Not A Doubt

Thursday, July 9th, 2009

How to Reach a Borrower before They Get a Lis Pendens

I get calls every day from Short Sale agents that inquire how they can get in touch with borrowers that are currently 30-60-90 days late on their mortgage and have not received a Lis Pendens yet. The main issue is Notice of Default listings tend to have a terrible closing rate. Nearly all of the time poor closing rates are attributed to the data going public at a particular point. In which event the market becomes stuffed with telemarketing, direct marketing and circulars. The second greatest issue is that often once an NOD has been delivered, the client might have already abandoned the dwelling.

This is where our service gets in to facilitate the issues 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. When you contact a borrower at this stage, they become ideal candidates for a short sale. At this stage they are behind one or two installments and are at a critical decision making stage affecting whether or not they are going to make an effort to keep their home. It is up to you to assist these clients to make that choice and show them the benefit of a Short Sale or Loan Modification.

This entry was posted on Thursday, July 9th, 2009 at 7:49 pm and is filed under Better Business, Online Finance, Universe Of Marketing. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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