what your situation is, and based on the situation recommend some options.
If the hardship is temporary they offer a “work-out” of some kind: loan modification, forbearance, etc. If you explain that you can’t keep floating the property at all they talk to you about a short sale, deed-in-lieu (giving them the keys), etc.
They normally want to collect some financial information from you – how much you make, what your expenses are, etc. Basically they are filling out your financial statement on their computer. I never saw any harm to be upfront with them and give them all the numbers. I figure it can’t hurt – they are going to see it with my short sale packet anyway.
I’ve had mixed experiences.
Many of them are cold and pushy. They try to make you feel bad for not making mortgage payments and try to force me to pay one way or another – until I firmly say “I CAN’T MAKE MY PAYMENTS ANYMORE!”
Either that’s their collection tactics (intimidation) or they just hate their job. The negativity of talking to people in trouble all day long probably gets to them after a while.
I have even had one person raise his tone to near yelling! I called to double-check my loan terms – interest rate, maturity date, etc. He wouldn’t answer my questions. Just kept yelling at me trying to ask me why I am not making payments, asking where I work, how much I’m making, etc. I am not going to give out any information with that kind of attitude. That’s the only time I had to hand up.
I’ve had nice ones too. After you talk to them for a while they start to warm up. Really, they’re just people trying to get their job done. Some of them have even given me personal advice on my situation and have shown a little bit of sympathy.
What do you think? Have you been behind and bugged by lenders. What has your experience been? What’s the best way to handle the calls?
