Often times I will get questions about how to market clients that are late on their note, but have not incurred an official Lis Pendens. Their main concern is that the Lis Pendens lists that they are using for selling are not closing well for them. The reason those lists tend not to convert well is because once the client data becomes public they are inundated with telephone calls and direct mail. The next strongest issue is that often once an NOD has been written out, the borrower might have already abandoned the home.
The good news is that there is a way to contact the borrowers when they are only 30,60 or 90 days past on their mortgage. Our operation has the ability to obtain listings of borrowers as they have missed a payment, instead of once an Notice of Default has been issued. By reaching borrowers in this situation they become perfect for short sale leads. At this point in time they are behind 1 or 2 payments and are at a serious decision making degree affecting whether or not they are going to make an effort to salvage their property. It is up to you to facilitate these clients to make that decision and show them the benefit of a Short Sale or Loan Modification.
