Offering Loan Modifications Through the Mail:
Loan modification makes permanent changes in mortgage term(s) and the loan. This reinstates the loan terms and creates affordable mortgage payments. The mortgagor's insurance, taxes, interest rates, and principal can be capitalized to meet the balance of the mortgage.
In Todays shakey real estate market Loan Modification Mailers to announce your services is a hot offering. Mostly Because there are plenty of individuals who are losing their homes to foreclosure. The crisis in national housing and the meltdown of the industry is big news. Unfortunately, most homeowners do not know the way out so our job consists of 2 major things, one is targeting the prospects that actually need your services, and two is to present your offer in a manner that will be acceptable and welcomed by those in need of a mortgage Loan Mod. If presented to the correct audience and in a welcomed manner, this will mean big profits to you as well as your sales team, and quickly, our mail drop times are 1-2 days, we can get the data pulled and creative printed, and out to our mail fulfillment house the same day and then drop almost immediately.
Lenders have figured out that they need to provide homeowners with alternatives to foreclosure. Foreclosing houses requires costly procedures for creditors and/or banks. With the downturn of the values in the recent market of real estate, having foreclosures is not favorable for them.
Banks are open to loan mods for different reasons:
1.) To Allow the homeowner to keep his or her house. A loan Mod Mailer can present the prospect with much needed information to save their home!
2.) To Avoid taking huge amounts from their profits due to the expensive cost of foreclosure.
3.) To Keep the integrity or reputation of the homeowners neighborhood.
Many Displaced Mortgage Brokers have started with this alternative service because of current legislation, so we have designed some excellent mortgage marketing campains based upon where your market is headed.
The Loan Modification Marketing testing is done, the results are in, get started today! Call 800-590-2529
They are directed to execute efforts to provide owners of homes a solution that will let the latter keep their homes. For lenders, the solution comes in the form of loan modification.
Banks and lenders are specifically setting up departments for loss mitigation, in order to aid in the modification of their loans.
Who Are Your Loan Mod Prospects
The lender will only look for one qualification from borrowers aiming for loan modification.That would be the ability to pay for the modified loan today and in the future. However, you will need to look furthur to target the right prospects. Targeting your mail leads is easy with the right tools, here is a possible criteria set:
- Send Loan Mod Mailers only to late mortgagors - See Below for details on reaching out before the NOD.
- Assure of a good payment history
- Make sure your client has the ability to make future payments.
- Choose equity, credit score, and bank card debt to also try to refinance the prospect with a mortgage mailer targeted with exact criteria from their credit profile.
If qualified, your company may choose to use credit based marketing, this is a sure way to filter and mail only mailer prospects that are 30-60-90 days late on their mortgage. Credit Mailers will also help determine credit score, equity and seasoning on the loan making this the absolute best way to go about marketing for home loan modifications.
Many subprime borrowers fudged on their incomes to get into a home, that information will come to light now as proof of income and financail statements detailing expensies and income prove out in the Loan Modification process and when using real credit based mailing lists, you will eliminate 90% or more of the unqualified prospects that would normally recieve your loan mod mailers.
Call an RM consultant today at 800-590-2529 - Start generating qualified leads today.
Get Your Loan Mod Mailers Started Today and Drop Tomorrow!