Marketing Effectivley Prior to Lis Pendens
Often times I will get inquiries about how to market borrowers that are late on their mortgage, but have not incurred an official Notice of Default. Their main interest is that the Notice of Default lists that they are using for marketing are not converting well for them. Nearly all of the time bad closing ratios are ascribed to the data becoming public at a certain point. In which case the market gets inundated with telephone calls, mail and circulars. The second largest issue is that often once an Lis Pendens has been released, the borrower might have already abandoned the property.
The pleasant news is that there is a way to reach the borrowers when they are only 30-60-90 days past on their mortgage. Our company has the ability to get lists of borrowers as they have missed a payment, instead of after an Lis Pendens has been released. By targeting borrowers in this position they are perfect for short sale leads. The clients have just neglected their 2nd or 3rd deed installment and they need to make a decision soon if they want to be able to salvage their dwelling and credit rating. It is now time for you to make contact and educate the borrower about the potential profits to enter into a short sale transaction.
