Pre Notice of Default Marketing
Frequently I will get inquiries about how to market borrowers that are late on their deed, but have not received an formal NOD. Their main concern is that the Notice of Default lists that they are using for selling are not converting well for them. The cause those listings tend not to convert advantageously is because once the client data becomes public they are stuffed with telephone calls and mail. The next biggest matter is that many times once an Lis Pendens has been issued, the client may have already abandoned the property.
The good news is that there is a way to contact the clients when they are only 30-60-90 days past on their deed. We obtain this pre-foreclosure list from the credit bureaus because mortgage lenders will report to the agencies when a borrower misses their deed payment. By targeting clients in this position they become perfect for short sale leads. The clients have just neglected their second or third mortgage payment and they need to make a determination shortly if they need to be able to save their house and credit. It is up to you to aid these borrowers to make that choice and show them the benefit of a Short Sale or Loan Modification.
