Getting Hold of a Client before NOD
I get calls each day from Short Sale brokers that inquire how they can get in contact with borrowers that are currently thirty, sixty or ninety days past on their mortgage and have not received a Notice of Default yet. The main matter is Notice of Default lists tend to have a bad conversion ratio. The reason those lists tend not to convert advantageously is because once the borrowers information becomes public they are loaded with telephone calls and direct marketing. Some Other reason is that most of the time the client is so far along in the foreclosure process they are already nearly moved out and have given up on preserving their home or credit.
The pleasant news is that there is a way to contact the borrowers when they are only thirty, sixty or ninety days past on their mortgage. We pull this pre-foreclosure list from the credit bureaus because note lenders will report to the agencies when a borrower misses their mortgage payment. If you reach a client at this stage, they become ideal prospects for a short sale. The clients have just neglected their second or third deed payment and they need to make a decision shortly if they need to be able to hold on to their dwelling and credit. It is now time for you to make contact and educate the client about the future profits to enter into a short sale dealing.
