It was Monday, June 16th when he finally decided to call me. He, (let’s call him “Jeff”) asked me if it was too late to stop his foreclosure. I quickly looked at the foreclosure listing and saw that Jeff was merely 4 business days away. The bank, not the best to work with by any means, is one of the big 5. My heart felt so heavy for him. It’s too late for me to stop the foreclosure by introducing a convincing short sale package through the chain of command. I asked Jeff, what happened? Jeff’s was fooled when talking to big banks over the phone.
Big Banks – Phone Dreamland
You have no idea that the trouble you’re in for when you call the number included with your mortgage statement. It’s the help number. You’re calling for help.
The bank person appears knowledgeable about your account, and tells you to mail in proof of income statements, and to fill out the financial form, and he/she provides you with that form. (They either mail it, email it, or give you the webpage URL for it.) You feel relieved. “Talking to big banks isn’t bad like everyone says it is”, you think to yourself. – Or at least that’s how it went for Jeff.
You send in all the information, signed, account number on every page, and you do it within days of the call. You follow-up, you call the bank again, and you get someone else. This person is friendly, knowledgeable too, but says they didn’t receive your paper work. He/she tells you to wait a few days for it to get in the system and call back. – You do, and Jeff did.
A week later, then two weeks later, it is clear the bank never received it, so you send it again. Same story, different month. You heard the banker typing as you were talking, so you know they are looking for your file, and your point has been made. However; you are told to send it in again.
Two weeks later, it is clear the bank never received it, you update your pay-stubs, you send it in again, and wonder about your mortgage. Jeff did. .. Again no record of file. They are so professional.
Four times you’ve sent the file, you’re getting hot on the phone, and you’ve asked for the supervisor. Finally you get a supervisor. A miracle, your documents are found. You and Jeff are assured that the file will go to the mortgage re-rehabilitation department.
Long Story Short: it didn’t work. It’s not designed to work. In my next blog I will explain how Jeff was fooled, and how so many others are fooled when talking to big banks. And I’ll tell you how I know.