Exactly what is a Late Mortgage List?
A mortgage late list is simply list of everyone who is behind on the mortgage payments. The rate of delinquency may be 30, 60, 90 or 6 months currently late on his or her home loan. The important thing word here is currently. This means that we can generate a summary of distressed homeowners before these are actually in the foreclosure process and before a Notice of Default (NOD) or Lis Pendens (Latin for "suit pending") is served.
There is also a number of other tidbits of information on output with one of these lists such as name, address, credit score, high balance for the mortgage, current balance, quantity of mortgage trade lines, telephone number (optional), mortgage payment amount, not to mention current loan payment status.
Where is the best source to drag a Late Mortgage List?
If you do a do some searching online you will discover a variety of sources for a list. The sources are countless... generation of these lists might be from Radio and tv ads, internet squeeze pages, direct telemarketing or direct mail. However, these are typically offered by lead producers and you'll pay 10 times, 20 times or many times even greater to buy a listing from your prospecting company. Now these could be considered a "hot" or "warm" lead since an individual has talked about something or answered an ad to enable them to with their late home loan payments. Great! But due to extremely high cost of those leads, why don't you generate your personal?
Another source could be on the county level after papers happen to be served for the late homeowner along with the foreclosure process has started, but the lists available you'll find public information. All the best . competing against many other firms and investors for similar part of business.
In my opinion plus the opinion on most of my present customer base, pulling leads from the credit bureau may be the most effective database for generating quality leads without paying thousands for another person to do this in your case. Because of the frequent updating and also the many selects offered to filter your lists, they are unsurpassed in accuracy and satisfaction. Continue reading...
Once we pull a Late List through the Credit agency.
Whenever we pull a pre-screened list in the credit agency to advertise services to late homeowners, we do what is known as a soft inquiry or also called a soft pull. Now, this course of action doesn't create an inquiry around the home owner's credit file (being a hard inquiry would). It does not take same process a bank or Charge card Company uses after they send you a principal mail piece because of their charge card offers, or when insurance agencies send their offer to utilize.
Below is a brief description of your soft inquiry:
A soft inquiry, or soft pull, is really a saying used to consult an inquiry to your credit rating that will not adversely affect the credit rating. Often, you aren't even conscious there's been a soft inquiry on your credit profile. For instance, in the event you be given a solicitation inside mail proclaiming to offer you a charge card, the cardboard company has most likely conducted a soft pull to ascertain if you qualify. When mortgage brokers pre-approve you for a financial loan, they initially utilize a soft pull. Potential employers use it in criminal record checks, as well as your current credit card companies use soft inquiries to check up on you. Banks rely on them to confirm that you are individual preference say you happen to be when opening a merchant account. If you look at own credit report, which you can do free of charge one per year, this is achieved with a soft pull. Quite often, you cannot even know once they occur, and so they usually do not affect your credit report. Because the credit bu reau's make use of an opt-out system exactly like the FTC's Don't Call, you may contact each one of the major bureaus and opt out of being included each time a company pulls a listing.
Who should I be using Late Mortgage Lists For?
These late lists will work in many industries and applications, but allow me to share a just a few suggestions in which a late list work to help you fill the sales and lead pipeline:
- Refinance Loan Offer - If you possibly could provide a loan Refinance, just think how a late list would benefit every day to day operations. With this down turned economy, unfortunately this approach may not be going to happen normally as in days gone by.
- Loan Modifications - It is possible to offer services that will assist a distressed homeowner inside restructuring of the mortgage. If a borrower who faces a long-term financial problem can demonstrate to be able to match the modified payment terms, you could be capable to assist them to with a loan modification.
-Short Sales - You'll be able to negotiate with the current lender with respect to the homeowner to find out if the financial institution agrees that selling the home in a moderate loss is superior to pressing the borrower. If both sides consent to the short sale process it allows them to prevent foreclosure, involving hefty fees to the bank and poorer credit score for your borrowers.
- Deed in place of Foreclosure - A deed in place of foreclosure is to try and deed your property towards the lender in return for being forgiven the whole amount of the mortgage. The financial institution then sells off the property to be able to retrieve as much of the unpaid mortgage amount as they possibly can.
- Credit improvement - Should you be in the industry of credit score improvement. These late homeowners might be a perfect database to advertise the services you receive to.
- Referrals to Realtor - Remember fondly the old term "bird dog?" This is the time you discover a potential client (distressed home owner that probably does not have any hope in preserving their home) and refer the organization with an affiliate Real estate professional or Investor for any commission. If you're in the industry of finding properties for "Short Sales," whether you're employed the short sale yourself or refer the customer to some 3rd party, these lists will last you.
- Reverse Mortgage - We can easily tailor a listing of borrowers who will be 62 years old with 50% or more equity that are currently late on their own home loan payments.
- Investors - Have you got the money to invest in property? There can't be a much better time as opposed to present if this sounds like your interest. These lists are perfect at filtering for the ideal client.
- Bankruptcy Attorneys - Many distressed homeowners contain the income to spend their mortgage moving forward, but tend to never aspire to produce the arrears to cure the mortgage default. Enter the attorney who might be able to save the household home by having a Chapter 11 or 13 bankruptcy. So, an advanced partner in a lawyer looking for that next client you'll be able to help, these lists perform well in the direct mail campaign.
In Closing...
I am sure as you were reading this article article several ideas could have popped into the mind as to how you can take advantage of using a Late Mortgage List. The main element to good, successful marketing is within many cases, getting there first. Beat your competition to the punch! As these lists are pulled prior to the information contained within them becomes public knowledge, these lists is going to do exactly that - enable you to get there first!
We know your market! There exists a set of homeowners in the area which are currently having problems using home loan payments and perhaps with other debt and creditors, however they are not even in foreclosure.
