Marketing Effectivley Prior to Notice of Default
I receive calls each day from Short Sale agents that ask me how they can get in touch with borrowers that are currently thirty, sixty or ninety days late on their deed and have not incurred a Lis Pendens yet. Their primary interest is that the Notice of Default lists that they are using for selling are not closing advantageously for them. Most of the time low closing rates are attributed to the data becoming public at a certain point in time. In which event the market becomes inundated with telephone calls, direct marketing and circulars. Another reason is that most of the time the borrower is so far along in the foreclosure process they are already nearly out the door and have given up on redeeming their house or credit rating.
This is where our function comes in to alleviate the topics observed above. We pull this pre-foreclosure list from the credit bureaus because mortgage lenders will report to the authorities when a client misses their mortgage payment. By reaching borrowers in this situation they become perfect for short sale leads. The clients have just neglected their second or third mortgage installment and they need to make a determination before long if they want to be able to hold on to their house and credit. It is up to you to facilitate these borrowers to make that decision and show them the benefit of a Short Sale or Loan Modification.
