Step 2: AUTHORIZATION FOLLOW UP/ORDER PAYOFF, REINSTATEMENT, SHORT SALE PACKAGE

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Step 2: AUTHORIZATION FOLLOW UP/ORDER PAYOFF, REINSTATEMENT, SHORT SALE PACKAGE

Phone Script 2 – Loss Mitigation Follow Up

Phone Script Step 2: AUTHORIZATION FOLLOW UP/ORDER PAYOFF, REINSTATEMENT, SHORT SALE PACKAGE

(Again you will need to proceed through the automated system and enter in information such as loan number, SSN, etc. You will also likely have to confirm that information again once you get a representative on the phone. This part of the conversation is where you get some very important information that will help you formulate an offer!)

Rep: Thank you Mr. /Mrs. ______. How can I help you? You: I am calling to follow up on the authorization I sent. Is it officially on file? Rep: Yes it is, I have it here. You: Ok, I need to order a payoff, reinstatement figures and a short sale package.

*Make sure you document when you faxed authorization because sometimes it gets lost or it is still stored in the lender’s eFax and they can go back and look it up.

(At this point the representative will steer you in one of three directions to obtain payoff and reinstatement figures. In the first scenario they will order the payoff and reinstatement figures right on the spot while you’re on the phone with them. In the second they will point you towards the attorney that is holding the figures and you will need to make contact with the attorney to obtain a payoff and the reinstatement amount. In the third scenario you might be redirected to a different department with the lender. For example, they might say that either the customer service department or the loss mitigation department will be providing the payoff and reinstatement amounts. Once this is all done then you can continue and request a short sale package.)

You: And I also would like to order a short sale package. Rep: I can actually give you our requirements right over the phone sir/ma’am. You: Ok, but do you have a form that needs to be filled out that is specific to you? Do you require that the financial documents be on your company’s letter head? I would want to be able to send your own form to you. Rep: Ok sir/ma’am. We do have our own form. I’ll send that out to you.

©BL & PP Enterprises LLC., All Rights Reserved 2007 PS2-V2-01172016 Phone Script 2 – Loss Mitigation Follow Up

You: What type of loan is this? An Adjustable Rate Mortgage, Interest-only, Balloon? Rep: It is a ______.

(At this point, if they haven’t already, they will ask for all of your contact information – phone number, fax number, who to make a fax attention to, etc.)

Rep: Any other questions? You: Yes, is there a foreclosure date set for this property? Rep: Ex. Yes, this property is set to go to sale on ______. You: And who is the investor behind the loan? Rep: The investor is ______. You: Once I send the short sale package in, when should I follow up? Rep: (Their response here will vary as each lender is different). You: Thank you.

©BL & PP Enterprises LLC., All Rights Reserved 2007 PS2-V2-01172016

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