We Are Not Afraid To Say NO!

Saying “NO” is very much a part of negotiating a workout with the bank.

Obviously, the bank wants to collect as much as they can. Collecting all that is owed to them is actually their objective. Clearly, we have a different result in mind, not necessarily paying the least that we can, but finding the right number, whatever it may be, and most often it’s the lowest possible result. That is our mindset, our context, that we are not actually negotiating anything, rather, we are explaining what we and the borrower in default can do and further demonstrating it will yield the best possible results. The bank’s approach, foreclosure and liquidation, will yield a lower result for many reasons. This we all know.

Based on our complete analysis, our borrower in default is offering all that the bank should be expecting to receive in this instance and thus, asking for anything more gets a firm, resolute response from us: “NO.” Were we to respond with a larger number we would be negotiating and that would destroy the presumption that we have offered all we can afford and all that the assets are worth in liquidation. So, it is in fact the right number, the only number and the number the bank must accept.

Yes, it takes nerves of steel, ice in our blood and a strong stomach, a penchant for rejection, and a commitment to delivering a win-win for both the borrower in default and the bank. It takes skill, experience, and significant documentation, as well as patience and understanding, and frequently, it requires educating the banker as to what reality really is. However, our strategy, based on our premises, is correct and we believe in it thus we hold fast and win the day, achieving success by offering the correct result and rejecting anything else. Saying “NO” is an important part of the process.

The truth is, in our office, “NO” means “Yes, just not today, not quite there, but getting closer.” However, this is a high stakes game so we had best be correct because the options are bleak–foreclosure and liquidation by auction. Disaster. Fortunately, we know how to play the game and we are always able to pull out the victory no matter what happens along the way. But saying “NO”, engaging in brinkmanship, sometimes even bluffing, and most importantly, being rock solid in what we are doing and knowing what the results must be–and will be–are our guidelines. Tough, yes, but successful always. Nice…? Absolutely. It results in freedom from crushing oppressive debt, a second chance.

It’s too good to be true some say, but those that commit to the program know it is very good and very true. Hallelujah!