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Examining Two Types of Default Mortgage Mailers
As a mortgage broker or lender you know that mortgage contracts are made up in part with respect to the fundamental economic progression and the buyers’ probability of deficiency v/s payment of the loan. Today default is sadly common; but it does not immediately imply foreclosure. Default and Foreclosure are two very different independent conclusions that are often wrongly bonded.
Understanding how a consumer can accept the conclusion of missed payments and begin to default is very different from the homeowner who simply no longer has the income to make the payments. So we see that there are two types of defaulters, one: subject to unforeseen events and cannot make payments, their LTV is typically low; and two: those who have an ability to make payments and who choose to default because they believe it is more favorable to their finances and lifestyle , these borrowers typically have high LTV’s. (The LTV is mentioned as a marketing tip.)
Both of the two types of defaulters can be helped to avoid foreclosure with a loan modification. Both will have their finances taken into account for a modified loan that is appropriate to repayment and both can be targeted. Of course the economy has a say as well, the assessment of the property value and the various positions that the interest rate can take, is a part of the reinstatement process on the motivation of both the borrower and the lender.
When you obtain a lead list and begin to work with the two types of defaulting homeowners you have information on Credit Card Debt, 1st or 2nd Mortgage, Mortgage Amount, LTV , Interest Rate, Age of Mortgage and Late Payments. This would be Credit Scored Data. Of course we can model with consumer lists depending on how you choose to work the market. It is best to call us to speak with a consultant about what you want to accomplish and what can be done. The call is free and informative.
Considering the value of free rent that the defaulting homeowner originates and the loan origination date as well as if the borrower is a first time homeowner works to figure out the reinstatement probability. Also an important consideration is the occupation and income in our days of wide spread unemployment. Let us put together a credit based or consumer list for loan modification to help you to respond to the situations that have been directing our economic stability. We can focus on the leads by the demographic/geography that is your workday, to assure the long term success of your business.
