Getting Calls From The Bank On Your Short Sale and you are in the middle of the process, or perhaps you are just starting a short sale? The first thing you need to understand is that if you are behind on payments, departments such as their collections department will start calling you on every phone number imaginable that they have for you. What you should do in this instance is a couple of things, first is if you are in the beginning of the process, you may want to take their call maybe once or twice or three times. In each instance talk to them and communicate with them you are in the middle of a short sale and that you now have the property up on the market. The bank may or may not know this because of the fact if you just started the process, you may not have an offer yet, so go ahead and let them know you’ve put the property on the market, you are attempting to do a short sale and give them all of the contact information for your t broker you are working with. Have them direct all their questions and concerns to them, once you do this once or twice they will typically put this down in their records and notate the account.
If your real estate agent or broker is proficient with short sales, they may have a Do Not Call Me or Do Not Contact Me form. If you fill out this form and your real estate agent gets this form to the right hands at the bank, many times they are required by law if there are certain provisions in that form, to stop contacting you and stop calling you. Now that doesn’t mean you can’t call the bank and find out what’s going on with your file and it’s not going to stop them from sending you any notices in the mail. But they are required by law to stop contacting you and you can let them know at that time if they do contact you again, that you submitted a Do Not Contact Me form and they are in violation of the law of communicating with you and simply hang up from that point. When an agent does have this form and does submit it in, it can take a couple of weeks for it to register with the banks. Sometimes we have to submit this form two, three, four times before we get it to the right hands before it does take effect.
The other thing you have to understand is that the people calling you are typically from the collections department, who are usually from a different division or separate department from other people that your real estate agent may be dealing with such as a short sale division or loss mitigation division. But ultimately if you have the correct form, you fill out and your agent gets it to the bank and verifies that they have it that will typically get the calls to subside after a period of time. Now there are certain banks that are a little more aggressive than others, most notably Chase, they sometimes will ignore the form or state that they didn’t receive it and so it is up to your real estate agent to be aggressive and to continuously keep sending that in and for you as a consumer or homeowner to enforce the fact that you have submitted this form several times and that they are now in violation of law for contacting you.
So those are couple of things you can do while in a short sale process if the bank does keep contacting you and asking to speak with you about your account. That’s some advice from me; My name is Kurt Wannebo also known as Short Sale Kurt with San Diego Real Estate and Investments.
Thank you very much for taking the time to watch this video and read this article on Getting Calls From The Bank On Your Short Sale