07.08.09
Marketing Effectivley Prior to NOD
I receive calls each day from Realtors that inquire how they can get in touch with borrowers that are currently 30-60-90 days past on their deed and have not received a Lis Pendens yet. Their primary concern is that the Notice of Default lists that they are using for selling are not converting advantageously for them. The cause those lists tend not to close well is because once the borrowers data goes public they are inundated with telephone calls and direct mail. Another reason is that nearly all of the time the borrower is so far along in the foreclosure process they are already half way moved out and have forfeited on keeping their house or credit.
The good news is that there is a way to reach the clients when they are only 30,60 or 90 days late on their deed. We obtain this pre-foreclosure info from the credit bureaus because note lenders will report to the agencies when a borrower misses their deed payment. By reaching borrowers in this position they are ideal for short sale leads. At this period they are behind 1 or 2 installments and are at the critical decision making stage regarding whether or not they are going to make an effort to save their dwelling. It is now time for you to make contact and educate the client about the potential benefits to enter into a short sale transaction.
