The nuns used to punish me for getting out-of-line but, these days I do it all the time and coach others to do so as well. I know Sr. Helen Michael would be pleased, however, because I am giving good advice that is helping people! Here’s what I mean.
The Loan Modification Frenzy has not abatted at all. The line ahead of you is way too long. Hundreds of thousands are in the queue ahead of you with more than 50,000 added per week. Banks can’t staff, train, manage and retain enough workers. Further, the systems are overwhelmed. Then, add the fact that the banks are only half-heartedly cooperating with the Making Homes Affordable program anyway, and, well, you get the picture.
Only 4% of us, at the front of the line are getting good modifications. so, let’s continue to figure-out just what theyare doing and copy it! In several recent articles I’ve described the way the winners construct their applications and follow-up on their files to leverage “File Inertia”. Let me now describe how they escalate problems when they occur.
Problems always arise in such a strained process. Dealing effectively with the problems is essential if you are to persevere to the end and get that mod. My advice is to Ask 5 Times, Escalate Well and Escalate Well Beyond.
1. Ask 5 Times The common problems are easy. For instance, if they misplaced your 4506-T Form, send them another one. If they request 3 months of bank statements instead of the usual 2send ‘em in. But, when you get information from the agent that is just wrong, and you can’t seem to get them to perceive it…That’s when you should Ask 5 Times. Call back and try another agent, 5 times. That’s right, it’s not worth it to try to prove your point and sometimes the agent is just not trained well enough to ever understand your question or concern. If you burn through 5 agents and can’t get the “right” answer, then ESCALATE.
Escalate up the chain of command, asking a supervisor to review the problem with you. Do so politely but confidently. I will say to the 5th agent, “Please connect me to a manager or supervisor on duty, will you? This issuue is just too important to me so I want to hear it from a supervisor”. Often the agent will oblige. But sometimes the agent will argue with you and sometimes the agent will ask their cubicle-mate to pose as a manager. Sometimes the manager will have to call you back (doesn’t usually work out. Surprised?). And sometimes a more experienced, well trained and person WILL actually take your call and add value and solve the problem.
Escalate Well Beyond the Loss Mitigation Department. Perhaps departmental rules or guidelines have to be altered in your case. Often the individual departments do not have the authority to make exceptions. You should seek assistance and support from other departments, or from bank executives, regulatory agencies, politicians, trade associations or, maybe even the press. Don’t think that your problem is too small for any of them to care about. The secret to winning their support is to ask for it in a way that indicates you 1) have used all the correct channels already, 2) understand their role and have appropriate expectations for what they can do to help, 3) know specifically what you want them to do and 4) that you are the type of person who will not stop escalating if they fail to respond.
Escalations Well Beyond the Loss Mitigation Department are surprisingly effective. Several of my clients have had success getting CEOs, Congressmen and even a U.S. Senator to place a call on their behalf. Such intervention is almost always successful.
We’re all in this together (well, many of us are at least). And getting help is often just a case of knowing who to ask and what to ask for. Most people are genuinely sympathetic to those of us caught in the housing crisis. After all, it’s nearly most of us.
Learn more details about effective problem escalation – and get examples of successes.? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification
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