The Effective Loan Modiication Negotiator | Mortgage

The Effective Loan Modiication Negotiator

by T.J.Rockwoodjr.

Some people are naturally great negotiators. Many more think that they are. Most of us are not. You can dramatically improve your effectiveness in loan modification by following these Rules. These are practices that I have found to be effective for years in dealing with foreclosure workout negotiators, short sale reps, loss mitigation officers and credit collections agents. These tips are especially good for tele-negotiating.

Number 1. Be sure to Control your ego
Be sure to Listen twice as much as you speak. After all, that is why you have two ears and only one mouth! When talking, you give away information. While listening, you gain information and knowledge. Ask questions leading to lengthy responses and listen to the answers.

Be just like Lieutenant Columbo, the TV Detective. Avoid playing THEIR mind games with this game of your own...question and listen your opponent into submission. "Do a Columbo" on 'em.

Think of the other party like your son or daughter. Don't be condescending and don't embarrass them.

2. Do not let rude behavior offend you. They try to offend you. They try to distract you and put you off-guard to make you want to get out of this situation at any cost and fast. Understand? Don't succumb to it. Simply hang-up in the middle of a sentence. That is better than to lose your temper.

I'm amazed at how much well-mannered people struggle with simply hanging-up on a collection agent. Most people try to bring the conversation to a friendly close. After all, that's what we are trained to do from an early age. Forget that when you need to end the call. Just hang-up before you say something dumb.

Number 3. Be sure to Prepare for the Call
*Remind yourself of the opponent's strengths and weaknesses
*Review your opponent's motivation - what are they looking for?
*Understand the alternative outcomes and prepare for them
*Identify goals for each encounter...just before the call
*Remember that time is on your side.

4. Be willing to "Fold-em". By this I mean that you have to accept that sometimes the conversation will not go your way. You must be willing to accept that and end the conversation poorly.

You will get the best settlements if you are patient and wait until the deal is just right.

5. Pay Attention to your Opponent's pressures and needs. Don't focus only on your own needs. The Agent needs to produce results and needs to keep making other calls. So, be efficient and offer to fax or email to their personal numbers.
Be prompt and complete on your responses to them. You should want to help them.

Be sure not to "talk-down" to the agents. Most people do - and the agents kinda expect it. They deal with angry people all day, so be nice to them. It will pay off.

Number 6. Always get something in return if you must give up something. Consider each item of every offer to be "won", and don't let go of any without getting something in return. The opponents record every item of the negotiations, and so should you.

7. Be clear about what you want. Ask for a certain dollar amount. Build rationale around your request, like "that is 31% of my household income,etc.

8. Don't Lie. Lying is wrong and it always seems to trip me up!

9. Keep good records. An old negotiator saying is that "he who has the information wins." So, keep good records of who said what when. Use the Journal in this Book to record details of each conversation.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

Want to find out more about actually getting loan modifications? Visit Rockwood's site about DIY Loan Modiification at Home Loan Modification