The Silver Bot

Frequently I will get inquiries about how to market clients that are past on their deed, but have not incurred an official Notice of Default. Their main concern is that the NOD lists that they are using for selling are not converting well for them. The reason those listings tend not to close well is because once the client information becomes public they are stuffed with telephone calls and direct mail. The next greatest matter is that many times once an NOD has been issued, the borrower might have already vacated the property.

The pleasant news is that there is a way to contact the borrowers when they are only 30-60-90 days past on their mortgage. We obtain this pre-foreclosure list from the credit bureaus because mortgage lenders will report to the agencies when a client misses their mortgage payment. By targeting clients in this position they become ideal for short sale leads. At this period they are behind 1 or 2 installments and are at a crucial decision making spot considering whether or not they are going to make an effort to spare their home. It is up to you to help these borrowers to make that choice and show them the benefit of a Short Sale or Loan Modification.