Has Lender Asked You To Have Owner Call Them When You Have ATR Form?
I have an authorization to release form and called a lender to negotiate a forebearance agreement.
they said they wouldnt be able to put the arrears for the past 4 months on the back end and i should have the owner call them.
This was the lady who answered the 800#, a cust service rep i guess.
I should have asked to speak to someone about working out a forebearance agreement maybe.
What should my next step be?
verb[ Edited by verbatim on Date 04/07/2004 ]
verb,
Form or no, the lender cannot talk to you unless they have a copy of the form.
Were you speaking to loss mitigation, or a clerk?
Find out the fax number, get someone's name if possible, and include any information that may be helpful, Loan Number, Property Address etc. After you fax the form, call them to make sure they recieved it, and ask to speak to the appropriate party in loss mitigation. Even if you get the right person on the line, you might not be able to work out the deal exactly the way you want. Keep an open mind.
Jeff
i spoke to a clerk. not loss mit rep.
they asked why she couldnt pay and what her finances are like currently.
I told the cust service rep that i have someone wanting to rent it out form the owner but i want to get the backpayments straightened out 1st.
I said raising the payments wouldnt work because she can rent it for a little less than the monthly payments.
I was then told thatits not possible to put the payments on the end of the loan & that i should have seller call to give financial info.
Since she was not in loss mit i dont know how seriously i should take her claims.
What did i do right/.wrong and what should i say when i call back?
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so would it be wrong on my part to tell the loss mit rep that i am going to lease the home and sublet it to a tenant if they ask how the payments will be made from now on & how has the owners financial situation changed?
or should i go about it another way?
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