DesperateHouseWise.com

Communication is the key to any strong relationship. The relationship you have with your lender is no exception. It’s important you respond when your lender reaches out to you. Likewise, your lender should be responsive when you have questions or concerns. But what do you do when your lender won’t return your calls or emails? It may be time to step back and look at how you communicate.

No doubt your lender gets tons of calls and emails a day. Don’t underestimate the impact a personal note can make. Remember the now infamous meltdown of Countrywide’s former CEO, Angelo Mozilo? After receiving impersonal email after impersonal email, Mozilo got mad as hell and wasn’t going to take it anymore. “This is unbelievable,” Mozilo wrote. “Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting.” Mozilo’s frustration was understandable. Imagine if just one of his customers had taken the time to write him a nice, personal note. Below is a sample letter that may help solicit a quicker response from your lender. Of course, personalize your letter so as not to disgust the reader. I also suggest including a small, personal token of your appreciation.

Dear Sir or Madame (insert name of lender’s CEO here):

I hope this letter finds you doing well. So much has happened since we bought our home on Bonnet Drive. Our little girl, Suzie, starts kindergarten this year and Bobby Jr. now has his driver’s license. They grow so quickly, don’t they?

I’m writing you this letter because I have attempted several times to reach your company by phone and email regarding a loan modification. No one has returned my inquiries. We are in financial distress and need to reduce our house payments to avoid foreclosure. I know you and your company get so many calls that it must be difficult to keep all the names straight. To help you remember our home, I included a doorknob with this letter. If you’re still a little foggy about the details, don’t worry. I will continue to send you more artifacts from our home until it becomes clear. Surely my garbage disposer and toilet brush will help you remember.

I look forward to catching up with you.

All the best,

John or Jane Doe

Loan # 11111111111
DHW asks: Have you attempted a loan modification? Were you successful?

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