The second step in our series on short sales is the lender contact step. First, get written permission from the borrower to contact their lender. There are various forms available for this, and the lender may have their own required form. However, the main goal is to get the borrower to name you as a person authorized to discuss their situation with the lender.
You will be contacting the loss mitigation department or the person named in letters to the homeowner. This is your most direct contact, thus the most efficient. It would be best if you contact them by phone with the borrower present. That way they can ask the borrower questions if necessary.
In this step, you’re starting to build a relationship with the loss mitigation group in order to get help through the process, request an outline of what they want and how they will make a decision on a short sale.