The Cold War Between the Bank and the Borrower
Generating Late Mortgage Mail Leads requires the targeting prime targets for the loss mitigation process and the many ways that negotiation will play out. Both borrower and lender are affected with a range of losses when installments are not made but foreclosure cannot yet be filed. Of the many Loss Mitigation Leads, the largest percentage can go into loan modifications. Other programs such as short sales, special forbearance, and deed in lieu of foreclosure, are able to process loans; but don't see nearly the numbers that exist for loan mods. All of this equals a need to know how to choose a lead list. There are plenty of homeowners that we feel bad for; but can't help, having their names on mortgage data negatively affects possible ROI. These are borrowers whose default was pushed past any type of recovery when problems on the job front left them defenseless.
We are living out the days of subprime trouble, where the relationship between lenders and borrowers hit a terrible standstill, loss is everywhere; along with blame. The troubled situation became newsworthy when questions as to where the parties could meet on a middle ground were not answered.. Reports spoke of homelessness, crime and poverty affecting a new group of people, the American family.
Sponsoring the Fifty Billion Dollar Mortgage Aid Program
Homelessness in this new sector came almost out of the blue, whole families were either made homeless or split apart for the duration. The damage went beyond the emotional toll, its physical presence was evoked by abandoned houses, ransacked sometimes by angry deposed tenants and other times by gangs, drug use and crime. The situation was intolerable for homeowners remaining in other largely mortgaged homes with price tags hanging in the balance of depreciation and inescapable loans.
News was bleak for a very long time until the $50 billion mortgage aid program began its surge nationwide.
The recession that had a field day on the housing front was stifled. Necessary effort was behind change and loan servicers were given the ability to adjust and negotiate loans without the previous loss percentage. Late Mortgage Direct Mail was on the scene.
Loss Mitigation Services for the Late Mortgagor
The stimulus was great but a problem remained. A lag in the delivery of mortgage news was creating an obstacle.
The bad relationship between the borrowers and lenders continued for a great number of loans actively in a default process. Borrowers had no clue that their previously resistant lenders were now backed by huge funding specifically slated for work with loss mitigation. Leads however weren't picking up their phones possibly fearing irritated collection calls. The paucity of refinance mailers with news and approval notice wreaked havoc. America needed another stimulus in the form of a liaison to address the issue.
The problem was that refinance and modification requests that were previously denied were being revisited. Short Sales accounting for 15% to 20% of home sales that garnered much less than what was owed, may have been easier on lenders than the losses to foreclosure; but they are easier still under the new program. Even Deed in Lieu of Foreclosure has new support for mortgage companys handling the voluntary transfer. Things couldn't be better for banks when the Benefits with the new legislation offset the losses to default as well as the disturbance of possible new default.
Now that lenders are ready to work with loss mitigation leads, the change should stimulate the housing market. It is accompanied by a Ten Billion Dollar insurance plan to ease the detrimental drop in home pricing. There are many defaulting and late mortgage leads that qualify under the guidelines of the plan, our government is prepared to partially subsidize reductions in interest rates to a third of income existing before tax provisions.
Still Foreclosures continue to skyrocket as millions of homeowners go into default, call for your sales team today (800) 768-7571.
We have all types of mortgage loan leads and can set up campaigns for late mortgage direct mailers with our copywriters and designers to produce stand out results that easily surpass industry standard response rates. The biggest asset a business can have is the marketing consultant who delivers comprehensive assistance with their knowledge of direct mail lead generation, campaign testing and the market itself.
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Late Mortgage Mailers - Loan Mod Mailings