Frequently I will get inquiries about how to market borrowers that are past on their note, but have not incurred an formal Notice of Default. Their main concern is that the NOD lists that they are using for selling are not converting advantageously for them. Nearly all of the time poor closing ratios are attributed to the data going public at a certain period. In which case the market becomes stuffed with telephone calls, mail and circulars. The next biggest matter is that often once an Notice of Default has been published, the borrower might have already vacated the dwelling.

This is where our service comes in to relieve the topics named above. We obtain this pre-foreclosure data from the credit bureaus because mortgage lenders will report to the agencies when a borrower misses their mortgage payment. When you reach a client at this stage, they become ideal prospects for a short sale. At this point in time they are behind 1 or 2 payments and are at a crucial decision making stage affecting whether or not they are going to make an effort to salvage their home. It is up to you to help these borrowers to make that decision and show them the benefit of a Short Sale or Loan Modification.

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