Marketing to Homeowners With Late Mortgage/Pre-Foreclosure Status
Some homeowners have a million dollar home with million dollar home payments. Nothing new right? Well what if it's in a newly depressed area appraised for $180K. Troubled homeowners are now paying more than their homes are worth. Many will pay for years as they watch the value going down. Vacant properties scarcely are treated to the needed upkeep as Lenders spent their time bustling to contact newer failing borrowers. This is America, this is today.
Foreclosure And The Public
Subprime borrowers are no longer the only possibility when it comes to real estate leads. Who hasn't felt the loss of jobs. Who didn't take a loss when questionable conduct tapped-out corporate funds. Thousands of Homeowners go into foreclosure every single day. The point being that not all home losses originate from low-income borrowers. Slipping appraisals in previously inhabited neighborhoods are a bane on overwhelmed budgets.
What Can The Industry Provide
The answer is Loss Mitigation. Loss Mitigation has programs that counsel and help with decisions that can work well for the homeowner. Working under a new scrutiny Loss Mitigation attempts to preserve Mortgage Loans where they can be refinanced. Any percentage of success on this issue is great for our country. Special programs, initiatives and a range of services come under the Loss Mitigation umbrella. The ideal situation is having an occupied housing.
In most states every stage of deliquency is getting a fresh unrestricted direction. Lenders are looking at their portfolios again as they hire new staff. And curious Home Owners are becoming aware of a new financial gestalt.
Here are some of the programs that come under Loss Mitigation
- Cash For Keys: the lender will pay the homeowner to vacate.
- Deed in Lieu: The Homeowner gives another collateral to get out of the Mortgage.
- Forbearance: The Lender will allow the homeowner to make a smaller payment or no payment for a time after which repayment is planned.
- Loan Modification: the mortgage is modified and both lender and homeowner are bound by new conditions.
- Partial Claim :An FHA and HUD program where the homeowner gives a promisary note for an interest free loan.
- Short Sale: the borrower is allowed to sell the home at the market rate when the lender reduces the principal balance.
Loss Mitigation services are a necessity and legislation is in place to make these programs available to borrowers at risk of losing a home and leaving our housing market vacated. Presently, lenders are having a hard time identifing a failing homeowner. The industry average in catching the troubled loans is 75% when borrowers are contacted.
Here at Mindscape we have the leads and the services to help business with Real Estate Marketing. We can help to set up a real estate campaign that will answer the questions and direct the response in this asset recovery process. Many advantages still exist for a homeowner to sell and re-enter the market when it's more appropriate to their financial picture.
Where to Find Troubled Homeowners and Other Financial Marketing Leads
Of the many different databases that we can pull from we make the following provisions:
- Our bankruptcy data is updated daily, these files are nationwide in scope, with delivery our clients can be sure that they are CASS certified and NCOA cleaned on a weekly basis. As aggregated public records the filters and omissions are many and by choice.
- Our Homeowner Data is updated weekly, also a nationwide databank its scope is thirty nine MM+ records verified multi-source and again CASS certified to improve deliverability. Homeowner lead data can be taken from the credit bureaus or public information depending on the campaign and the product it serves. Do not hesitate to ask for a particular select, just because we don't advertise it does not mean that we can't make it available, our files can reach deep into the homeowner information. Typically, we can with a speedy turnover pull the homes square footage, number of bedrooms, number of bathrooms, swimming pools and even heating type.
- Homeowner mortgage status and other important loan markers for lenders and services can be had with our extensive Mortgage Files which can include the number of mortgages, the number of 30 60 90 day lates, the loan amount, the mortgage dates, the credit score, the list goes on and as always give us a call and ask for your best targeted lead.
- Our hotline of new homeowners/refinance data is updated weekly and nationwide. This extensive file has loan information, lender name, and LTV and is great when you work with home improvement, big ticket sales, travel, electronics, appliances, automotive parts, and services including but not limited to dry cleaners and salons, grocers, restaurants, investments, insurance, cell phones etc. New Homeowners are credit worthy and need to form buying loyalties.
Call today , we have a lot in store for your direct marketing campaigns, no matter what type of lead you envision we have specialty files as vast, distinguishing and innumerable in characteristics as the marketplace itself.
Still want more before your start? Do not wait, make the free call and a friend in business, call us at 800-239-0927 or have a consultant get back with you by using the Contact Us form.
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