How to Reach a Borrower before They Get a Notice of Default
Frequently I will get inquiries about how to market borrowers that are late on their note, but have not incurred an official Notice of Default. The key matter is NOD listings tend to have a poor closing rate. The cause those listings tend not to close well is because once the borrowers data becomes public they are inundated with telephone calls and mail. The next biggest matter is that many times once an Notice of Default has been published, the borrower may have already vacated the property.
The pleasant news is that there is a way to market the clients when they are only thirty, sixty or ninety days late on their note. Our company has the ability to receive lists of clients as they have missed a payment, instead of after an NOD has been published. By targeting clients in this situation they are perfect for short sale leads. The clients have just missed their 2nd or 3rd note payment and they need to make a decision shortly if they need to be able to salvage their property and credit. It is up to you to service these clients to make that choice and show them the benefit of a Short Sale or Loan Modification.
