I receive calls each day from Real Estate brokers that inquire how they can get in touch with clients that are currently 30-60-90 days late on their mortgage and have not incurred a Lis Pendens yet. The essential issue is Lis Pendens listings tend to have a low closing rate. Most of the time poor closing ratios are ascribed to the data going public at a certain period. In which case the market becomes stuffed with telephone calls, direct mail and circulars. Another reason is that most of the time the client is so far along in the foreclosure process they are already nearly out the door and have forfeited on preserving their house or credit rating.
This is where our service comes in to alleviate the topics noted above. We pull this pre-foreclosure information from the credit bureaus because deed lenders will report to the authorities when a borrower misses their mortgage payment. By targeting borrowers in this position they are ideal for short sale leads. The borrowers have just missed their 2nd or 3rd deed payment and they need to make a decision shortly if they need to be able to spare their dwelling and credit rating. It is up to you to aid these borrowers to make that decision and show them the benefit of a Short Sale or Loan Modification.
