Couldn’t agree more about the documentation—lenders will absolutely “lose” things if it suits them. I’ve had files go missing mid-negotiation, and if I hadn’t kept every email and timestamped scan, I’d have been sunk. That said, sometimes showing up in person can work if you’re dealing with a smaller local bank, but with the big guys? Usually just wastes your time. You’re right—persistence and a paper trail are your best friends in these situations. It’s a grind, but it does pay off.
persistence and a paper trail are your best friends in these situations. It’s a grind, but it does pay off.
Couldn’t agree more about the grind. I’ve seen files “disappear” right when things get interesting—funny how that works. With the big lenders, if it’s not in writing, it basically never happened. I always tell folks: if you didn’t email it, it doesn’t exist. Showing up in person is great for small banks, but with the big guys, you’re just another face in the lobby... and probably waiting a while.
I’ve had docs “go missing” too, usually right after I get a glimmer of hope from a negotiator. It’s wild how fast things can stall if you don’t keep receipts. Paper trail is everything, but I’ve also found that calling in and getting the rep’s name (and then emailing a summary of the convo) helps cover your bases. Has anyone actually had success pushing a big lender to move faster, or is it always just a waiting game?
Title: Getting a lender to budge on underwater home sales—tips?
Man, I totally get what you mean about docs disappearing right when things seem to be moving. It’s like they have a sixth sense for stalling. I’ve had some luck nudging things along by escalating to a supervisor when I hit a wall, but honestly, it still feels like a marathon most of the time. The paper trail really is your best friend, but sometimes even that doesn’t stop the waiting game. Ever tried sending certified mail for key docs? It’s old school but has saved me once or twice.
Honestly, the disappearing-docs thing is wild. I’ve seen files “lost” more times than I care to admit—sometimes I wonder if there’s a black hole in the lender’s office just for paperwork. Certified mail is a solid move, though. I’ve also had some luck with faxing (yeah, it’s ancient, but some banks still swear by it) and then immediately emailing a scan of the fax confirmation. Double proof, just in case someone claims they never got it.
If you’re trying to get a lender to budge on an underwater sale, here’s what’s worked for me (well, most of the time):
1. **Document everything**—and I mean everything. Every call, every email, every “we’ll get back to you.” If you can, keep a running log with dates and names. It’s tedious but comes in handy when things stall.
2. **Escalate early but politely**. Sometimes waiting for the “right” person just means more waiting. If you’re not getting traction after a week or two, ask for a supervisor or someone in the loss mitigation department. Just don’t go full Karen—being firm but respectful seems to get better results.
3. **Get written confirmation** whenever possible. Verbal promises are basically Monopoly money in these situations.
4. **Push for timelines**. Lenders love vague answers (“We’re reviewing your file…”). Try to pin them down: “When should I expect an update?” or “Is there a standard review period?” Even if they dodge, it puts a little pressure on.
5. **Don’t be afraid to resend docs**—even if you know they have them. I’ve had files move faster after resending everything in one big PDF with a cover sheet listing each doc.
One thing I’d add: sometimes lenders genuinely are swamped or understaffed, especially with short sales or underwater properties. Doesn’t make it less frustrating, but occasionally a little patience (mixed with persistence) pays off.
I’ve never had much luck with threats or legal talk unless things are really going off the rails—usually just slows things down more. But yeah, certified mail and old-school faxes have saved my bacon more than once... who knew we’d still be using those in 2024?