Getting Hold of a Client before Lis Pendens
I receive calls every day from Realtors that inquire how they can get in contact with clients that are currently 30-60-90 days late on their note and have not received a Notice of Default yet. Their main interest is that the NOD lists that they are using for selling are not closing advantageously for them. Most of the time terrible conversion ratios are attributed to the data becoming public at a particular point. In which event the market gets stuffed with telemarketing, direct mail and fliers. The next greatest issue is that many times once an Lis Pendens has been issued, the borrower might have already abandoned the dwelling.
This is where our service gets in to relieve the issues observed above. We obtain this pre-foreclosure list from the credit bureaus because deed lenders will report to the agencies when a borrower misses their note payment. By targeting clients in this situation they are perfect for short sale leads. The clients have just missed their second or third mortgage payment and they need to make a decision before long if they need to be able to spare their home and credit rating. It is up to you to assist these clients to make that decision and show them the benefit of a Short Sale or Loan Modification.
