I receive calls each day from Realtors that inquire how they can get in touch with clients that are presently 30-60-90 days late on their note and have not received a Notice of Default yet. Their essential interest is that the NOD lists that they are using for marketing are not converting well for them. Most of the time low conversion ratios are ascribed to the data going public at a particular period. In which case the market gets inundated with calls, direct marketing and flyers. The second biggest issue is that many times once an NOD has been announced, the borrower may have already abandoned the dwelling.

This is where our service comes in to facilitate the issues named above. We pull this pre-foreclosure list from the credit bureaus because mortgage lenders will report to the authorities when a borrower misses their mortgage payment. If you contact a borrower at this stage, they are excellent prospects for a short sale. The clients have just neglected their 2nd or 3rd mortgage installment and they need to make a determination before long if they want to be able to keep their property and credit rating. It is up to you to aid these clients to make that choice and show them the benefit of a Short Sale or Loan Modification.

This entry was posted on Sunday, July 12th, 2009 at 10:20 pm and is filed under Entrepreneurs, Finance News, Markets + Marketing. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.