Short sales are stressful enough, without lenders calling once a day to harrass the borrower regarding past due payments. They don’t care that your property is under contract and being reviewed by the short sales department. A completely different department must make collection calls, every time the computer tells them to place a call. Often, that’s once a day.
Stop the calls and stop the daily stress. Send a Do Not Call letter to the lender. Federal law says that if you send such a letter, the creditor MUST stop making phone calls to you. They send a LOT more letters, but that’s usually not as stressful. You have to be sure to read the letters, because there could be important deadlines in them. Do not just chunk them in the trash, unread.
There is no particular form to follow. The Do Not Call letter should be sent via certified mail or faxed to your lender, to an address or fax number they provide to you. It should have the names and signatures of all borrowers on the account, the account number, and the property address of their collateral. It should direct them to send written communications to the address they have on file for you, or a different address, if you desire. You don’t need to provide an explanation for your request. Allow a few days for the instructions to be posted on the creditor’s computer system, so the calls will stop.
Don’t be afraid to do this. Lenders will not “punish” you in some way, such as making your short sale approval more difficult. The Do Not Call letter is a very routine thing, from their point of view. If they violate the Do Not Call instructions, make a note of the date and time, and the name of the person calling you. Contact an attorney immediately, or give the creditor one more chance, as you prefer. To you attorneys who read my blog, post a comment with your contact information if you have experience helping people against creditors who ignore the Do Not Call letter.