Important Tips - Don't Avoid The Bank

I speak to people all the time who avoid picking up the phone when the lender calls. While you may be uncomfortable, its necessary to update them so you can resolve the situation. So talk with your lender, regularly. Speak to customer service to locate the loss mitigation department. Make professional contact and give a brief summary of your situation. Talk to the supervisor or manager of the loss mitigation department; this person will have more accurate information.

Understand what your lender wants and their procedures for a short sale. Many lenders may have alternatives and may be willing to work with you by modifying your loan or pursuing other alternatives. It’s extremely important to find out what their position up front in order to increase the likelihood that the short sale will occur.

Don't delay. In a foreclosure, the clock is ticking. Know your time lines and stick to them. Communicate any delays to your lender and all parties involved.