Trying to help my cousin out with a house that’s worth less than the mortgage, and the bank isn’t exactly jumping at our first offer. Anyone have tricks for getting lenders to actually respond or negotiate? Is it just about persistence, or are there magic words we should be using? Would love to hear what’s worked (or totally flopped) for others.
Honestly, persistence only gets you so far if you’re not backing it up with solid documentation. I’ve seen banks ignore repeated calls until they get a detailed hardship letter and a comparative market analysis. Just saying “the house is underwater” isn’t always enough—they want proof. Sometimes, it’s less about magic words and more about giving them everything upfront so they can’t stall.
Sometimes, it’s less about magic words and more about giving them everything upfront so they can’t stall.
Yeah, learned that the hard way. I once tried to shortcut the process—just called and said “hey, comps are way down, help me out?” They basically laughed me off. Next time, I sent a binder with photos, repair estimates, the whole nine yards. Suddenly, I got a call back in two days. Banks love their paperwork... almost as much as their late fees.
Honestly, it’s wild how much difference a thick packet of documentation makes. I had a lender stonewall me for weeks on a short sale—emails ignored, calls dodged. Finally, I dropped a 30-page PDF in their lap: inspection reports, before/after photos, even a spreadsheet breaking down every repair cost. Magically, they were “reviewing my file” within 48 hours. I get why they want to cover themselves, but sometimes it feels like they’re just waiting for you to do their job for them. Still, I'd rather over-document than give them an excuse to drag things out.
I had a lender stonewall me for weeks on a short sale—emails ignored, calls dodged.
I get where you’re coming from, but sometimes I think flooding them with paperwork can backfire. I’ve had a lender get “lost” in all my docs, then ask for things I’d already sent. Honestly, clarity and a concise summary up front has worked better for me than sheer volume.