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Funny as it may seem, the people who work in the
foreclosure department at your lender may be one of your
greatest allies. It will require perseverance and endurance
to handle them and to find what you need from them so that
they can help with foreclosure.
The easiest path to finding the right people in the
foreclosure department at your bank is to just phone your
bank and request to talk to the foreclosure department. If
your loan already is in foreclosure, you will probably only
be able to talk to the foreclosure department anyway.
Different lenders will have different terminology for the
various departments that they have. One of my lenders had
both a workout department and a foreclosure department. Once
I was willing to work with my lender, my case got shifted
from the foreclosure department to the workout department.
It does not really matter what you call them. It is what
they can do to help you save your home that is the most
important.
Since this is their occupation at your bank, these will be
the most learned individuals in terms of helping you with
paths to help with
foreclosure. They understand what will need to take
place in order for your lender to look at your workout
agreement. They understand what you must do and the
timeframe that you must do it in.
Given the current economic situation and the foreclosure
crisis looming everywhere, you do need to understand that
all of these people have a massive workload right now. They
may not get back to you right away because they have too
many other loans to deal with. What that means for you is
that you will need to keep calling until you get an answer
from them. Do not be a pest but do be persistent.
But the time it required to hunt them down was invaluable
because they could explain to me precisely what was required
of me in order to salvage my house from foreclosure. They
offered me some of the greatest help with foreclosure
throughout my foreclosure process.
I phoned them to verify that everything was on course, to
verify that I accurately understood the documents they sent
me, to verify that I had not neglected any critical
deadlines or documents. As long as I was civil and collected
in the messages that I provided, I invariably got a call
back. When I left mad or emotional messages, I seldom got a
return phone call and if I did, it was frequently several
days after I phoned. Not that I can fault them. Who would
wish to handle a mad or emotional customer?
But I can truthfully say that I could not have saved my home
from foreclosure if I had not gotten their help with
foreclosure. They were the greatest allies in assisting me
in keeping my house.
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